In this installment of the Kujira Investor Series, we explain how to mint $USK using $STARS, buy $STARS using the minted $USK, and bridge to Stargaze to begin collecting NFTs on Kujira today.
Contents
- What Is $USK?
- What Is $STARS?
- An Introduction To Stargaze
- Minting $USK Using $STARS
- Buying More $STARS Using The Minted $USK
- Bridging To Stargaze To Collect NFTs
Before detailing this strategy, it is first necessary to give a brief description of both $USK and $STARS.
What Is $USK?
$USK is a decentralized stablecoin that is pegged to the US dollar and backed by various collateral assets on the Kujira blockchain. $USK is programmatically coded to be 166% collateralized, meaning that for every $1 of $USK minted, there must be at least $1.66 worth of collateral locked in a smart contract. This overcollateralized nature means $USK maintains its stability and solvency, even in the most volatile of market conditions.
What Is $STARS?
$STARS is the native token of Stargaze, a cross-chain NFT platform that allows users to create, discover, and trade digital collectibles. $STARS is used for governance, staking, and paying fees on the Stargaze network. $STARS also gives users access to exclusive NFT drops, auctions, and events.
Now, let’s dig a bit deeper in Stargaze, the leading NFT platform within the Kujira ecosystem.
An Introduction To Stargaze
Stargaze is more than just an NFT platform. It is a vibrant community of artists, collectors, and enthusiasts who share a passion for digital art and culture.
Stargaze offers a unique experience for NFT lovers, with features including:
- Cross-chain compatibility: Stargaze supports multiple blockchains, including Kujira, Cosmos, Ethereum, and more. This allows users to access a wider range of NFTs and tokens, and enjoy lower fees and faster transactions.
- Curated collections: Stargaze features curated collections of NFTs that showcase the best and most diverse works of art from various genres and themes. Users can discover new artists, learn about their stories, and support their creations.
- Exclusive drops: Stargaze hosts exclusive drops of NFTs that are only available on the platform. These drops are often limited in quantity and time, creating a sense of urgency and excitement for users. Users can also participate in pre-sales, raffles, and giveaways to get early access to these drops.
- Community events: Stargaze organizes community events that bring together NFT enthusiasts from around the world. These events include live streams, AMAs, contests, and more. Users can interact with each other, share their opinions, and win prizes.
Right, with all that being said, let’s dive into the strategy!
Minting $USK Using $STARS
To mint $USK using $STARS, you need to follow these steps:
- Go to the mint tab on the BLUE app and connect your Keplr wallet.
- Select $STARS as the collateral type and enter the amount of $STARS you want to deposit. You can also use the slider to adjust the loan-to-value (LTV) ratio, which determines how much $USK you can mint relative to your collateral. The higher the LTV, the higher the risk of liquidation.
- Confirm the transaction and wait for it to be processed. You will see your $USK balance in your wallet and your collateral position on the dashboard.
- You can manage your position by adding or removing collateral, minting more $USK, closing the position, or self-liquidating. You can also monitor the health of your position by checking the LTV, the liquidation price, and the interest rate.
Buying More $STARS Using The Minted $USK
To buy more $STARS using the minted $USK, you need to follow these steps:
- Navigate to the MantaSwap app and connect your Keplr wallet.
- Configure the swap interface to show $USK at the top and $STARS at the bottom, set your slippage limit to 1%, and enter the amount of $USK you want to swap.
- Confirm the transaction and wait for it to be processed. You will see your $STARS balance in your wallet and the swap details on the history page.
Bridging To Stargaze To Collect NFTs
Finally, to bridge to Stargaze and collect Kujira NFTs, follow these steps:
- Go to the bridge tab on MantaSwap and connect your Keplr wallet
- Select Kujira as the source chain and Stargaze as the destination chain, enter the amount of $STARS you want to bridge, and confirm the transaction.
- Wait for the confirmation and switch your wallet to the Stargaze network. You will see your bridged $STARS in your wallet and the bridge details on the history page.
- Go to the marketplace tab on the Stargaze app and browse the available NFTs. You can filter by category, price, rarity, and more.
- When you find an NFT you like, click on it and select the buy option. You can also bid on an NFT if it is on auction or make an offer if it is not for sale. There are two popular NFTs on KUJIRA that you can buy, namely PluckyPenguins and ShrimpClub.
- Confirm the transaction and wait for it to be processed. You will see your NFT in your wallet and the purchase details on the history page.
So, there you have it, a prescriptive guide to minting $USK using $STARS, buying more $STARS using this $USK, and bridging to Stargaze to begin collecting NFTs on the Kujira ecosystem.
It really is as simple as that. Visit the links below to start your investing journey with Kujira today.
Happy minting, buying, and collecting!
Useful Links
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Written by Zuhair
