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TL;DR THORChain is addressing its $200 million debt by issuing a new token called TCY, converting defaulted debt into equity. TCY token holders will receive 10% of THORChain's revenue in perpetuity, aligning their interests with the protocol's long-term growth.
TCY tokens will be distributed at a rate of 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders.
Thorchain community passed a proposal to resolve its debt crisis and plans to convert defaulted debt into TCY equity tokens.
As RUNE holders awake to more bad news and a plummeting token price, with the passing proposal 6 by a super majority, can the troubled cross-chain swapping protocol “get users liquid again?” THORChain ‘death spiral' On January 24, CryptoSlate reported that THORChain had suspended Bitcoin and Ethereum withdrawals within its lending and savings programs after
Here is how some of your favorite assets concluded the week.
Thorchain, the decentralized cross-chain protocol known for its liquidity services, is facing a serious financial crisis. The platform recently paused its lending service, THORFI, following a wave of insolvency concerns.
ThorChain has gained the spotlight for the wrong reasons, as it has suspended its Bitcoin and Ethereum withdrawals. This happens amid its insolvency accusation, which came to light after its $199M debt crisis.
Several events have impacted DeFi projects and exchanges throughout this week. While ThorChain announced insolvency to suspend its operations leaving behind a $93 million deficit, Singapore-based Phemex endured a hack resulting in over $70 million in losses.
Thorchain community members fear the protocol's savers and lending programs have imperiled its future.
Node operators voted to temporarily suspend redemptions for the platform's decentralized finance (defi) offerings, but core developers claim it's business as usual for all other aspects of the network.
Sunny Aggarwal, Co-Founder of Osmosis, believes THORChain's liquidity issues mirror the 2022 Terra Luna collapse. THORChain, a decentralized cross-chain liquidity protocol, has paused its network operations due to a significant debt crisis amounting to nearly $200 million.
Founded in 2018, THORChain is an OG DeFi L1 chain that rose to fame with its innovative cross-chain swaps (THORSwap). Since then, the chain has expanded to offer lending and savings interest accounts.
THORChain DeFi platform paused BTC and ETH withdrawals. RUNE price plunged over 20% today as THORChain insolvency claims circulate.
The cryptocurrency market has surged today, fueled by a 44% rise in trading volume over the last 24 hours. This comes after Thursday's decline in market activity, reflected by the 2% drop in total market capitalization.
TL;DR THORChain has halted operations of its THORFi service due to financial issues and concerns over debt management. Its native token, RUNE, has dropped 19.33% in value over the last 24 hours, reflecting the crisis and causing uncertainty within its community.
THORChain has suspended Bitcoin and Ethereum withdrawals within its lending and savings programs after reports of a $199 million liability surfaced. On Jan. 24, THORChain founder John-Paul Thorbjornsen disclosed that validator node activities for THORFi services have been paused.
THORChain is in the news again, but not for the right reasons right now.
RUNE, the native cryptocurrency of the decentralized liquidity protocol THORChain, is facing strong selling pressure amid reports of insolvency. The RUNE price has crashed 30% in the last 24 hours with its market cap plunging under $800 million and daily trading volume shooting up by 112% to $758 million.
While cryptocurrencies displayed gains on Friday, the THORChain community welcomed negative news, which saw RUNE decoupling with substantial losses on its 24-hour chart. DeFi platform halted its lending site THORFI, potentially due to financial instability due to emerging bankruptcy allegations.
Cross-chain swap protocol THORChain has put its THORFi services on hold thanks to financial uncertainties linked to allegations of insolvency.
THORChain temporarily suspended lending and savers programs to prevent insolvency and safeguard liquidity providers.
The protocol seeks to prevent the risk of insolvency.
Once again, rounds of insolvencies have entered the crypto space, with Thorchain being the most recent. The network has paused THORFI services, probably due to its financial uncertainty, which has circulated shock waves across the markets. The functions like swaps remain active while the lending operations are on hold.
On Jan. 24, THORChain announced via X that it had paused its network due to excessive debt and leverage issues impacting its ecosystem. The platform owes nearly $200 million in ecosystem debt.
