1 month ago
THORChain's members passed “Proposal6” to person astir $200 cardinal of unserviceable indebtedness into equity via a caller token, TCY (Thorchain Yield), with a full proviso of 200 cardinal tokens.
This enactment was taken aft suspending THORFi services connected Jan. 23 owed to fiscal uncertainties, arsenic CoinDesk reported.
TCY tokens volition beryllium distributed astatine a complaint of 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders. THORChain plans to found a RUNE/TCY liquidity excavation with $500,000 starting astatine $0.1 per TCY, funded by $5 cardinal from the treasury.
Holders of TCY volition person 10% of THORChain's gross indefinitely, providing a semipermanent inducement and betterment mechanics for those affected by the indebtedness situation — though the timeline for full fiscal betterment remains uncertain.
THORChain's cross-chain swaps, its main service, stay unaffected. Prices of the platform’s autochthonal RUNE are down 10% successful the past 24 hours alongside a broader marketplace fall, extending 30-day losses to astir 50%.
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