In the midst of the chaos,
@THORChain
is quietly shipping one of the most groundbreaking lending protocols this industry has seen to date. Today, our team, along with
@CBarraford
, hopped on screenshare and opened the world's first defi overcollateralized $BTC loan.
🧵 /thread
Today wraps up 2 really tough months for
@THORChain
. The network experienced numerous outages due to unprecedented activity across almost all connected chains, as well as growing pains from record swap counts. Dozens of PRs and sleepless nights from the team have gotten us out on
I made a ~6 min video showing how to send/receive/hold/swap native, non-EVM tokens such as (un-wrapped) $BTC $ATOM $DOGE, $LTC +more using
@Metamask
. With the help of
@Shapeshift
@THORChain
, the world's biggest crypto wallet is now fully cross-chain! 🥳
Damn. Wait until you guys see what we have in store for you. 2022 has barely just begun. This thing is going to start to spread like wildfire and you all have front row tickets. $RUNE
Adding $ATOM to
@THORChain
is only the first step in a series of moves we are making to bring native $BTC swaps to the Cosmos ecosystem. By signing one transaction, you'll be able to swap $BTC to any asset pooled in Cosmos' many DEXs that pair $ATOM (e.g.
@osmosiszone
).
(Opinion) Next chain on
#THORChain
… and this may be out of left field. $TRON. Massive emerging markets stablecoin flows. ECDSA cryptography so no major changes needed to
@THORChain
architecture. Medium hardware requirements. EVM-compatible. Thoughts?
CosmosHub $ATOM L1 pool is now live on
@THORChain
stagenet. Once at least 1 UI demonstrates end-user support, we’ll start the process of releasing it to mainnet. Soon, all assets in the IBC universe will be able to swap into and out of native $BTC $ETH and more.
I wanted to push Terra to chaosnet without this feature but
@ro0mservice
wouldn't let me. We just swapped:
$ASTRO => $UST => $LUNA (via
@astroport_fi
) => $DOGE (via
@THORChain
)
...in one transaction
Let that sink in for a minute.
2022 is the year of crosschain aggregators.
$RUNE
After a successful ~5 month trial period, a dev has proposed to burn 60m ($288m!!) from the standby reserve, 12% of the max supply of $RUNE, to make room for more loans on
@THORChain
at a 200% collat ratio. Post $100k of $BTC, receive $50k of debt. Time to scale lending 💪
Path forward for $SOL x $RUNE:
* wrap up tss ecdsa audit
* re-engage
@KudelskiSec
to expand audit scope to eddsa
* lay groundwork for bifrost/thornode to support multiple encryption schemes (medium lift required here, likely needs good amount of time to bake)
* evaluate
All my friends are out partying and I'm sitting here on Halloween friday night tracking down
@THORChain
mainnet issues. But it's all good, because soon I'll be partying in Asgard. If you're out and about, say a prayer and pour one out for your boy 🥲
$SOL on
@THORChain
updates:
* cryptography contractor verified bnb-chain/tss-lib/eddsa for our usage
parallel paths starting now:
* as a benefit to all who utilize it, TC will foot the bill for
@KudelskiSec
audit
* consulting with the original author of bifrost to add
The price of $RUNE vs. the value of liquidity pooled in
#THORChain
. The pools are a basket of blue-chip tokens, therefore $RUNE is a yield bearing, blue-chip token; a bet on cryptocurrency overall.
THORChain v132 is a success!
1) TOR depth fixed. Back to 95% where we it should be. Loans will now open/close optimally.
2) Dynamic outbound fee multiplier fixed. Gas quotes should be much lower now. Fees appear to be cheaper by a factor of 6.14x for BTC and 2x for ETH swaps
When will the Defi community realize that
@THORChain
$RUNE has no: 1) 3rd party oracle dependencies 2) locked/vesting supply 3) founders with massive liquidation risk 4) artificially-constrained supply by ponzi staking/farming programs. Just real utility and APY driven by swaps.
We’re going to ship this safely, but we’re going to do it fast than ever before. I can’t recall a time when the team has been more unified on an end goal. Deleverage the base layer, introduce App Layer, focus relentlessly on new chains + LP experience. It’s never been clearer.
Here's why
@THORChain
is the most important project in crypto. Normally, when a chain has a problem, it mostly affects the wallets, DEXs and projects within its ecosystem. Because THORChain's validators constantly scan all blocks of connected chains, our ops teams are generally
This gigabrain put $27.6k $UST in the $RUNE pool 4 days ago and just asymmetrically withdrew $32.3k UST from the pool, netting himself a cool 15% in 4 days. This guy is GMI. What are you waiting for, anon?
#LPwithTHORChain
@THORSwap
@view_block
@THORChain
Streaming savers will be activated on
@THORChain
tomorrow. If all goes well, don’t see why steaming loans doesn’t get activated shortly thereafter. Result: you pay less slippage entering/exiting savings vaults and loans. More TVL and more $RUNE burnt incoming.
Deep in the guts of the THORChain codebase tonight. Terra client is proving difficult, as it will require some changes to the internals of THORNode. The chain client itself is more or less ready. The path continues. $LUNA $RUNE
With Thorchain imminently challenging both the CEX and DEX metrics of the
@Binance
empire, it doesn’t seem crazy to think $RUNE ($2b) could surpass where $BNB ($35b) is today. If that were the case, the price would be $100 (16.7x).
Fun fact on this fine Tuesday:
@THORChain
is the 5th largest BTC exchange in world (including CEXes!) by volume, and is neck-and-neck with
@krakenfx
. I predict TC will claim the
#3
spot under Binance by end of next year.
had to take a quick break. issues have been non-stop lately. finally, all chains are functional, churns are back to normal, crit bounties have been paid out (most) fires are OUT. from tomorrow, we start building fun stuff again. let’s get it.
@THORChain
So much in flight with
@THORChain
. Spending this last day of the week aligning with
@ninerealms_cap
team and
@jpthor
. We'll do a Discord stages next week and give a Q3 recap + Q4 preview. Full alignment and laser focus.
In the past week, a total of 220.9k swaps were conducted by 10.8k unique swappers.
Among the 10.8k swappers, 7.4k are newcomers who completed their first swap on
@THORChain
.
(4/8)
Man I was pressed when $RUNE dropped to less than $1 this summer. We were back below an important threshold that we had been above from the time I started on the project. Never again folks. See you all in Valhalla. 🖤
THORChain is hiring. We need more hands if we’re going to ship our aggressive roadmap. Write reviews on PRs. Give your opinion on Issues in GitLab. Demonstrate your expertise through understanding of our architecture. Come with us to Valhalla!
**THORChain Globally Halted**
@ninerealms_cap
and THORSec have received credible reports of a potential vulnerability affecting
@THORChain
. Out of an abundance of caution, steps have been taken to halt THORChain globally.
Stand by for more information.
.
@THORChain
meetup in NYC tonight. Many topics discussed incl. Solana, RUNEVault, marketing, scaling and the next 5 years of work. Met my longtime collaborator
@jpthor89
and got a demo of
@VoltixVault
. Fantastic product. Cheers to many more years of productivity, innovation and
@ChadThoreau
@THORChain
We can be a $20b protocol without THORFi. Just plain old L1, cross-chain, unwrapped swaps. Put a different way, if we have to deal with the burden of constantly tweaking THORFi whenever the core team has a new idea, we're never going to be able to ship Solana, get through the
BSC is live on
@THORChain
now. L1 pool ($BNB) is created. After next churn, BEP-20 pools such as BSC.BUSD will be eligible for creation. Good luck, have fun!
PR for Phase 1 of RUNEPool is complete and ready for review by THORSec and protocol devs. After the release of v1.134.0, the protocol will start accepting deposits. During a subsequent release, the protocol will start deploying these deposits as Protocol Owned Liquidity. Onwards!
This year already, our team's response saw 4 major TSS vulnerabilities found/disclosed, patched and resumed operations flawlessly. We're working around the clock to address new and novel disclosures. This isn't our first rodeo folks.
#THORChain
will be back shortly.
Today is being regarded as the world’s largest tech outage, and yet blockchain-based infrastructure is unaffected. It continues to plug away, without missing a beat, moving billions in value globally. Crypto is anti-fragile financial technology for the 21st century.
These are the only things
@THORChain
has ever needed: $RUNE, validators, bond providers, AMM, dual LP, affiliates, active yield, streaming swaps, app layer.
Their team has been heads down shipping features and we’ve had tons of demand for a THORChain integration — if you have Fireblocks you can add a $RUNE wallet to your workspace now
Has been awesome working with the
@ninerealms_cap
and
@THORChain
teams to make this happen
Probably a good time to remind everyone that every
@THORChain
validator independently verifies the solvency of the network’s shared TSS vaults at regular intervals. Every L1 address is transparent and visible on-chain at all times. Verify, don’t trust.
Imagine building a protocol with tokenomics so strong, ppl start complaining that the price of your tokens goes up when people actually use your product.
Nearly a month and 200 commits later... Terra pools working on stagenet now. Still tuning gas fees. Tomorrow: smoke tests, upstream dependency PR !2123, submit !2077 for final review & push out infra to nodes. Cheers, $LUNA $RUNE
THORChain Q4 Roadmap thread
If I’m being honest: traditionally, landing our quarterly roadmaps has often been a Herculean effort.
@ninerealms_cap
always strive for stability and security over new features, mainly because it means we get to spend more time focusing on infra…
Every time I tune in to
@jpthor
I learn more
@THORChain
and
@cosmos
lore; why they made the design decisions they did. I’ve been with the project since 2020, pre-MCCN. Still blows my mind how early this team was and how many problems they solved to make it all possible.
@DegenSpartan
Not a single node has requested to leave. TVL has not “collapsed”, it has contracted due to 1 chain value being wiped out and the rest of assets $ value falling. Thorchain will continue on through this bear market and the next. Watch for ATOM, AVAX, single-side LP and DEX agg.
THORChain will soon vote to deprecate Impermanent Loss Protection (ILP). For starters, under this plan: **EXISTING LPS WILL BE GRANDFATHERED IN**. Furthermore, new dual-LPs will be able to deposit for equal protection during a TBD period.
So, why remove ILP?
This week, THORChain handed over control of “mimir” to node operators, giving them direct control over minimum bonds, liquidity caps, protocol reserve emissions and other critical network constants. Here’s why that brings us one step closer to mainnet...
1/
The bond action today on
#THORChain
has been absolutely mental. 20 bond events so far. Multiple nodes jumping each other not just in the standby queue but also in the active nodes, bonding up more to avoid being the low node that churns out. Never seen that behavior before.
I swear nothing is more disappointing than the BNB/BSC ecosystem. 1) BSC chain is one of the most poorly run networks, as evidenced by recent operational failures 2) apparently PancakeSwap has no interest in adding external L1 assets, they are “prioritizing driving value to their
If you heard about the upcoming hard fork and you're *NOT* a
@THORChain
node operator, don't worry - end users don't need to lift a finger. Expect a few hours of network downtime at this time. There will be no impact to the $RUNE assets, wallets, LP positions, etc.
.
@THORSwap
net themselves a nice $1k affiliate fee from this trade. Users are demonstrably willing to pay a 0.3% fee for a good DEX swapping experience. Hard work eventually pays off. Well deserved
@mogarchy
@ChadThoreau
@bullishtrader
went to MIT. dropped out. thiel fellow. YCombinator S'22. sold my first company for an undisclosed sum ($0). built several more companies , then became the youngest founder to launch a multisig L2 (got hacked). now in talks with a16z on a super secret project. and I'm only 22
We gave an update today for devs, partners, community and node operators. The four pillars of Q1: stability and security (always), price execution (trade accounts & order books), developer experience (memoless) and execution performance (batch outbounds) + notable mentions for
THORChain Halt Update:
Devs and security team have determined that the disclosure is credible. However, it would require a malicious node in the last churn (TSS keygen).
…cont’d
Nearly at the 2-month mark for some of the early BTC savers on
@THORChain
. Results on a per-saver basis are somewhat mixed, but overall the product shows strong potential. If you plan on using Savings Vaults, you should consider the following:
Lmao at everyone tweeting “it’s over”. Shows you’ve only been in the game a year or two. Weak ass paper hand… see yourself out please 👋 buildoooors gonna buidl. I’m rekt and I’m proud. LFG 🎉✊
PoL enabled on
@THORChain
and quickly reached the initial max network deposit. 10k RUNE to $BTC. We will need much more RUNE to bring down the synth utilization. The ADR authorizes up to 10m $RUNE. We will get a small tweak needed in 109, then increase the max deposit slowly.
L1 tribalism is such a shame. Reading CT, I have to ask myself: is someone saying this just because of the bag they hold? This is why I love working on
#THORChain
. As long as it’s useful, I’ll add it to THORChain. This is the power of multichain. Freedom from tribalism.
Jumping on a Discord Stage with
@JPTHOR89
in 30 min to discuss Operation Warpspeed. I’m committed to allow
@Thorchain
to start shipping RUNEPool deposits *next week*. Join the Discord to find out how we plan to do it.
Due to a performance issue processing large BSC blocks, THORChain has fallen behind observing transactions. This affects $BNB asset on BSC (Smart Chain) only. $BNB trading on BNB Beacon chain remains unaffected. The network will need to pause outbound signing and trading until a
...and we're back. Thanks to the team member who identified the fix quickly. Recently, we're constantly pushing the boundaries of THORChain's performance. This work prepares us for the next bull run.
To reiterate: this demonstrates the world's first trustless, permissionless, decentralized, $BTC overcollateralized loan. In tandem with our Savings product, this new lending feature completes the equation, providing a full suite of Defi products for the cross-chain future.
Quick update for community: new version is released to address stuck BSC transactions. Network adoption already at 40%. After 67%, remaining transactions will be processed. Trading on BSC chain will be re-enabled after all pending transactions clear. ETA less than 24 hours for
Let's walk through an example of
@THORChain
Savings. Bob has 1 BTC and wants to earn yield. He makes the following query, telling him: 1) that his 1 BTC will credit to ~0.9967 BTC to his savings acct (1 BTC less entry/exit fees), 2) the address to send to and 3) memo to include.
In short,
@THORChain
savings vaults will redefine the playing field for earning yield in-kind for crypto assets. It may not be as smooth as the promises you’ve been told in the past, but it WILL be sustainable. We’re here for the long term. Are you?
#THORFi