On Jan. 23, Thorchain suspended redemptions for its Lending and Savers programs after amassing considerable liabilities. This decision resulted in a contraction in the market, as 31 validators exited and roughly $100 million in liquidity was withdrawn. The value of RUNE, Thorchain’s native token, experienced a notable decline. Nevertheless, the network continued to function, executing cross-chain swaps and sustaining validator activity.

After comprehensive community discussions, several restructuring proposals emerged. In the end, node operators approved “Proposal #6,” which delineates the conversion of debt into equity. According to the plan, a fixed supply of 200 million TCY tokens will be issued, with borrowers and savers entitled to one TCY for each dollar of debt owed. The token is set to earn 10% of network revenue indefinitely, and a liquidity pool financed by the Thorchain treasury will support trading.

To bolster the token’s market value, the treasury will allocate $5 million over a ten-week period to purchase TCY, enabling affected users to exit at prices determined by the market. In addition, the proposal calls for the discontinuation of Thorfi features such as Lending and Savers, as well as the introduction of liquidity nodes designed to enhance capital efficiency.

The restructuring plan does not entail minting additional RUNE tokens, and the Thorchain team has affirmed that the protocol remains fully operational despite the financial setback. The team further said that the community can expect continual updates as the plan unfolds.

With the debt-to-equity swap established, the network’s long-term viability now hinges on TCY adoption and revenue performance. The restructuring initiative seeks to stabilize Thorchain’s operations while offering affected users a pathway to potential recovery.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。