Appreciation goes out to all community members, Node Operators, and builders who have remained dedicated during this pivotal time for the network. Your commitment and contributions have been essential in navigating the path ahead and
ensuring THORChain’s resilience. This update highlights the significant events and decisions that have transpired over recent weeks. Gratitude is extended for your ongoing involvement and
On January 23, after thorough discussions regarding the threats posed by THORFi, Node Operators voted to halt redemptions for Lending and Savers. At that moment, THORChain faced approximately $200 million in liabilities tied to these
functionalities. Over the following week and a half, the network saw a contraction: 31 validators departed, around $100 million in liquidity diminished, and the price of $RUNE dropped significantly. Despite these challenges, THORChain
remained fully operational—conducting cross-chain swaps, managing vaults and validators, generating blocks, and earning revenue as usual. This again proved the network's capability to adapt to market
The pause initiated on January 23 allowed community members to consider a restructuring plan to maintain network operations while compensating Lending and Savers users. The community proposed eight independent plans, which were subsequently
As of last night, Node Operators officially approved "Proposal 6," presented by a member of Maya Protocol. Full details can be found here: https://t.co/pMGndTPbb8
Once more, thanks to everyone who has shown support during this crucial period. THORChain is set to continue operating and will emerge even stronger in the face of these challenges.
Appreciation goes out to all community members, Node Operators, and builders who have remained dedicated during this pivotal time for the network. Your commitment and contributions have been essential in navigating the path ahead and
ensuring THORChain’s resilience. This update highlights the significant events and decisions that have transpired over recent weeks. Gratitude is extended for your ongoing involvement and
support.
On January 23, after thorough discussions regarding the threats posed by THORFi, Node Operators voted to halt redemptions for Lending and Savers. At that moment, THORChain faced approximately $200 million in liabilities tied to these
functionalities. Over the following week and a half, the network saw a contraction: 31 validators departed, around $100 million in liquidity diminished, and the price of $RUNE dropped significantly. Despite these challenges, THORChain
remained fully operational—conducting cross-chain swaps, managing vaults and validators, generating blocks, and earning revenue as usual. This again proved the network's capability to adapt to market
fluctuations.
The pause initiated on January 23 allowed community members to consider a restructuring plan to maintain network operations while compensating Lending and Savers users. The community proposed eight independent plans, which were subsequently
reviewed and voted on by Node Operators.
As of last night, Node Operators officially approved "Proposal 6," presented by a member of Maya Protocol. Full details can be found here: https://t.co/pMGndTPbb8
All protocol developers—including various teams—will promptly collaborate to outline the implementation specifics for a timely and precise rollout.
While the exact timeline and particulars are still under consideration, the fundamental plan is as follows:
revenue.
discretion.
convenience.
Regular updates will be shared with the community as implementation details are confirmed.
Once more, thanks to everyone who has shown support during this crucial period. THORChain is set to continue operating and will emerge even stronger in the face of these challenges.