Hassan Maishera
On Sunday, the Thorchain team announced via X that Node Operators had approved Proposal6, allowing them to convert $200M of debt into equity through a new token that will receive 10% of network revenue in perpetuity.
This latest development comes after the community paused THORFi due to its associated risks, incurring over $200M in liabilities from these features. Thorchain added that Borrowers and Savers can claim 1 token per $1 of their owed liability. Furthermore, a Liquidity Pool, seeded by the THORChain treasury, will allow equity token holders to sell their claims at their discretion.
TCY tokens will be distributed at 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders.
THORChain is a decentralized cross-chain exchange where traders can swap cross-chain assets via liquidity pools across Binance Chain, Ethereum, and Bitcoin. RUNE is up 8% today and is currently trading at $1.379.
