THORChain's core product is cross-chain token swaps, which the article states remain unaffected. The protocol also runs THORFi lending and savings services, which were suspended for Bitcoin and Ether withdrawals on Jan. 23 due to financial uncertainties. Members approved "Proposal6" to convert nearly $200 million of unserviceable debt into equity via a new token, TCY, with a total supply of 200 million. TCY will be distributed at a rate of 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders. TCY holders will receive 10% of THORChain's revenue indefinitely, and the treasury committed $5 million to fund a RUNE/TCY liquidity pool, seeding $500,000 at a starting price of $0.10 per TCY. The timeline for full financial recovery remains uncertain as RUNE prices were down 10% in the past 24 hours, extending 30-day losses to nearly 50%.

Total raised

$200M

Funding rounds

1

Latest round

Equity

Latest activity

Feb 2025