LPU THORChain Updates (Early Mar 2023)

In this series, LPU aims to give regular condensed “state of THORChain” updates. Enjoy!

1. Binance Smart Chain (BSC) as Next Chain Integration

In Aug-2022, a “New Chain” indicative node voting/signalling was held and BSC ended up as the front-runner. Now, core team and Nine Realms are moving forward with a heads-up and reminder to node operators, especially regarding the hefty hardware requirements. Node operators are encouraged to feedback if there are serious reservations. If coast is clear, BSC will be rolled-out to Stagenet, followed by a formal 67% consensus vote for Mainnet adoption.

2. Trust Wallet iOS Swap Integration Go-live

On 8-Feb, Trust Wallet iOS cross-chain swap functionality (with THORChain as the backend) went live, updatable via App Store. This follows the Android release on 14-Dec. Check the launch article here for more details, including supported assets on Trust Wallet: https://medium.com/thorchain/trust-wallet-integrates-thorchain-as-cross-chain-swap-provider-d56e01f1c146

3. Proposal for Synth Cap Raise and POL

The Synth Cap was at 30%, and this has been limiting BTC Savers Cap for a few weeks now. There has been a healthy debate whether/when to further raise the Synth Cap and activate the Protocol-Owned-Liquidity (POL). For an explainer, see: https://crypto-university.medium.com/under-the-hood-single-sided-yield-protocol-owned-liquidity-a5ef725a5d7a

On 17-Feb, combined votes for 50% and 60% Synth cap reached >66.7% consensus, and thus cap were raised accordingly: https://twitter.com/thor_infobot/status/1626737189877911552

On 13-Feb, Devs mooted a proposal for Synth Cap to be raised to 60%, and in parallel, POL to be activated targeting 45% with a +/- 5% buffer. This means POL will deposit into Liquidity Pools (LP) when Synths utilization > 50%, and withdraw from LP when Synths utilization <40%. No POL deposit/withdrawal between 40–50% Synth utilization to avoid excessive thrashing. ADR#6 published for comments: https://gitlab.com/thorchain/thornode/-/merge_requests/2791/diffs

On 22-Feb, a Motion to Bypass the above ADR#6 was proposed.

On 1-Mar, with no dissenting votes from any nodes, the Motion to Bypass the ADR#6 was passed. Once either BTC or ETH Synth cap reaches 50%, the ADR will be implemented.

4. BCH, LTC and DOGE Chains Halted

On 13-Feb, the DOGE, LTC and BCH Chains were halted via Admin Mimir. Devs received a tip regarding potential issues with these chains, and action was taken in an abundance of caution.

On 26-Feb, DOGE chain and trading was re-enabled. LTC is expected to be re-enabled after next release 1.106.0; while BCH will need a separate patch.

5. Cosmos Hub / GAIA (ATOM) Chain Hardfork

On 15-Feb, Cosmos Hub was halted on THORChain to facilitate the hardfork of the Cosmos Hub chain. Trading was restored <24 hours later, after all updates were completed.

On 17-Feb, some false positives for auto-solvency checker were interrupting the Cosmos Hub chain. Brief explainer tweet: https://twitter.com/pluto9r/status/1626771054889664512

Feel free to hop into the TC University Discord to chat about this, or any other THORChain questions that you may have.

Explore THORChain: Website, X, Telegram, Developer Discord.

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