LPU THORChain Updates (Jun 2023)

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

1. Binance Smart Chain (BSC) Integration Vote

Since last month, nodes have been voting to integrate BSC. On 5-Jun, >67% yes votes were received, thus achieving consensus. However, on 14-Jun, Devs announced deferment, in view of hitting the effective security cap (see point 3 below).

2. Trust Wallet Integrates More TC Assets

The first integration of Trust Wallet with THORChain was for BTC, ETH and BEP2 assets only. On 7-Jun, this was extended to the other chains supported by THORChain.

https://twitter.com/eowynchen/status/1666424332162138117

3. Hard Cap Reached

On 9-Jun, with a sudden decrease in RUNE price (especially against BTC and ETH), the hard cap was reached. This is when the total pooled RUNE is more than the total bonded RUNE of the lowest 67% of active nodes. Swaps and LP/Savers withdrawals function as normal, but LP/Savers deposits and Synths minting are blocked.

Pooled RUNE can drop below the hard cap via:

• Overall RUNE:Asset price ratio increases
• Bonded RUNE increase (either by more nodes churning in, or nodes posting more bond)
• Withdrawals from LP/Savers

4. BTC Trading Halt

On 10-Jun, BTC trading was automatically halted by the solvency checker twice. Likely root cause was:

After v1.112 & v1.113 were deployed to fix this, BTC was unhalted on 14-Jun.

5. Savers Yield Scaling

On 10-Jun, with the adoption of v1.111, a proposal for scaling (reduction) of savers yield was called. On 15-Jun, nodes successfully voted for this. On 21-Jun, the Mimir MAXSYNTHFORSAVERSYIELD was enabled accordingly.

Details:

6. Increase of Pooled Bond Providers

On 11-Jun, the proposal was floated to increase the maximum pooled bond providers from six to ten. After a period without dissenting vodes, the mimir MAXBONDPROVIDERS was set accordingly on 30-Jun.

7. THORSwap Integrated into Ledger Live Discover

On 20-Jun, the THORSwap interface was integrated into Ledger Live Discover tab. This initial implementation allows swapping from BTC, ATOM to BTC, ATOM, ETH, DOGE, LTC and BCH.

https://twitter.com/thorswap/status/1671280233004056576

8. THORChain Integrated into RocketX Exchange

On 21-Jun, THORChain was integrated into RocketX Exchange, via Rango Exchange.

https://twitter.com/RocketXexchange/status/1671578262663987200

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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