LPU THORChain Updates (Nov 2023)

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

1. Full Sunset of Grandfathered ILP (Amendment of ADR005)

On 6-Nov, a motion for nodes to vote for a full sunset of grandfathered Impermanent Loss Protection (ILP) was mooted, and quickly garnered >50% of on-chain positive votes. Once >67% votes received, the mimir will be auto-set and removal of ILP will be effective immediately. After some discussions from various stakeholders on Discord, it was proposed to provide a one month notice period, so that grandfathered LPs who still need the ILP have a chance to hear about this change.

Gitlab: https://gitlab.com/thorchain/thornode/-/merge_requests/3222

2. Lower POL Exit Criteria (Amendment of ADR006)

On 6-Nov, to prolong Protocol-Owned-Liquidity (POL) positions in LPs, it was proposed to change the POL exit/entry positions from the current 40–50% synth utilization, to 10–50%. This will allow more time for POL to earn yield while being deployed. After a three day dissenting period (where no dissenting votes were received), the following mimirs were adjusted accordingly on 12-Nov:

• POLTargetSynthPerPoolDepth to 3000
• POLBuffer to 2000

3. YouTube Stream for Order Books and Rapid Swap Ideas

On 7-Nov, Chad Barraford and Grass Roots Crypto hosted a YouTube stream to discuss about upcoming Order Books and Rapid Swaps ideas.

Recording: https://www.youtube.com/live/OURhhGaZVq0?si=snhxmkWa_Ws30c51

4. New Block Explorer: RuneScan

On 14-Nov, the Viewblock team launched the alpha release of their new THORChain block explorer: https://blog.viewblock.io/runescan

5. Binance Smart Chain (BSC) Stability Issue

On 17-Nov, and again on 19-Nov, THORChain nodes struggled with syncing and fully observing BSC transactions. At both times, Mimirs were set to pause trading. On 19-Nov, v1.124.1 was pushed to alleviate this issue.

6. Avalanche C-Chain Stability Issue

On 22-Nov, it was observed that THORChain was struggling with AVAX outbounds. Trading was halted to resolve this issue. Some nodes had their bonds slashed as some AVAX and AVAX.USDC outbounds were double-sent. A public call was made for recipients of the double sends to return the excess to Treasury-AVAX address: 0x04c5998ded94f89263370444ce64a99b7dbc9f46.

On 26-Nov, with adoption of v1.124.2, AVAX trading was re-enabled.

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

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