TCU THORChain Updates (Aug 2024)

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

1. THORChain x Kujira Collaboration

In early Aug, fast moving developments led to potential future collaboration between THORChain and Kujira. Kujira’s existing tech/apps would migrate to THORChain’s new app-layer with CosmWasm functionality.

References:

• https://thorchain-university.medium.com/the-rujira-article-011ca3447dbb
• https://winkhub.app/posts/kujira-recovery-plan-thorchain-partnership
• https://x.com/teamkujira/status/1823325111564288283
• https://x.com/alpha_hunt_off/status/1828652839494906199

2. ADR 18 (Core Protocol Sustainability)

ADR 18 for Core Protocol Sustainability was proposed:

https://gitlab.com/thorchain/thornode/-/blob/657da56124e4cdbd5f42f31d4e376c381f853a5e/docs/architecture/adr-018-core-protocol-sustainability.md

On 6-Aug, this ADR was successfully passed by nodes. Implementation will be at a later date.

3. ADR 20 (THORChain Trade Fees)

On 7-Aug, an ADR was proposed to increase trading fees for Trade Accounts, plus linking to Swapper Clout. Node voting will be called for later.

4. Increase Pooled Bond Providers to 100

On 10-Aug, a proposal to increase the max pooled bond providers from 10 to 100 was made. Node voting is underway.

5. Increasing Minimum Slippage Fee for L1 Swaps

On 14-Aug, nodes started the mimir voting to increase the Minimum Slippage Fee for L1 Swaps from 5bps to 15bps. On 15-Aug, node consensus was reached and the 15bps went live.

6. Inbound Confirmation Counting Adjustment

On 21-Aug, Bitcoin Inbound Confirmation Counting was adjusted to maximum three block confirmations.

On 23-Aug, the same was enabled to Ethereum (fourteen confirmations), Bitcoin Cash (fifteen confirmations), Litecoin (twelve confirmations) and Doge (forty confirmations).

Read here to understand how Inbound Confirmation Counting works: https://thorchain-university.medium.com/under-the-hood-thorchain-transaction-delays-250d00ed57b7

7. Pausing New Loans

On 23-Aug, it was proposed to pause opening of new loans, via node mimir voting. A new lending design based on the under development app-layer will be worked on.

8. Adjust RUNEPool Withdrawal Minimum Term

On 27-Aug, the minimum term for RUNEPool deposits before allowing withdrawals was changed from 90 days to 30 days.

9. Adjust Liquidity Pool (LP) Withdrawal Minimum Term

On 28-Aug, a minimum term for LP deposits before allowing withdrawals was changed from zero to one hour. Reason:

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