TCU THORChain Updates (Feb 2024)

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

1. ERC-20/ARC-20 Outbound Delay

In early Feb, outbound gas issues caused some stuck ERC-20 and ARC-20 outbounds. The issues were resolved after v1.127.2 was adopted on 9-Feb.

2. DOGE Trading Halt

On 2-Feb, due to all-time high transaction count in the DOGE mempool, many validators struggled to sync to tip causing DOGE trading to be halted. After v1.127.2 was pushed and adopted, trading was restarted on 9-Feb.

3. Vote for ADR 12

On 11-Feb, a vote was called for ADR 012 (https://gitlab.com/thorchain/thornode/-/blob/develop/docs/architecture/adr-012-scale-lending.md?ref_type=heads), which has two main components, as below. On 15-Feb, 67% “yes” node votes were received.

- Setting the Lending Collateralization Ratio from [min 200% & max 500%] to a flat 500% — this was enabled via Mimir on 19-Feb.

- Burning the 60m RUNE in Standby Reserves, to increase Lending collateral cap and other future developments — this will be enabled after v1.128, sometime in Mar-2024.

4. ETH.DAI and BSC.USDC Enabled for Savers Vaults, Added to TOR Anchors

On 21-Feb, both ETH.DAI and BSC.USDC were enabled as TOR Anchor Pools. This was to increase the pricing robustness of TOR, which is the accounting basis for Lending and other future developments. TOR is THORChain’s internal “stablecoin” accounting unit, and derives its price from the median of multiple stablecoin pools on THORChain.

In parallel, ETH.DAI and BSC.USDC were also enabled for Savers Vaults and Protocol Owned Liquidity (POL).

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.

Explore Maya Protocol, the first friendly fork of THORChain: Website, X, Discord, Telegram.

Decentralized, permissionless, non-custodial, trust-minimized, open-sourced, economic-secured, non-wrapped, native-to-native cross-chain swaps, savings and now, lending!