TCU THORChain Updates (Feb 2025)

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

1. Implementation of Proposal 6 to Unwind THORFi

On 2-Feb, nodes voted to adopt Proposal 6 (written by cofounder of Maya Protocol, https://x.com/aaluxxmyth) to wind-down THORFi: https://gitlab.com/-/snippets/4801556. Full efforts are now ongoing to implement this.

On 8-Feb, a multi-stage Implementation Plan was published: https://gitlab.com/thorchain/thornode/-/issues/2152.

On 11-Feb, nodes voted to stop Block Rewards by setting the EMISSIONCURVE Mimir to 100000.

Implementation of the rest (e.g. $TCY claiming) are in progress.

2. Ethereum Chain Paused

On 2-Feb, swapping on Ethereum chain was paused by the auto-solvency checker:

Less than an hour later, the issue was resolved and swapping resumed.

3. Mainnet 3.2.0 Upgrade

On 10-Feb, Mainnet 3.2.0 upgrade was adopted: https://gitlab.com/thorchain/thornode/-/tags/v3.2.0

Highlights:

• Remove admin mimir
• Add liquidity_tolerance_bps parameter on quote/swap endpoint for better frontend experience
• THORFi cleanup: allow nodes to pause withdraw/deposit for RUNEPool, remove BurnSynths and PauseLoans from Operational Mimir, do not attempt to process savers withdraw if BurnSynths is disabled

4. BTC LP Paused

On 19-Feb, BTC LP withdrawals were paused.

5. Increase Number of New Nodes per Churn

On 21-Feb, a call was issued to nodes to vote to increase the number of new nodes per churn from two to four. This was passed.

6. Response to Bybit Exploit

On 21-Feb, the centralized exchange Bybit was exploited, and subsequently, some of those funds were swapped through THORChain. There were some Nodes who wanted to pause ETH & BASE swaps to have time to implement some code to deal with the issue; while some other Nodes preferred to keep the swaps operational. The operational node Mimir to pause swaps is a simple majority vote, and at time of writing, swaps are still operational.

7. Updates on Solana Integration

Work is progressing on Solana integration. Some updates on Dev Discord:

7. GrassRoots Crypto Video Update

GrassRoots Crypto published a video update: https://youtu.be/Vigy8uxTt1c

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