Decision-making on THORChain occurs entirely on-chain, relying on node consensus and automated protocol rules to keep the system secure and running smoothly.
At present, the network is supported by 111 active nodes. To participate and protect the ecosystem, every node must pledge at least 300,000 RUNE as bonded collateral. Governance remains strictly egalitarian across the board, giving each operator exactly one vote irrespective of how much RUNE they have locked up.
The underlying software that powers these operations is called THORNode. Proposing improvements to the platform is open to everyone, allowing both developers and community members to share ideas. These conversations take place in an open Discord server, where suggestions are debated and refined into working code. Once prepared, updates go before the node operators, requiring a 2/3 majority vote for the network to transition to the updated software version.
Beyond software releases, nodes govern live network configurations through a dedicated framework known as Mimir. Under this setup, voting requirements vary depending on the nature of the change. Broad economic adjustments, such as modifying fees, demand a 2/3 node majority. Conversely, urgent operational or security measures need only 3 affirmative votes to activate. These operational settings can subsequently be revoked if 4 nodes vote against them, which can then be challenged by 5 nodes, and so forth in an escalating sequence.
Meanwhile, certain critical functions bypass the voting booth altogether through automated network triggers. For instance, the system carries out a churn cycle roughly every 3 days, during which two nodes are routinely removed: the one with the longest tenure and the one accumulating the highest number of slash points. Furthermore, should the protocol ever detect an insolvency, asset swapping is paused automatically to safeguard funds.
At present, the network is supported by 111 active nodes. To participate and protect the ecosystem, every node must pledge at least 300,000 RUNE as bonded collateral. Governance remains strictly egalitarian across the board, giving each operator exactly one vote irrespective of how much RUNE they have locked up.
The underlying software that powers these operations is called THORNode. Proposing improvements to the platform is open to everyone, allowing both developers and community members to share ideas. These conversations take place in an open Discord server, where suggestions are debated and refined into working code. Once prepared, updates go before the node operators, requiring a 2/3 majority vote for the network to transition to the updated software version.
Beyond software releases, nodes govern live network configurations through a dedicated framework known as Mimir. Under this setup, voting requirements vary depending on the nature of the change. Broad economic adjustments, such as modifying fees, demand a 2/3 node majority. Conversely, urgent operational or security measures need only 3 affirmative votes to activate. These operational settings can subsequently be revoked if 4 nodes vote against them, which can then be challenged by 5 nodes, and so forth in an escalating sequence.
Meanwhile, certain critical functions bypass the voting booth altogether through automated network triggers. For instance, the system carries out a churn cycle roughly every 3 days, during which two nodes are routinely removed: the one with the longest tenure and the one accumulating the highest number of slash points. Furthermore, should the protocol ever detect an insolvency, asset swapping is paused automatically to safeguard funds.