THORChain Space #112 – TCY Progress (FamiliarCow, Aaluxx, Orion)
1. Settlement of Synthetic Assets (Synths)
Issue: Synths unrelated to Saver products were found in THORChain wallets, totaling several hundred thousand dollars.
Solution: The reimbursement process is detailed in the THOR-fi unwind channel. The team urges the community to review and provide feedback.
Note: No changes for Saver users and lenders—adjustments affect only "stuck" synths.
2. Emission Curve Update (Prop 6, Phase 0)
Changes: Block emissions cut from 25,000 RUNE/day to ~2 RUNE/day. Validator and LP rewards now come solely from swap fees.
Reasons: Reducing inflationary pressure (at $10 RUNE, annual emissions would reach $100M) and eliminating reserve-based auto-selling, making RUNE more attractive to investors.
Status: Phase 0 launched, under evaluation.
3. TCY & DLP Adjustments
TCY (ThorChain Yield Token):
Compensation for Saver holders and those affected by synth issues.
Mechanism: Unclaimed TCY is auto-used for buybacks via fees, ensuring demand. TCY’s value depends on network transaction volume.
Claiming: Requires a separate frontend, no time limit, but delays reduce short-term payouts.
Dual Liquidity Pools (DLP):
Leverage retained to avoid market pressure.
High-leverage pools closed for new deposits to protect LPs.
Reserves split into in-kind assets (BTC, ETH, etc.) and liquid reserves (POL) for stability.
4. TCY Technical Implementation
Optimizations: KVStore tracking reduces managed addresses from 100k to ~10k. RUNE-TCY pool fees fund TCY buybacks.
Security: Only claim TCY via verified frontend. Official channels: THORChain Discord & Twitter.
5. Economic Outlook & Risks
Burning: Under discussion but requires evaluating the impact of emission halts on node and LP yields.
Monitoring: Protocol resilience, validator inflows, and node efficiency (bare metal transition, cost optimization).
6. Community & Next Steps
Shared Interests: RUNE holders, LPs, and nodes benefit from higher RUNE prices and transaction volume.
Phase 1: Testing & deploying TCY, refining payout modules.
Announcements: Weekly updates, TCY launch date to be announced
Conclusion:
THORChain prioritizes sustainability, fair TCY distribution, and capital efficiency. The community is encouraged to stay engaged and review proposed solutions.
