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TCY tokens will be distributed at a rate of 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders.
By Shaurya Malwa|Edited by Parikshit Mishra
Updated Feb 3, 2025, 11:52 a.m. UTCPublished Feb 3, 2025, 11:49 a.m. UTC
What to know:
- TCY will be distributed at a rate of 1 TCY per dollar of defaulted debt.
- The move comes after THORFi paused bitcoin and ether withdrawals a few weeks ago.
THORChain’s members passed “Proposal6” to convert nearly $200 million of unserviceable debt into equity via a new token, TCY (Thorchain Yield), with a total supply of 200 million tokens.
This action was taken after suspending THORFi services on Jan. 23 due to financial uncertainties, as CoinDesk reported.
STORY CONTINUES BELOW
TCY tokens will be distributed at a rate of 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders. THORChain plans to establish a RUNE/TCY liquidity pool with $500,000 starting at $0.1 per TCY, funded by $5 million from the treasury.
Holders of TCY will receive 10% of THORChain’s revenue indefinitely, providing a long-term incentive and recovery mechanism for those affected by the debt crisis — although the timeline for total financial recovery remains uncertain.
THORChain’s cross-chain swaps, its main service, remain unaffected. Prices of the platform’s native RUNE are down 10% in the past 24 hours alongside a broader market fall, extending 30-day losses to nearly 50%.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM,
BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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