Here’s what you need to know, or at least what you’ll pretend to understand:
- TCY tokens—because why not add more acronyms?—will be handed out at 1 TCY per dollar of unpaid debt. How generous.
- After halting bitcoin and ether withdrawals a few weeks ago (no biggie, right?), THORChain thought, “Let’s issue some shiny new tokens!”
So, THORChain’s members, clearly feeling ambitious, passed “Proposal6” to magically turn $200 million of unpayable debt into something slightly less horrifying: equity tokens called TCY (Thorchain Yield). They’ve set the supply at 200 million tokens. Big numbers. Big dreams.
Why the sudden move? Well, on January 23rd, they put the brakes on THORFi services. “Too much uncertainty”—because who doesn’t love a little chaos in their financial strategy? (Thanks, CoinDesk, for the tea.)
As for TCY, these tokens will be distributed like Halloween candy—except instead of candy, it’s the sweet, sweet smell of defaulted debt. One TCY per dollar. That’s the deal. Lenders and savers now get to hold a chunk of the future… or whatever the future of THORChain is at this point.
Here’s the kicker: THORChain wants to start a liquidity pool with $500,000, which will buy TCY at $0.10 per pop. They’ll fund this with a mere $5 million from the treasury. It’s all going so smoothly. Like a ship with a few holes in it, but it’s fine. Everything’s fine.
Oh, and TCY holders? They get 10% of THORChain’s revenue forever. That’s right, FOREVER. So, you’re in it for the long haul. Will it work? Who knows. We’re all just guessing here, folks. Financial recovery is a mystery, but hey, who doesn’t love a good cliffhanger?
Meanwhile, THORChain’s cross-chain swaps are still chugging along like that one friend who shows up to every party—no big deal. The RUNE token, however, is feeling a little under the weather, down 10% in the last 24 hours. But don’t worry, the market as a whole is also a dumpster fire, so it’s not all THORChain’s fault. Probably.
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2025-02-03 14:55