In the midst of the chaos, @THORChain is quietly shipping one of the most groundbreaking lending protocols this industry has seen to date. Today, our team, along with @CBarraford, hopped on screenshare and opened the world's first defi overcollateralized $BTC loan.
🧵 /thread
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You have no idea how motivated I am to win. After seeing our competitors dancing on our grave, coming inches from death. Something has changed. We've been given a second (third? fourth?) chance at life and we're not going to squander it. @THORChain $RUNE
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Today wraps up 2 really tough months for @THORChain. The network experienced numerous outages due to unprecedented activity across almost all connected chains, as well as growing pains from record swap counts. Dozens of PRs and sleepless nights from the team have gotten us out on the other side. The stage is set for 2024 for the network to reach the next level. Let's get it, THORChads!
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I made a ~6 min video showing how to send/receive/hold/swap native, non-EVM tokens such as (un-wrapped) $BTC $ATOM $DOGE, $LTC +more using @Metamask. With the help of @Shapeshift @THORChain, the world's biggest crypto wallet is now fully cross-chain! 🥳
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**Moving on from THORChain**
Validators, developers, members of the community: effectively immediately, I will no longer be contributing to THORChain. I will remain available to Nine Realms as long as I am needed and to ensure an orderly hand-off of my responsibilities. It has been a tremendous honor to maintain this protocol and work alongside you all for the past 4 years. While my time with THORChain has come to an end, I remain fully committed to the vision of building secure, liquid, and seamless cross-chain asset rails. Thanks for your support. Stay tuned.
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(Opinion) Next chain on #THORChain… and this may be out of left field. $TRON. Massive emerging markets stablecoin flows. ECDSA cryptography so no major changes needed to @THORChain architecture. Medium hardware requirements. EVM-compatible. Thoughts?
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Damn. Wait until you guys see what we have in store for you. 2022 has barely just begun. This thing is going to start to spread like wildfire and you all have front row tickets. $RUNE
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> Hardfork
> @base
> @solana
> CosmWasm, IBC
> App Layer (perps, NFTs and more via @TeamKujira @Levana_protocol etc)
> Stability, security, performance and new chains
> Valhalla
Who's with us? @THORChain
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Just swapped real L1 ETH for real L1 DOGE on #THORChain stagenet, bringing DeFi to $DOGE. Do you understand the significance of this? $RUNE.
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CosmosHub $ATOM L1 pool is now live on @THORChain stagenet. Once at least 1 UI demonstrates end-user support, we’ll start the process of releasing it to mainnet. Soon, all assets in the IBC universe will be able to swap into and out of native $BTC $ETH and more.
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The pipelines for the final PR to add ED25519 threshold cryptography to @THORChain are passing ✅. @beorn_9r let me know that $SOL chain client is tested at load. Cutting v3.2.0 this week and then pushing Solana integration to stagenet.
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In early August, @jpthor and I sat down for a steak dinner in Soho. We discussed the future of TC for the next decade+. We agreed that adding CosmWasm to @THORChain is the way forward. In the less than 2 months, he brought two new teams to the table @strangelovelabs @TeamKujira. It's still hard for me to wrap my head around the speed and ferocity at which @jpthor makes decisions and ships. I couldn't be more excited for our teams to lay it all out for you tomorrow on the Q3 Recap + Q4 Preview on Discord Stages. Onwards! $RUNE $RUJI
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.@THORChain just broke it's daily volume ATH 3 times in one week.
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In the absence of objection by existing node operators, we will move to add Binance Smart Chain starting next week. @THORChain
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After a successful ~5 month trial period, a dev has proposed to burn 60m ($288m!!) from the standby reserve, 12% of the max supply of $RUNE, to make room for more loans on @THORChain at a 200% collat ratio. Post $100k of $BTC, receive $50k of debt. Time to scale lending 💪
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I wanted to push Terra to chaosnet without this feature but @ro0mservice wouldn't let me. We just swapped:
$ASTRO => $UST => $LUNA (via @astroport_fi) => $DOGE (via @THORChain)
...in one transaction
Let that sink in for a minute.
2022 is the year of crosschain aggregators.
$RUNE
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Here’s what this means for @THORChain. @ninerealms_cap and @strangelovelabs will co-steward the protocol in 2025. We’ll keep up the pace of @jpthor’s signature memetic energy, rapidly ship new chains, upgraded cryptography, faster block times etc. Tech/product priorities aligned
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Path forward for $SOL x $RUNE:
* wrap up tss ecdsa audit
* re-engage @KudelskiSec to expand audit scope to eddsa
* lay groundwork for bifrost/thornode to support multiple encryption schemes (medium lift required here, likely needs good amount of time to bake)
* evaluate blockchains utilizing eddsa to determine next chain, including $SOL $XRP $ADA and more.
Ball is very much in our court here. It’s a big initiative, but will pave the way for TVL growth in 2024.
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All my friends are out partying and I'm sitting here on Halloween friday night tracking down @THORChain mainnet issues. But it's all good, because soon I'll be partying in Asgard. If you're out and about, say a prayer and pour one out for your boy 🥲
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Runnin' up the numbers
@THORChain had its first $100M+ day
And blew right by it.
This is just the beginning.
$RUNE
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$SOL on @THORChain updates:
* cryptography contractor verified bnb-chain/tss-lib/eddsa for our usage
parallel paths starting now:
* as a benefit to all who utilize it, TC will foot the bill for @KudelskiSec audit
* consulting with the original author of bifrost to add multi-encryption type support
* 9R to build chain client and infra
a concerted team effort is underway to bring native $BTC liquidity to @Solana.
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The price of $RUNE vs. the value of liquidity pooled in #THORChain. The pools are a basket of blue-chip tokens, therefore $RUNE is a yield bearing, blue-chip token; a bet on cryptocurrency overall.
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THORChain v132 is a success!
1) TOR depth fixed. Back to 95% where we it should be. Loans will now open/close optimally.
2) Dynamic outbound fee multiplier fixed. Gas quotes should be much lower now. Fees appear to be cheaper by a factor of 6.14x for BTC and 2x for ETH swaps now. 🔥
3) Remaining BNB beacon chain balances ejected. Ready for final stage of Ragnarok.
4) Late AVAX/BSC observations processed successfully. Recent incident mitigated, churn will proceed as normal.
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Gm from Tokyo. @THORChain is the #5 chain by revenue #108 by market cap. Someday, long after the memes and anon pundits, coins will trade like every other asset, as a multiple of the value they create. Until then, we tune out the noise and keep building. $RUNE
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When will the Defi community realize that @THORChain $RUNE has no: 1) 3rd party oracle dependencies 2) locked/vesting supply 3) founders with massive liquidation risk 4) artificially-constrained supply by ponzi staking/farming programs. Just real utility and APY driven by swaps.
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Here's why @THORChain is the most important project in crypto. Normally, when a chain has a problem, it mostly affects the wallets, DEXs and projects within its ecosystem. Because THORChain's validators constantly scan all blocks of connected chains, our ops teams are generally the first to know when other L1 chains are having issues. We're one of the most critical downstream dependencies for 9 major chains. As a result, @THORChain is responsible not just for driving cross-chain liquidity/narrative, but also proactively creating change with ripple effects throughout these (formerly disparate) ecosystems. Here are 3 examples of how @THORChain worries itself not just with its own security and performance, but actively works to make that of its connected chains more robust. Name another chain that cooperates 🤝 with other L1s to the extent we do. These are the changes that need to happen so that we, as a collective industry, grow to meet the scaling demands that lay ahead. @avax @BNBCHAIN @dogecoin
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We’re going to ship this safely, but we’re going to do it fast than ever before. I can’t recall a time when the team has been more unified on an end goal. Deleverage the base layer, introduce App Layer, focus relentlessly on new chains + LP experience. It’s never been clearer.
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When we first started seeing illicit flows on THORChain, our team bridged the gap for wallets and integration partners, helping them integrate screening services like @elliptic. I am pleased to that @SwapKitPowered and @RangoExchange offer this solution to their partners. Any frontends integrating L1s directly should follow suit. Everyone needs to work together to make a best effort at stopping these flows to the best of our ability without compromising L1 integrity. It’s our job as L1 operators to ensure the 2nd and 3rd layers (aggregators and frontends) conform with industry best practices. We do this because in the absence of providing such guidance, governments will attempt to shut down L1s, thus depriving the world of valuable public utility infrastructure. Last thought: communities on both sides love taking times like these to point out illicit flows on competing platforms. It’s a cheap shot, and I won’t tolerate those in the THORChain community who take this opportunity to kick Chainflip while they’re taking heat. As a team that’s been through it before, and felt existential heat, we know how it feels. Keep fighting the good fight. DEX > CEX
We're aware of the hacker's attempts to move the @Bybit_Official hack funds to BTC via Chainflip.
We have disabled some frontend services to stop the flow, but as a fully decentralised protocol with 150 nodes, we can't completely shut down the protocol.
As a more permanent solution, we're working on enabling stronger ETH broker level screening to reject tainted deposits through the broker-api. This already works for BTC. We just need to finish the ETH implementation.
@benbybit
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This gigabrain put $27.6k $UST in the $RUNE pool 4 days ago and just asymmetrically withdrew $32.3k UST from the pool, netting himself a cool 15% in 4 days. This guy is GMI. What are you waiting for, anon? #LPwithTHORChain
@THORSwap @view_block @THORChain
viewblock.io/thorchain/addre…
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Streaming savers will be activated on @THORChain tomorrow. If all goes well, don’t see why steaming loans doesn’t get activated shortly thereafter. Result: you pay less slippage entering/exiting savings vaults and loans. More TVL and more $RUNE burnt incoming.
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. @TrustWallet for iOS, now featuring @THORChain cross-chain swaps (Test Flight beta release)
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BASE.cbBTC pool is created on stagenet. Will demonstrate swapping native $BTC to @coinbase $cbBTC via @THORChain stagenet tomorrow. $BASE <> @THORChain is ready to go. We'll release it to mainnet on January 6. More to follow. 2025 = 25 chains. Good night!
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With Thorchain imminently challenging both the CEX and DEX metrics of the @Binance empire, it doesn’t seem crazy to think $RUNE ($2b) could surpass where $BNB ($35b) is today. If that were the case, the price would be $100 (16.7x).
Fun fact on this fine Tuesday: @THORChain is the 5th largest BTC exchange in world (including CEXes!) by volume, and is neck-and-neck with @krakenfx. I predict TC will claim the #3 spot under Binance by end of next year.
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So much in flight with @THORChain. Spending this last day of the week aligning with @ninerealms_cap team and @jpthor. We'll do a Discord stages next week and give a Q3 recap + Q4 preview. Full alignment and laser focus.
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had to take a quick break. issues have been non-stop lately. finally, all chains are functional, churns are back to normal, crit bounties have been paid out (most) fires are OUT. from tomorrow, we start building fun stuff again. let’s get it. @THORChain
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V136 is now live. ADR 17 is adopted. 1bps of system income will now be burnt *every block*. Onwards! $RUNE
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Man I was pressed when $RUNE dropped to less than $1 this summer. We were back below an important threshold that we had been above from the time I started on the project. Never again folks. See you all in Valhalla. 🖤
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It’s late now. Even Asguardians need rest every now and then. One more sleep until Terra. We ride at dawn. @THORChain @ninerealms_cap
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~70% of swappers last week were new users. @THORChain is growing its user base steadily.
In the past week, a total of 220.9k swaps were conducted by 10.8k unique swappers.
Among the 10.8k swappers, 7.4k are newcomers who completed their first swap on @THORChain.
(4/8)
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Over the past week, 32 @THORChain nodes churned out. Of those, 17 have unbonded and 15 have either churned back in or are waiting to churn back in The system is currently overbonded by 1.285m RUNE, with an additional 9.87m RUNE churning in over the next week.
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We can be a $20b protocol without THORFi. Just plain old L1, cross-chain, unwrapped swaps. Put a different way, if we have to deal with the burden of constantly tweaking THORFi whenever the core team has a new idea, we're never going to be able to ship Solana, get through the massive backlog of bugs and performance tweaks, UX improvements like memoless, etc. IMO it's just not worth it. Our competition isn't building lendings and savings. They're building swaps. None of it matters if the competition beats us out on that.
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At least 10 teams, each with their own objectives, working in lockstep right now to deliver @THORChain. Coordinated upgrades (downtime) are painful, but the network now has the capabilities it needs to assert itself as THE L1 cross-chain liquidity hub. Onwards.
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Thanks for the shoutout @CertiK. Security remains our top priority at @THORChain and we’re glad to have top notch industry partners to support us.
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.@THORChain meetup in NYC tonight. Many topics discussed incl. Solana, RUNEVault, marketing, scaling and the next 5 years of work. Met my longtime collaborator @jpthor89 and got a demo of @VoltixVault. Fantastic product. Cheers to many more years of productivity, innovation and disruption.
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Building through the bear. New products launching soon on @THORChain. We are just getting started. $RUNE
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THORChain is hiring. We need more hands if we’re going to ship our aggressive roadmap. Write reviews on PRs. Give your opinion on Issues in GitLab. Demonstrate your expertise through understanding of our architecture. Come with us to Valhalla!
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**THORChain Globally Halted**
@ninerealms_cap and THORSec have received credible reports of a potential vulnerability affecting @THORChain. Out of an abundance of caution, steps have been taken to halt THORChain globally.
Stand by for more information.
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BSC is live on @THORChain now. L1 pool ($BNB) is created. After next churn, BEP-20 pools such as BSC.BUSD will be eligible for creation. Good luck, have fun!
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PR for Phase 1 of RUNEPool is complete and ready for review by THORSec and protocol devs. After the release of v1.134.0, the protocol will start accepting deposits. During a subsequent release, the protocol will start deploying these deposits as Protocol Owned Liquidity. Onwards!
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Huge week for @THORChain:
- integrated @TrustWallet
- savings vault caps doubled
Next up:
- vote to remove ILP
- vote to activate protocol owned liquidity
- battletest lending
Insanely bullish times ahead... $RUNE
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Today is being regarded as the world’s largest tech outage, and yet blockchain-based infrastructure is unaffected. It continues to plug away, without missing a beat, moving billions in value globally. Crypto is anti-fragile financial technology for the 21st century.
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This year already, our team's response saw 4 major TSS vulnerabilities found/disclosed, patched and resumed operations flawlessly. We're working around the clock to address new and novel disclosures. This isn't our first rodeo folks. #THORChain will be back shortly.
NEWS: A trading pause across eight chains and a security disclosure puts a damper on top performer $RUNE
blockworks.co/news/rune-code…
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Uniswap's "cross-chain" bridging L2 only being compatible with Eth & EVM L2s proves that they'll always ignore anything that isn't explicitly Ethereum-aligned (e.g. @THORChain). They see acknowledgement of any other ecosystem, whether it be $BTC, $ATOM, or god-forbid $SOL, as an affront to their moat. This is why I'm long term bearish on Uniswap and Ethereum in general. They don't believe in advancement of the industry as a whole, just in the part of it over which they hold a monopoly.
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Lending launched.
BSC soon.
First $1b month since '22.
More nodes joining every week.
Onwards.
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might just fuck around and finish RUNEPool today. these bears just motivate me even more
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I just swapped native $BTC to @coinbase $cbBTC on Base using @THORChain. 0.002 BTC sent with appropriate OP_RETURN: mempool.space/tx/22595265f60…. Received 0.0016 $cbBTC: basescan.org/tx/0x11684ba4a6…. Native BTC rails for the onchain ecosystem. ✅
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I miss working with people IRL. It’s crazy we’re building billions of $ of value with people I’ve spent either very little time with or never met all. Imagine the productivity if we spent even 8 weeks building in person. TC contributors: let me know where I should rent a house for the next 2 months for us to lock the fuck in.
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Wdyt about this? Guarantees asset LPs have 0% downside, $RUNE single-side takes on $RUNE downside risk, but also takes 1.5x upside. No risk for timid L1 providers. Higher upside for bullish $RUNE holders. @0xSmith @CBarraford @ChadThoreau @TheRuneRanger @mifune0x @Orion_9R
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Thanks for your support @ErikVoorhees. It takes a real man of character to not cut ties with your convictions when it's becomes temporarily fashionable to do so.
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This one has been a long time in the making. Institutional custody solution for $RUNE leads to ________.
Their team has been heads down shipping features and we’ve had tons of demand for a THORChain integration — if you have Fireblocks you can add a $RUNE wallet to your workspace now
Has been awesome working with the @ninerealms_cap and @THORChain teams to make this happen
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These are the only things @THORChain has ever needed: $RUNE, validators, bond providers, AMM, dual LP, affiliates, active yield, streaming swaps, app layer.
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Zero to 100 real quick. Hard fork complete. Next up, Terra integration. Are you ready? @THORChain
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Working closely with @OX_DAO to execute some kind of ideological / vibez pivot from feminized wef soyboy mentality to bronze age mindset for @THORChain. Stay tuned
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I swapped ETH from Ethereum to Base on @THORChain
Ethereum ETH IN: etherscan.io/tx/0x53D72BCF63…
Base ETH OUT: basescan.org/tx/0xAA36A0F8AB…
Soon: BTC.BTC => BASE.cbBTC, BSC.USDT => BASE.USDC, etc.
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Adding savers vaults for stablecoins. Includes USDC (AVAX/ETH), USDT, BUSD and more to come. Live in v1.119.0.
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Nearly a month and 200 commits later... Terra pools working on stagenet now. Still tuning gas fees. Tomorrow: smoke tests, upstream dependency PR !2123, submit !2077 for final review & push out infra to nodes. Cheers, $LUNA $RUNE viewblock.io/thorchain/tx/8F…
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The @kayabaNerve <> @immunefi <> @THORChain Debacle: Explained
tl;dr everyone sucks here, and we promise to do better.
For starters, I am willing to take responsibility for our heavy-handed negotiation tactics after it appeared that there were irreconcilable differences of opinion over what a reasonable person might expect to pay out for a network halt. nitter.app/kayabaNerve/stat…
@THORChain removed their bug bounty program, which received multiple reports of critical severity, from @immunefi in favor of a self-hosted solution. I believe this was done as part of ghosting me and my critical severity submission after Immunefi ruled I should be paid ~270k USD
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Probably a good time to remind everyone that every @THORChain validator independently verifies the solvency of the network’s shared TSS vaults at regular intervals. Every L1 address is transparent and visible on-chain at all times. Verify, don’t trust.
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Imagine building a protocol with tokenomics so strong, ppl start complaining that the price of your tokens goes up when people actually use your product.
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Nothing better than hopping in bed on a Sunday night knowing this is what we get to look forward to this week. Cosmos V50 on stagenet very soon 🤞 Then I'll turn over the keys to @codehans1 to start going wild deploying contracts on it
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In the ~two months since this tweet, we landed Ledger, OKX Wallet, BitGet. The dominoes keep falling. It’s BD szn
Nine Realms is the top BD team in crypto. @familiarcow @Eridanus9R took @THORChain from only being in inter-ecosystem projects (@asgardex @THORSwap @THORWalletDEX) to landing us in the top wallets/aggregators in crypto, e.g.. @TrustWallet @lifiprotocol
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THORChain Q4 Roadmap thread
If I’m being honest: traditionally, landing our quarterly roadmaps has often been a Herculean effort. @ninerealms_cap always strive for stability and security over new features, mainly because it means we get to spend more time focusing on infra…
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I swear nothing is more disappointing than the BNB/BSC ecosystem. 1) BSC chain is one of the most poorly run networks, as evidenced by recent operational failures 2) apparently PancakeSwap has no interest in adding external L1 assets, they are “prioritizing driving value to their token”. Ever thought maybe: add native assets like $BTC -> drive revenue to protocol -> distribute to token holders. It’s the same playbook for any DEX. This is not rocket science. Is there anyone in these orgs that actually has a vision for the future? Please get in touch and let’s chat. I think BNB has an enormous advantage and would hate to see it fall by the wayside. cc/ @cz_binance
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Toward the end of last year, @ninerealms_cap and @strangelovelabs worked with @jpthor to create enough of a roadmap to easily cover the next 12 months of development. We’ll share that soon once details are finalized. The success of App Layer remains a top priority.
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so you’re saying I was right all along about @thorchain lending?
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THORChain will soon vote to deprecate Impermanent Loss Protection (ILP). For starters, under this plan: **EXISTING LPS WILL BE GRANDFATHERED IN**. Furthermore, new dual-LPs will be able to deposit for equal protection during a TBD period.
So, why remove ILP?
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Every time I tune in to @jpthor I learn more @THORChain and @cosmos lore; why they made the design decisions they did. I’ve been with the project since 2020, pre-MCCN. Still blows my mind how early this team was and how many problems they solved to make it all possible.
Set a reminder for upcoming Space Today🚨
nitter.app/i/spaces/1YpJklaNZvyxj
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Not a single node has requested to leave. TVL has not “collapsed”, it has contracted due to 1 chain value being wiped out and the rest of assets $ value falling. Thorchain will continue on through this bear market and the next. Watch for ATOM, AVAX, single-side LP and DEX agg.
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This week, THORChain handed over control of “mimir” to node operators, giving them direct control over minimum bonds, liquidity caps, protocol reserve emissions and other critical network constants. Here’s why that brings us one step closer to mainnet...
1/
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THORChain Halt Update:
Devs and security team have determined that the disclosure is credible. However, it would require a malicious node in the last churn (TSS keygen).
…cont’d
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we got a @THORChain cybertruck before we got EDDSA asgard vaults
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went to MIT. dropped out. thiel fellow. YCombinator S'22. sold my first company for an undisclosed sum ($0). built several more companies , then became the youngest founder to launch a multisig L2 (got hacked). now in talks with a16z on a super secret project. and I'm only 22 years old. big things coming!
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