Summary

Go/No-Go

THORNode ⏱ (pending public MCTN + 1 week stability)
Midgard ⏱ (pending some fixes)

Web Interface ✅
Desktop Interface ✅

GasRates

THORChain is now a GasPrice Oracle — allowing the on-chain gasRate of every connected chain to be queried by the Inbound Addresses endpoint. All are gasRates so the user will need to work out their transaction size, with the final gasAmount = txSize * gasRate . Importantly:

1. BNB has a fixed gas amount, so the txSize = 1
2. ETH is 10**18, but only 10**8 can be represented, so 10**10 is lost as precision. This means 10GWei is actually represented as…

Summary

The treasury is at $108m, sufficient for the roadmap. Community grants can be allocated.

The Protocol Reserves total 198,088,988.00 RUNE, worth $1.2bn. These are allocated for Chaosnet & Mainnet emissions, as well as community campaigns.

Planned Obsolescence is set for July 2022.

Operational Treasury

The treasury comprises of $22m USD liquid and $85m in RUNE, total of $108m.

These funds are spent on protocol development, technical costs and community grants. The treasury has increased partly due to the rise in value of currencies. The team will look for more ways to discharge the treasury into the ecosystem.

Liquidity Pools

Around $22m has been deployed…

Introduction

THORChain is a cross-chain liquidity protocol. There are three layers to it:

1. The Interface (ASGARDEX)
2. The Public API (Midgard)
3. The State Machine (THORChain)

Importantly, users do not talk directly to THORNodes, they query Midgard to display data, then broadcast transactions via third-party nodes to external chains. THORNodes then respond to these transactions.

This means, anyone can simply interact with THORChain simply by broadcasting a transaction on a connected chain. Interfaces are simply mechanisms for building transactions and displaying data. …

Summary

Go/No-Go

THORNode ⏱ (pending public MCTN + 1 week stability
Midgard ⏱ (pending some fixes)

Web Interface ✅
Desktop Interface ✅

Chaosnet Release V0.19.2

Chaosnet Node operators sometimes get 300 slash points because they fail to send yggdrasil fund, and after that, bifrost consistently fail to send outbound transaction and cause node operator to accumulate large amount slash points until they restart bifrost. In this release apply a hard timeout (5 minutes) for keysign, if it take longer than that, bifrost will panic, and then it will be recreated by k8s cluster. This will make it self heal.

PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1561

Multichain Resources

Midgard: https://testnet.midgard.thorchain.info/v2/doc

THORNode: https://testnet.thornode.thorchain.info/thorchain/doc/

…

Summary

The last multichain testnet was shutdown and relaunched after a significant bug on the Ethereum chain caused the vaults to go partially insolvent, as well as several other compounded issues. The chain also needed a hard fork to get the latest asset naming conventions included. The chain *could* have been recovered, but the team decided for a clean start since maintaining versioning code creates additional entropy.

The team are internally testing the newest multichain testnet until it is stable, then will invite public nodes again. If this testnet is proven to be stable, it will be taken to chaosnet. …

Summary

The project continues to work to stabilise Multichain Testnet and prepare Midgard and Interfaces to be ready for Chaosnet. Several releases were made to address bugs. Chaosnet will be deployed once testnet is stable and interfaces are ready, which is still 2–3 weeks away.

Multichain Releases V0.26–0.28

As bugs are found on Testnet, they are deployed rapidly via the upgrade process, the following four releases:

Version 0.26.1

1. Fix the bug in generating hash id for tss_keysign message and tss_keygen message (https://gitlab.com/thorchain/thornode/-/merge_requests/1522)

2. Allow the network to ban a standby node (https://gitlab.com/thorchain/thornode/-/merge_requests/1520)

Version 0.27

1. [FIX] ETH chain when reorg happen , it use eth_getTransactionReceipt to check…

Summary

The team had to deal with a hard fork and a zombie node. Several improvements were made to the protocol out of the event. Multichain Testnet was also relaunched, since the previous one had gone insolvent due to many small bugs with ERC20s. It could have been rescued (all bugs were found and fixed) but was going to take too much time and coordination. The new network is actually stabilising and less bugs are being found. Multichain Chaosnet is expected before the end of month.

Binance Chain Hard Fork and Zombie Node 4yd

Binance Chain underwent a scheduled hard fork, the binary was provided to node operators two…

Summary

The week saw continual bug fixes for multichain testnet, as well as two significant features added, Impermanent Loss Protection and the final design of Synthetic Assets.

Impermanent Loss Protection

This feature uses the assets in the Reserve to underwrite LP assets against Impermanent Loss on a sliding scale from 0->100% after 100 days. The following are intrinsic to this feature:

• The reserve has enough RUNE assets to fund it, and the increase in economic activity on the network is high enough to cover the extra liability
• The pools are of “high quality” and THORChain’s pool curation logic is not susceptible to enterprising RUNE…