THORChain Weekly Dev Update for Week 76, 04–11 Jan; Ethereum Router Upgradeability, Bitcoin Cash finalised, Synthetic Assets, Midgard tweaks.

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Summary

Ethereum and Bitcoin Cash has been completed, Ethereum now has the ability to upgrade its Routing contract if a new one is deployed. Work has shifted to finalise the 0.40 Stargate update, which has been a significant refactor to re-write for the new protobuf encoding scheme. The team also continue to study and finalise the economic model for synthetic assets.

THORNode

Bug-fixes and improvements, as well as some changes for Ethereum.


The treasury comprises of $14m, with a 36 month Runway. The protocol has 215m in RUNE reserves. Planned Obsolescence July 2022.

Summary

The treasury is at $14m, sufficient for the roadmap. Community grants can be allocated.

The Protocol Reserves total 215,090,103 RUNE, worth $300m. These are allocated for Chaosnet and Mainnet emissions.

Planned Obsolescence is set for July 2022.

Operational Treasury

The treasury comprises of $9m USD liquid and $5m in RUNE, total of $14m.

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These funds are spent on protocol development, technical costs and community grants. The treasury has increased partly due to the rise in value of BTC.

Protocol Reserves

14.3m RUNE remains in the Chaosnet Reserve, currently paying out LPs and Nodes. A further 724k RUNE is in standby, ready to be used for additional incentives. Standby reserves are currently used for direct pool incentives, or node incentives (such as the recently announced THORNode Diversification Incentives). …


THORChain Weekly Dev Update for Week 75, 22 Dec — 03 Jan; Ethereum, Bitcoin Cash support, small improvements to clients

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Mostly a light update — the team took 1.5 weeks off over Christmas, except for whoever runs the twitter account.

Summary

The team continues prep the chain for Multichain, significant progress has been made on Ethereum and Bitcoin Cash support.

THORNode

Bug-fixes and improvements, as well as some changes for Ethereum.

Midgard

Work continues to prep Midgard V2 to handle Multichain requirements. …


THORChain Weekly Dev Update for Week 74, 15–21 Dec; Ethereum Support, ROUTER and SEEDSERVICE, Synthetics, Multichain Prep.

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This update and the next will be light as part of the team take end-of-year breaks.

Summary

The team continues prep the chain for Multichain, significant progress has been made on Ethereum support. The Router contract is here:

The ROUTER simply manages allowances between vaults, whilst ETH is forwarded through the contract. This allows both ETH and ERC-20 assets to be managed by smart contract calls. The User deposits with a MEMO to the ROUTER, but gives an allowance to a desired ASGARD to spend. ASGARD can then fund Yggdrasil by transferring allowances to spend. YGG vaults can transfer out to Users, emitting an MEMO in the process.
YGG vaults can transfer all their assets back to the ASGARD (forwarding ETH and revoking allowances to spend) with a single contract call. …


THORChain Weekly Dev Update for Week 73, 08–14 Dec; Multichain fixes, Wallet Integration, MidgardV2, Bridge updates.

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Summary

The team extensively tested multichain across its full life-cycle and some fixes were required. Wallet integration is still ongoing. Midgard V2 is the primary API going forward and the team are working to ensure parity with V1 and required features from the developer community. Work began on the final Ethereum testing, as well as BitcoinCash. The community released some updates to their tools.

THORNode

Bug-fixes and improvements from another week of testing multichain, taking it from genesis, all the way up to multiple Asgard vaults, then back down to a Ragnarök.


THORChain Weekly Dev Update for Week 72, 01–07 Dec; Latest Multichain, Bridge Work, Pool Curation, MidgardV2, THORChain ViewBlock Dashboard, GrassRootsCrypto Youtube Series

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Summary

The team worked to release Multichain Testnet with Native Rune (the latest Release Candidate). Work continues to prepare for mainnet, including some fixes and features.

Bridges

Now that Bitcoin is complete, the team are working on:

The team are also managing third-party bridges with the following projects:


The treasury comprises of $9.6m, with a 36 month Runway. The protocol has 216m in RUNE reserves. Planned Obsolescence July 2022.

Summary

The treasury is at $9.6m, sufficient for a +36 month Runway. Community grants can be allocated.

The Protocol Reserves total 216,330,412 RUNE, worth $216m. These are allocated for Chaosnet and Mainnet emissions.

Planned Obsolescence is set for July 2022.

Operational Treasury

The treasury comprises of $5.5m USD liquid and $4.1m in RUNE, total of $9.6m.

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These funds are spent on protocol development, technical costs and community grants. The treasury has increased partly due to the rise in value of BTC.

Protocol Reserves

15.5m RUNE remains in the Chaosnet Reserve, currently paying out LPs and Nodes. A further 800k RUNE is in standby, ready to be used for additional incentives. Standby reserves are currently used for direct pool incentives, paying out ad-hoc at ~100k RUNE per week. …


THORChain Weekly Dev Update for Week 71, 24–30Nov; Multiple outbounds, Finalisation Parameter, Node Improvements, Gauntlet Report, Community Tool Improvements.

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Summary

The team worked on multi-chain improvements. Chaosnet is stable, so all the changes are destined to the next net, but some changes may be cherry-picked into Chaosnet to improvement and validate assumptions. Gauntlet released the CLP report which was favourable to THORChain’s model and community developers continue to ship updates.

THORNode

Multiple Outbounds

A notable change to one aspect of THORNode this week is now the ability for the state machine to delegate one or more vaults to fulfil a member’s withdrawal. This is because funds can be scattered across multiple vaults and a single transaction cannot service the full amount (such as a large LP in a small pool doing a large withdrawal). The state machine will try to minimise the outbounds, but now there can be multiple. …


THORChain Weekly Dev Update for Week 70, 17–23 Nov; Midgard V0.7, Single-sided Liquidity, Tunable Incentive Pendulum, THORNode improvements, RUNEData.info V2, RUNEStake.info V2.3

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Summary

The team worked on Chaosnet stability, testnet fixes, and multi-chain tweaks. Midgard was also updated. There are a lot of breaking changes to Multichain now, from events, endpoints and even transaction memos. Developers building on Multichain should track the change log and be prepared to adapt.

Single-sided Liquidity Provision

It is possible today to add liquidity from one side (such as BTCB), but this feature was unwound in order to support liquidity tokens (the liquidity tokens are minted and sent to the user’s thor address). For the case the member does not wish to set up a THORChain wallet or hold RUNE explicitly, they can add from one side. Instead of sending liquidity tokens, the member is allocated liquidity units (internally-accounted and not transferable). They can then “redeem” their liquidity from a secondary transaction later. Note, this does not circumvent paying slip-based fees on entry or exit, and mathematically it is equivalent to doing a swap (before/after). Slip-based fees are necessary to prevent gaming the pool price, and in order to ensure the pool stays 50:50. …


THORChain Weekly Dev Update for Week 69, 10–16 Nov; Chaosnet V0.17, Midgard V0.6, Language Changes, THORNode Telegram Bot, Community Updates.

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Summary

The team worked on Chaosnet stability, testnet fixes, and multi-chain tweaks. Midgard was also updated. There are a lot of breaking changes to Multichain now, from events, endpoints and even transaction memos. Developers building on Multichain should track the change log and be prepared to adapt.

Releases

THORNode V0.17.0 was released with several bug fixes, new slash logic and a store change for unaccounted for balances.

About

THORChain

The official team for THORChain — the decentralized liquidity network.

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