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

Image for post
Image for post

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.

Image for post
Image for post

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.

Image for post
Image for post

Midgard V0.6.0 was released with some bug fixes and optimisations.

Image for post
Image for post

THORNode

The majority of the work is preparing for multichain chaosnet, with updates to language for handlers, events and memos (note breaking changes!). …


THORChain unveil the highly-anticipated public Bitcoin testnet — swaps and pools with native Bitcoin.

Image for post
Image for post
https://testnet.asgard.exchange/swap

Summary

THORChain contributors are pleased to announce multichain testnet1 #MCTN1 is live for community testing with support for Bitcoin and Binance Chain.

Users can swap between Binance Chain and Bitcoin assets, as well as provide liquidity to BNB or BTC pools.

Nodes can join the network if they wish by bonding tRune.

Developers can now start viewing how multichain works in order to prep their products to support multichain ahead of time.

How To Test

  1. Head to the site
  2. Generate a new keystore (this is a special purpose BIP39 cross-chain keystore to be used for ANY chain).
  3. Send it funds (simply tRUNE is enough, since you can swap from that to any other asset). Get tRUNE from @runefaucetbot on telegram. …

THORChain and Trust Wallet announce they will be supporting a liquidity program for TWT holders on BEPSwap.

Image for post
Image for post

UPDATE: Incentives

33,333 RUNE ($20k) will be directly added to the TWT pool to drive yeild to TWT liquidity providers. The extra RUNE will function to purchase TWT off the wider market (since it changes the pool price) so LPs will end up receiving more RUNE and more TWT after the incentives are added. LPs do not need to do anything extra, since their pool ownership stays constant. This will be done in the next 2–3 days to give LPs time to position their assets.

Summary

THORChain will work with Trust Wallet team to offer users an ability to earn yield on their TWT by providing liquidity into BEPSwap.com. …


THORChain Weekly Dev Update for Week 68, 03 — 09 Nov; Affiliate Fees, Assym Withdrawals, Chaosnet V0.16.2, Midgard V0.5.2, Midgard earnings endpoint, updates to RUNEStake.info and RUNEBalance.com

Image for post
Image for post

Summary

The team worked on Chaosnet stability, testnet fixes, and multi-chain tweaks. Midgard was also updated.

Affiliate Fees

A big feature implemented for the week was affiliate fees, allowing frontends to charge a transparent fee for processing any swaps from their interfaces. The memo is as follows:

SWAP:ASSET:ADDRESS:LIMIT:AFFILIATE-ADDRESS:FEE-RATE

The affiliate address will be a native THOR.RUNE address and will immediately receive native RUNE, to the amount that is the fee-rate specified in Basis Points (0–10000). Thus if wallets wish to charge 10 basis points (0.1%) then they simply add 10 as their fee rate. This is simple and easy to convey to the user “0.1% …


How a simple staking program created one of the greatest communities ever, distributing over $23m in RUNE to 2600 members over a year.

Image for post
Image for post

Wealthy communities are happy communities, and happy communities are the best communities.

Summary

For 66 weeks the RUNEVault staking program ran to retain, engage and distribute RUNE to the THORChain community. The following are key metrics:

  • 2600 members
  • 160m RUNE staked
  • 65m RUNE paid out
  • Estimated $23m payout value

The key purpose of RUNEVault was to reward early holders for participating as well as distributing over 30% of new supply of RUNE to them. RUNE launched with around 100m circulating with several hundred holders, but it was important to grow the holdership base and distribute RUNE at the same time. …


THORChain Weekly Dev Update for Week 67, 27 Oct — 02 Nov; V0.16.1 Chaosnet, V0.5.1 Midgard, Security Audit fixes, RUNEData.info, RUNEBalance.com

Image for post
Image for post

Summary

The team worked on Chaosnet stability, testnet fixes, and multi-chain tweaks. Midgard was also updated

Releases

A point release was made for Chaosnet to fix an issue where KVStore information was being returned for a blockheight that was not the latest (default, expected). This was causing arb bots and other infra that was querying the state machine to receive incorrect information. The release was made since it was affecting bots in production.

Image for post
Image for post
https://gitlab.com/thorchain/thornode/-/releases

Midgard V0.5.0 and V0.5.1 was released with some improvements and updates. Details below.

Image for post
Image for post

https://gitlab.com/thorchain/midgard/-/releases

THORNode

The team deployed fixes for V0.16.1, as well as multi-chain bug fixes found on testnet. In addition some small changes to THORNode events to allow the new Midgard V2 to more efficiently index events. …


THORChain Weekly Dev Update for Week 66, 21–26 Oct; Removal of 24hr liquidity limit, LastObserved for each Node, Auto-restart for Binance and more.

Image for post
Image for post

Summary

The team worked on Chaosnet stability, testnet fixes, and multi-chain tweaks. Midgard was also updated.

Removal of 24hr TimeLimit on Liquidity

With “confirmation counting” now implemented for PoW chains, the timelimit for adding liquidity can be removed. It was only added as a blanket solution to allow liquidity providers of any chain to deposit assets into pools, and be credited their liquidity immediately.

Instead, the team (to reduce complexity) pushed logic for conf-counting back to the Bifrost level, so it will count confirmations prior to telling THORChain about a new event. …


The treasury comprises of $4m USD liquid and $5m in RUNE, with a 36 month Runway. Planned Obsolescence July 2022.

Summary

The treasury is at $9.2m, sufficient for a +36 month Runway. Community grants can be allocated. An additional audit is being scoped, capped at $125k.

The Protocol Reserves total 219,128,600 RUNE, worth $135m. These are allocated for Chaosnet and Mainnet emissions.

Planned Obsolescence is set for July 2022.

Operational Treasury

The treasury comprises of $4m USD liquid and $5m in RUNE, total of $9.2m.

Image for post
Image for post

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 and BNB.

Protocol Reserves

The Community Reserve has been fully deployed into RUNEVault, with around 300k set aside for the two final drops. 17m RUNE has been allocated into the Chaosnet Reserve, currently paying out LPs and Nodes. A further 1.8m …


THORChain Weekly Dev Update for Week 65, 12–20 Oct; V0.16 Chaosnet, V0.3 Midgard, RUNEStake.info improvements

Image for post
Image for post

Summary

The team worked on Chaosnet stability, testnet fixes, and multi-chain tweaks. Midgard was also updated.

Releases

THORNode V0.16.0 as well as Midgard V0.3.0 was released with some improvements and updates. Details below.

Image for post
Image for post
https://gitlab.com/thorchain/thornode/-/releases

About

THORChain

The official team for THORChain — the decentralized liquidity network.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store