The treasury comprises of $194m, funding protocol development, liquidity and paying out to community grants. Liabilities have been secured. The protocol has 180m in RUNE reserves. Planned Obsolescence July 2022.

Summary

Liabilities totalling $30m but have been secured and are waiting to be discharged.

The Protocol Reserves total 179,093,899 RUNE, worth $1.8bn. These are allocated for Chaosnet & Mainnet emissions.

Planned Obsolescence is set for July 2022.

Operational Treasury

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

Liabilities


Steps taken to make THORChain more resilient to attacks and network uncertainty.

Overview

The intent of these changes is to make any attacker think launching an attack on THORChain as not even worth the attempt, instead they should just file for a bounty and get paid. …


The ETH Router Exploit 1 & 2, Premature Trading, fixes and network response, as well as the 5 Pronged Response.

Summary

In both cases the exploits were able to trick the Bifrost into reporting receiving assets it had not. The root cause was a Bifrost interface that did not fully account for the degrees of manipulation that can occur in smart contract events.

No other chains or assets were affected.

The THORChain…


The ERC-777 re-entrancy bug, trading halt, Router Upgrade, USDT rescue, return to solvency and operational, improvements

Summary


THORChain Weekly Dev Update for Week 98, 03— 10 July; ERC777 re-entrancy on Router, THORStarter launch, MCCN Update 0.57.6, 0.58.1, Community Updates, Ledger-thorchain published

Summary

RAISETHECAPS

The THORStarter launch significantly overloaded the network to the point where a lot of the nodes went offline to new transactions since there was far too much demand. The team are still looking into this, but likely it was due to an event with 30x the typical demand, and the network could not handle the spike.

Router Re-entrancy Bug on ERC777


THORChain Weekly Dev Update for Week 97, 25 June — 02 July; Bitcoin Mempool Scanning, Ethereum Symbol Parse Errors and Exploit, MCCN updates 0.56.3, 0.57.2, 0.57.3, 0.57.4, 0.57.5, Community Updates

Summary

RAISETHECAPS

Bitcoin Mempool Scanning


$140k in funds were taken by a targeted exploit on a logic error in the ETH Bifrost. The network was halted by nodes and patched. Swaps were re-enabled 6 hours later.

The line of code that caused the bug

Summary

Total funds stolen:

  • - 9352,4874282 PERP
  • - 1.43974743 YFI
  • - 2437.936 SUSHI
  • - 10.615 ETH
  • Total value: ~$139k

The bug was that all non-ETH assets were being initialised with common.ETHAsset (ETH), but if the symbol returned “ETH”, it would skip. This means that it was being reported as ETH.ETH and not ETH.ETH-0xaddress.

The fix is to initialise the assets with common.EmptyAsset and return before handling ERC20s. This was merged.


How THORChain will achieve Mainnet, the Unlock Schedule, Planned Obsolescence and Beyond.

Overview

  • Over 40 active nodes (sharded Asgard vault)
  • 30m RUNE is bonded (equivalent to the maximum seen on SCCN)
  • 15m RUNE is pooled (equivalent to the maximum seen on SCCN)
  • 5 Chains are stable, with no major bugs for previous 30 days
  • SCCN BEPSwap IL Protection is paid out
  • SCCN is Ragnaröked (or close to being)
  • Hardware Wallet support
  • Nodes are granted mimir control

At this rate, this is likely to be achieved sometime in the next 6–8 weeks at the earliest.

Bonded/Pooled KPIs


THORChain Weekly Dev Update for Week 96, 17–24 June; Node Churning Speed, MCCN V0.56.1, BEP2 RUNE Bug, Community Updates

Summary

RAISETHECAPS

Node Churning Speed


The treasury comprises of $109m, funding protocol development, liquidity and paying out to community grants. The protocol has 190m in RUNE reserves. Planned Obsolescence July 2022.

Summary

The Protocol Reserves total 191,200,173.00 RUNE, worth $1.4bn. These are allocated for Chaosnet & Mainnet emissions.

Planned Obsolescence is set for July 2022.

Operational Treasury

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 as well as active yield-farming. THORChads will look for more ways to discharge the treasury into the ecosystem.

Treasury Drawdown

THORChain

The official team for THORChain — the decentralized liquidity network.

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