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

The treasury is at $194m, sufficient for the roadmap. Community grants can be allocated.

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


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

Overview

There are number of changes being made to the THORChain protocol to make it more impervious to attacks, and being able to react quicker to save funds. These changes have been made from first-hand experience of several attacks, where the behaviour of the attacker, node operators and community were observed…


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

Summary

THORChain suffered two back to back exploits on its ETH Router. The first took all the ETH from the system via an attack contract that sat in front of the Router, and the second took all the economically significant ERC20s via an attack contract that sat behind the router.

In…


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

Summary

On 9th July 2021, a whitehat discovered a vulnerability in the THORChain router when dealing with ERC-777 tokens and worked with the team to rescue the funds back to the THORStarter deployer account. The Router was patched and deployed to testnet, but during testing an issue when dealing with non-standard…


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 caps were raised to 10m RUNE and filled as part of the THORStarter launch. At this stage the target is 30m RUNE bonded and 15m RUNE pooled for the system to have caps lifted (this was the maximum seen on SCCN).

The THORStarter launch significantly overloaded the network to…


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

The caps were raised to 7m RUNE and filled. The continual Cap Raises give the protocol, middleware and interfaces more and more time to stabilise. Only when the system is stable throughout can the Caps be lifted. …


$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

A small logic bug in the Ethereum Bifröst caused a carefully-crafted ERC-20 to be mis-interpreted as ETH.ETH and swapped into the network.

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…


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

Overview

Mainnet will be achieved when the network achieves its stated goal of being a decentralised liquidity network:

  • 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…


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

Summary

RAISETHECAPS

The caps were raised to 5.5m RUNE and filled. The continual Cap Raises give the protocol, middleware and interfaces more and more time to stabilise. Only when the system is stable throughout can the Caps be lifted. …


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 treasury is at $109m, sufficient for the roadmap. Community grants can be allocated.

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

The treasury comprises of $47m USD liquid and $62m in RUNE, total of…

THORChain

The official team for THORChain — the decentralized liquidity network.

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