{"id":11036,"date":"2025-02-03T12:02:02","date_gmt":"2025-02-03T12:02:02","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11036"},"modified":"2025-02-03T12:02:02","modified_gmt":"2025-02-03T12:02:02","slug":"thorchain-to-issue-equity-tokens-to-battle-200m-debt-after-pausing-bitcoin-ether-lending","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11036","title":{"rendered":"THORChain to Issue Equity Tokens to Battle $200M Debt After Pausing Bitcoin, Ether Lending"},"content":{"rendered":"<div>\n<p>THORChain&#8217;s members <a href=\"https:\/\/t.co\/pMGndTPbb8\" target=\"_blank\">passed \u201cProposal6\u201d<\/a> to convert nearly $200 million of unserviceable debt into equity via a new token, TCY (Thorchain Yield), with a total supply of 200 million tokens.<\/p>\n<p>This action was taken after suspending THORFi services on Jan. 23 due to financial uncertainties, as <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/01\/24\/rune-plunges-30-as-thorchain-pauses-bitcoin-ether-withdrawals\" target=\"_blank\">CoinDesk reported.<\/a><\/p>\n<p>TCY tokens will be distributed at a rate of 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders. THORChain plans to establish a RUNE\/TCY liquidity pool with $500,000 starting at $0.1 per TCY, funded by $5 million from the treasury.<\/p>\n<p>Holders of TCY will receive 10% of THORChain&#8217;s revenue indefinitely, providing a long-term incentive and recovery mechanism for those affected by the debt crisis \u2014 although the timeline for total financial recovery remains uncertain.<\/p>\n<p>THORChain&#8217;s cross-chain swaps, its main service, remain unaffected. Prices of the platform\u2019s native RUNE are down 10% in the past 24 hours alongside a broader market fall, extending 30-day losses to nearly 50%.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>THORChain&#8217;s members passed \u201cProposal6\u201d to convert nearly $200 million of unserviceable debt into equity via a new token, TCY (Thorchain Yield), with a total supply of 200 million tokens. This action was taken after suspending THORFi services on Jan. 23 due to financial uncertainties, as CoinDesk reported. TCY tokens will be distributed at a rate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-11036","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11036"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11036\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}