{"id":11092,"date":"2025-02-03T16:16:57","date_gmt":"2025-02-03T16:16:57","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11092"},"modified":"2025-02-03T16:16:57","modified_gmt":"2025-02-03T16:16:57","slug":"whats-going-on-with-thorchain-rune-price-a-bloody-mess-can-proposal-6-save-it","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11092","title":{"rendered":"What\u2019s Going on With THORChain? Rune Price A Bloody Mess \u2013 Can Proposal 6 Save It?"},"content":{"rendered":"<div>\n<p>RUNE, <\/p>\n<style>\n    .cwp-coin-chart svg path {\n        stroke-width: 0.65 !important;\n    }<\/p>\n<\/style>\n<p>    <span class=\"cwp-coin-widget-container\" data-id=\"rune-thorchain\" id=\"coin_widget_id_67a0eb148e806\"><\/p>\n<p>        <!-- name of the coin in the text --><br \/>\n        <span class=\"cwp-coin-widget-wrapper\" data-id=\"rune-thorchain\"><br \/>\n            <span class=\"cwp-coin-widget-holder \" style=\"background:#e0e0e0;\"><br \/>\n                <span class=\"cwp-coin-name\" data-id=\"rune-thorchain\"><br \/>\n                    <span class=\"cwp-coin-icon \"><\/span><br \/>\n                    <span class=\"cwp-coin-label \"><\/span><br \/>\n                    <span class=\"cwp-coin-symbol hidden\"><\/span><\/p>\n<p>                    <span class=\"cwp-coin-trend-holder\"><br \/>\n                        <span class=\"cwp-coin-price hidden\"><\/span><br \/>\n                    <\/span><br \/>\n                    <span class=\"cwp-coin-trend-holder\"><br \/>\n                        <span class=\"cwp-coin-trend \"><\/span><br \/>\n                    <\/span><\/p>\n<p>                <\/span><br \/>\n            <\/span><br \/>\n        <\/span><\/p>\n<p>        <!-- popup with basic info about the coin --><br \/>\n        <span class=\"cwp-coin-popup-wrapper \" data-id=\"rune-thorchain\" style=\"\"><br \/>\n            <span class=\"cwp-coin-popup-holder\"><br \/>\n                <span class=\"cwp-coin-name\"><br \/>\n                    <span class=\"cwp-coin-icon\"><\/span><br \/>\n                    <span class=\"cwp-coin-popup-name\"><\/span><br \/>\n                    <span class=\"cwp-coin-popup-symbol\"><\/span><br \/>\n                <\/span><br \/>\n                <span class=\"cwp-coin-price\"><br \/>\n                    <span class=\"cwp-coin-price-title\">Price<\/span><br \/>\n                    <span class=\"cwp-coin-price-holder\"><br \/>\n                        <span class=\"cwp-coin-price-value\"><\/span><br \/>\n                        <span class=\"cwp-coin-trend-holder\"><br \/>\n                            <span class=\"cwp-coin-trend\"><\/span><br \/>\n                        <\/span><br \/>\n                    <\/span><br \/>\n                <\/span><br \/>\n                <span class=\"cwp-coin-volume\"><br \/>\n                    <span class=\"cwp-coin-price-holder\"><br \/>\n                        <span class=\"cwp-coin-volume-title\">Volume in 24h<\/span><\/p>\n<p>                    <\/span><br \/>\n                    <span class=\"cwp-coin-volume-value\"><\/span><br \/>\n                    <!-- <span class=\"cwp-coin-trend-holder\">\n                        <span class=\"cwp-coin-trend\">?<\/span> \n                    <\/span>                     --><br \/>\n                <\/span><br \/>\n                <span class=\"cwp-coin-chart\"><br \/>\n                    <span class=\"cwp-graph-title\">Price 7d<\/span><br \/>\n                    <span class=\"cwp-graph-container\"><\/span><br \/>\n                <\/span><\/p>\n<p>            <\/span>           <\/p>\n<p>        <\/span><br \/>\n    <\/span><\/p>\n<p> the native token behind the Layer-1 network, THORChain continues to plummet amid concerns of mounting financial issues. One week ago today, RUNE was trading at around $2.45, per <a class=\"general-link\" href=\"https:\/\/www.coingecko.com\/en\/coins\/thorchain\" target=\"_blank\" rel=\"noopener nofollow\">Coingecko<\/a>.<\/p>\n<p>Today, its holders are waking up to see a further 5% slide to around $1.25.<\/p>\n<p>Yesterday (February 2), RUNE briefly went as low as $1.03 before returning to its current levels. Many in the THORChain community are concerned that RUNE is heading to 0.<\/p>\n<p>However, over the weekend, Thor Chain validators passed Proposal 6 via super majority, with plans to halt RUNE\u2019s pending death spiral.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-200326 size-full\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-03-at-13.27.14.png\" alt=\"Since news of the protocols' mounting debts, the price of RUNE has dropped over 48% in the past week. Can THORChain be saved?\" width=\"2290\" height=\"968\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-03-at-13.27.14.png 2048w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-03-at-13.27.14-300x127.png 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-03-at-13.27.14-1024x433.png 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-03-at-13.27.14-768x325.png 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-03-at-13.27.14-1536x649.png 1536w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-03-at-13.27.14-50x21.png 50w\" sizes=\"(max-width: 2290px) 100vw, 2290px\"><\/p>\n<p>(<a class=\"general-link\" href=\"https:\/\/www.coingecko.com\/en\/coins\/thorchain\" target=\"_blank\" rel=\"noopener nofollow\">COINGECKO<\/a>)<\/p>\n<p><strong>EXPLORE: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/solana-meme-coin-volumes-are-dominating-crypto-best-crypto-to-buy-today\/\" target=\"_blank\" rel=\"noopener\">Solana Meme Coin Volumes Are Dominating Crypto: Best Crypto to Buy Today<\/a><\/strong><\/p>\n<h2>Where Did THORChains Issues Start?<\/h2>\n<p>On January 23, it was reported that THORChain had suspended Bitcoin and Ethereum withdrawals within its lending and savings program, \u2018ThorFi,\u2019 after claiming a $199 million liability.<\/p>\n<p>While the community waited for an official response from the team regarding a plan to address the protocol\u2019s debts and thus ensure its long-term viability, RUNE dropped around 30% in value to $1.90.<\/p>\n<p>Many in the THORChain space were quick to blame its founder, John-Paul (\u2018JP\u2019) Thorbjornsen, with claims of conflicts of interest and being spread too thin due to his overseeing multiple projects.<\/p>\n<p>JP is currently listed as working on Vultisig, a multichain crypto vault with two-factor security. Alongside Vultisig, the THORChain founder is also heavily involved in assisting the developers of Layer-1 network Kujira in their re-branding to Rujira and subsequent migration into the THORChain ecosystem.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">THORChain Community Update<br \/>Thank you to the community members, Node Operators, and builders who have remained committed throughout this critical moment for the network. Your dedication and contributions have been invaluable in shaping the path forward and ensuring THORChain\u2019s\u2026<\/p>\n<p>\u2014 THORChain (@THORChain) <a href=\"https:\/\/twitter.com\/THORChain\/status\/1886110777939292225?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 2, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Proposal 6: A Solution To \u2018Get Users Liquid Again\u2019<\/h2>\n<p>Despite its ongoing struggles and a rising amount of FUD from those within and outside the community, there still seems to be a strong core group committed to the network. JP has been vocal on X to assure the community of his conviction and belief for the future of THORChain.<\/p>\n<p>His most recent thread came around 24 hours ago and began with him stating, \u201cTC (THORChain) now gets to start a new chapter as the basic, boring decentralized liquidity protocol.\u201d<\/p>\n<p>Now, all that is left is for the THORChain team to implement its Proposal 6 plan and keep the network alive. The community unanimously voted to favor the proposal, aimed at \u2018getting users liquid again\u2019 and converting defaulted debt to $TCY equity with no private raise.<\/p>\n<p>\u201cProposal 6 passed by super-majority. Nodes stepped in to provide certainty and a way forward,\u201d JP posted to X.<\/p>\n<h2>Deep Dive On Proposal 6: Technical And Non-Technical Explanations<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Proposal 6 passed by super-majority. <\/p>\n<p>Nodes stepped in to provide certainty and a way forward. <\/p>\n<p>1) Creditors have a way to liquidity<br \/>2) All leverage stripped out in one go<br \/>3) TC can get back to basics<\/p>\n<p>Thanks to everyone who supported.<\/p>\n<p>\u2014 JP (@jpthor) <a href=\"https:\/\/twitter.com\/jpthor\/status\/1886016313987850746?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 2, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>From the <a class=\"general-link\" href=\"https:\/\/gitlab.com\/-\/snippets\/4801556\" target=\"_blank\" rel=\"noopener nofollow\">official team documentation<\/a>, Proposal 6 is explained as follows:<\/p>\n<p><em>\u201cThis proposal is a mix of both TCB v1 &amp; v2 and CryptoXZ v1 proposals, where we convert debt into equity instantly. The 10% of fees are given out ad infinitum instead of until 2x intial debt (TCB v1), thus uncapping upside and making it more attractive to enter new liquidity for bailout (decreasing likely payback time for affecter users).<\/em><\/p>\n<p><em>And the instant mint &amp; full airdrop of $TCY (200M total &amp; fixed supply) and creation of a pool totally eliminates the need for a private raise requiring trust (CryptoXZ v1) while also putting the treasury offer of $10M to very good use and making the situation more attractive for current and future DLPs. <\/em><\/p>\n<p><em>This proposal is also amongst the easiest to code, as precedent exists in $MAYA and mechanics required are mostly already in the codebase. No RUNE is minted whatsoever and the protocol sheds all its liability on day 1.\u201d<\/em><\/p>\n<p>The nontechnical summary of Proposal 6 is to make users whole, increase capital efficiency, and attract new liquidity to the protocol. Writing off the debt and rewarding nodes and DLPs that stay with the protocol aims to make THORChain whole and functioning once more.<\/p>\n<p>Interested parties will be watching how the price of RUNE reacts to the overall market and how swiftly the THORChain can deliver on the promises made in Proposal 6.<\/p>\n<p><strong>EXPLORE: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/us-trade-war-fuels-frenzy-to-buy-crypto-dip-what-crypto-to-buy-now\/\" target=\"_blank\" rel=\"noopener\">US Trade War Fuels Frenzy To Buy Crypto Dip: What Crypto to Buy Now?<\/a><\/strong><\/p>\n<p><strong><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"nofollow noopener nofollow nofollow nofollow nofollow\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/whats-going-on-with-thorchain-rune-price-a-bloody-mess-can-proposal-6-save-it\/\">What\u2019s Going on With THORChain? Rune Price A Bloody Mess \u2013 Can Proposal 6 Save It?<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>RUNE, Price Volume in 24h Price 7d the native token behind the Layer-1 network, THORChain continues to plummet amid concerns of mounting financial issues. One week ago today, RUNE was trading at around $2.45, per Coingecko. Today, its holders are waking up to see a further 5% slide to around $1.25. Yesterday (February 2), RUNE [&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-11092","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\/11092","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=11092"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11092\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}