All in on THORChain Security

2022-02-03 — 3 min read

Update 13 Feb 2022

The offer below was also extended to holders of team-vested RUNE: commit to a node for earlier vesting with positive take-up. Additionally, unlocks were accelerated to be all upfront in order to prioritise security. Community should expect to see more nodes come online in the weeks ahead.

Team RUNE: Originally 50m (10%) was allocated to the team. Since the team anticipated growth, a large part of the allocation was left for future award. Part of this RUNE was sold under vesting in 2019 and 2020 to raise funds for the treasury. The remainder of this RUNE was awarded (under vesting) to team members who joined in 2019, 2020 and 2021, as well as most recently NineRealms, who are being awarded a vesting package.

As a result of this, the devs are considering to raise the number of node slots to 120.

Overview

THORChain is backed by several large seed investors. These seed investors first backed THORChain in 2018 and early 2019. They locked their tokens indefinitely in October 2019 until mainnet was delivered.

Seed allocation is roughly 5.2% (26m RUNE) of the network and is located on this address:

https://viewblock.io/thorchain/address/thor16qnm285eez48r4u9whedq4qunydu2ucmzchz7p

Backing THORChain

Several seed investors are willing to back THORChain into 2022 and beyond. The most important aspect of THORChain this year is reaching 100 nodes and achieving excess security to enable THORFi — the leading cross-chain vertically-integrated solution to DeFi primitives; namely Savings, Lending and Stablecoins.

As such, they have reached an agreement with the THORChain treasury to access an immediate fast unlock of their allocation in return for going all-in on THORNode bonds to immediately contribute to network security.

Fast Unlock

Seed investors who agree to commit principle to THORNode bonds will access all their RUNE in 4 monthly unlocks beginning immediately. The agreement to lock into THORNode bonds is 12 months, or Planned Obsolescence — whichever is first. Seed investors turn THORNode operators can cover operating expenses only from realised THORNode rewards.