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Dev Update #140-#143

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THORChain Author

2022-05-12 — 6 min read

THORChain Weekly Dev Update for Weeks 141–143, 25 Apr — 12 May; LUNA and UST Pool Update, THORNames, Milestone, Network and Community Updates

Summary

The market conditions do not change THORChains plans or directions. It will keep building and delivering, as shown with a major update being delivered today. Impermanent Loss Protection extends to all pools, and LUNA and UST are no different. THORNames are about to go live, layers of THORChain security article released along with a reminder of the Kill Switch, a network update and community updates.

Note: The THORChain community will be coming together during Consensus next month in Austin for the first THORChain-ecosystem-conference. See details at https://www.crosschain.so/.

TERRA LUNA, UST Liquidty Provider Update

THORChain is neutral to the assets on it, as long as they are not malicious to the Protocol. There is no reason for nodes and community to stop supporting the chain and afford it it’s privileges, such as Impermanent Loss Protection.

Due to recent events, Luna and UST LPs have incurred substantial Impermanent Loss. THORChain provides Impermanent Loss Protection (ILP) to liquidity providers to help mitigate risks to providing liquidity on THORChain. Rune from the Protocol Reserve funds this coverage.

Luna and UST pools are mispriced due to Terra halt. Using market prices (Coingecko) the following liability can be calculated:

Current ILP Liability for THORChain

  • UST: 108,556 RUNE
  • LUNA: 203,522 RUNE
  • TOTAL: 312,078 RUNE

Current Reserve Balance

  • 111,312,196 RUNE
  • (Standby Reserve: Additional 60,000,000 RUNE)
  • Terra ILP Liability 0.28% of Current Reserve.

Even in extreme circumstances, THORChain’s design can mitigate impacts to Liquidity Providers. Terra is still halted. Expect more updates as the situation develops.

THORName Update

THORNames will be deployed to Chaosnet in the latest release (v1.88.1). Pre-registered THORNames will migrate and be valid for 12 months post THORNames being live in Chaosnet. More information can be found at https://docs.thorchain.org/network/thorchain-name-service

THORChain and Security

Security and stability are the primary focus. A new article detailed THORChain’s security layers has been released. Read about the layers of security in THORChain at https://medium.com/thorchain/thorchains-layers-of-security-e308d537acf1

Kill Switch Reminder

THORChain will be removing support for non-native RUNE (BNB.RUNE and ETH.RUNE), a start date will be set after Mainnet. #TheSwitchening

See more information on the Kill Switch and BEP2/ERC20 RUNE upgrade in theUpgrading to Native RUNEArticle.

It is recommended you upgrade asap with the below guides:

Native RUNE will be supported by major centralised exchanges allowing another path to upgrade non-native RUNE. Kraken has listed native RUNE on 6-May.

Milestone Update

The below milestones are required before Mainnet.

  • Development of https://dev.thorchain.org/ (and xchainjs) — In Progress
  • TNS Activation in Chaosnet — v1.88.1 was released today.

A stabilisation period is required before Mainnet.

Want more information?

See more THORChain and Community News at https://www.runebase.org/ and https://medium.com/@THORNOOB

Community Updates

THORNoob Bi-Weekly Community Recaps

  • Notable Gitlab Issues
  • Most Asked Questions
  • Feedbacks & Suggestions
  • Notable Work
  • Ecosystem Updates
  • Weekly Dev Discord Updates

Bi-Weekly Community Recap #18 (Apr 16–May 2)

RUNE Base Weekly THORChain Podcasts

https://www.runebase.org/podcast/

TRX1’s Weekly Dev Update (02.05.2022–08.05.2022)

THORChain Monitoring bot
• Twitter:
— Created TwitterBot class
— Began building a new formatter class for short alerts
— Got my wrongly blocked account unblocked
• NodeOp tools:
— Better Node watch list editing in Telegram
• Fixed bug with incorrect calculation of pool liquidity units, now redeemable amounts are fine
• Fixed sending pictures to Slack
• Added Luna & UST logotypes
• New Mimir constants transcript
• Big code refactoring to make the bot more flexible and the code more clean

aiothornode Python library
• Parsing both Synth units and LP units correctly

Next week plans:
• Continue Twitter bot development
• Probably to release something with an incomplete set of features

THORChain.net

Node Voting status added.

https://thorchain.net/network/votes

ASGARDEX v0.14.1 (2022–05–07)

## Update

- [PoolDetail] Improve pool details view (loading behavior, error handling, caching data) #2240, #2241
- [Swap] Change default slippage tolerance to 3% #2237

## Fix

- [Ledger] White screen with Ledger Terra wallet connected #2227
- [Wallet] Lock wallet failed at Deposit or Withdraw views #2233
- [e2e] Testcafe is failing #750
- [Swap] Consider fees in swap limit #2243
- [Swap] Recipient keystore address lost #2244
- [Swap] Recipient Ledger address lost #2252

## Internal

  • Update `npm` dependencies (04–25–2022) — incl. Electron 18.x, React 18.x, latest xchain-\* etc. #2228

ttps://github.com/thorchain/asgardex-electron/releases/tag/v0.14.1

Bridge Status

No new integrations will be to added to Chaosnet before Mainnet, but may be released to Stagenet beforehand.

The following are on the radar:

On the Horizon

Want to see bridges built quicker, get involved on our Discord Server!

Network Updates

THORNODE Update 1.88.1

These are the changes include in the release.

1) [BUGFIX]: Correct casting to AccAddress to fix HasProviderBonded call PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2261

2) Increase Terra Broadcast Timeout PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2257

3) [BUG] Fix an issue that when reschedule it only update MaxGas to a higher value PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2254

4) [ADD] Whitelist Aggregator contract for sushiswap PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2252

5) [BUG] Continue to forward solvency msg to thorchain when solvency halt chain PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2250

6) update trunk version PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2249

7) [bugfix] downcase thorname in event PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2247

8) [testing] improve test coverage visibility PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2245

9) Refactor managers PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2243

10) [ADD] New Chain Integration Guidelines and Process Doc PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2240

11) [BUG] Fix a bug that trying to update MaxGas field on internal generated transaction PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2238

12) [testing] add msg thorname unit tests PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2236

13) [ADD] Upgrade THORChain ETH Router to v4 PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2230

14) [BUG] Avoid logging error when mimir is not set PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2229

15) Resolve “[ADD] Allow Node Operator to set custom fee for pooled validators” PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2227

6) [ADD] Emit Scheduled Outbound Events PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2222

17) Resolves: [BUG] Outbound hash has not been correctly mapped to Observed TxIn PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2221

18) [BUG] pool subsidies from slashed bond should be sent from Bond to Asgard PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2216

19) [BUG] use CacheContext in handler_withdraw to prevent accidental commits on error PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2214

20) [BUG] Rune fees from Bond outbounds should be taken from Bond, not Asgard PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2159

21) [BUG] off-by-one error in pool reimbursement for stolen assets PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2157

22) Add THORName pre-registration addresses PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2078

23) Don’t process queued swaps when trading is halted https://gitlab.com/thorchain/thornode/-/merge_requests/2268

24) [ADD] use cacheCtx for all internal handlers https://gitlab.com/thorchain/thornode/-/merge_requests/2269

25) [feature] allow mimir to pause bond/unbond https://gitlab.com/thorchain/thornode/-/merge_requests/2270

THORChain Community

To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:

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