LPU THORChain Updates (Mid Dec 2022)
In this series, LPU aims to give regular condensed “state of THORChain” updates. Enjoy!
In this series, LPU aims to give regular condensed “state of THORChain” updates. Enjoy!
1. Trust Wallet Integration
Trust Wallet has long been supporting native RUNE, and connecting to other frontends via Wallet Connect. On 14-Dec, Trust Wallet Android mobile app launched in-app native cross chain swap capability, powered by THORChain! Initially limited to BTC, ETH and BEP2 assets (BNB, BUSD, TWT, BTCB, ETH).
https://twitter.com/trustwallet/status/1603031998498590721
2. Savers Vault
After just 25 days since being enabled on 12-Nov, the BTC Savers Vault hit the maximum Synth cap on 7-Dec. Note that each Savers Vaults have its own specific Synths and pool depth, therefore, each will hit their own Synth cap independently. Also, the Savers/Synths % can drop below the cap, as Savers/Synths are withdrawn, or Liquidity Pool depth increased, or Asset:RUNE price fluctuates.
3. Raising the Synth Cap
On 8-Dec, a Node voting was initialized to determine the raising of the Synth Cap and activation of Protocol-owned-liquidity (POL) to further scale the Savers Vaults and pool depth. Two initial proposals were mooted for voting by nodes: 30% or 50% (3000 or 5000 basis points) Synth Cap plus POL activation once those new caps are reached. The voting is an “up to” basis — once total votes for both 30% & 50% combined reach consensus of 67% of the nodes, the 3000 basis points vote is taken as approved.
By 14-Dec, 30 nodes voted for 30% while 28 nodes voted for 50% synth cap, making a total of 58 nodes supporting “at least up to” 30% synth cap. 58 nodes out of total 86 nodes currently was sufficient for consensus, and thus the synth cap was raised accordingly.
https://twitter.com/THOR_InfoBot/status/1603179870909087744
Below is the status of the Savers Vaults at time of writing:
https://thorchain.net/pools/savers
4. Architecture Design Record (ADR) 005
Now that Savers Vaults and eventually POL will be scaling the liquidity pool depths, active discussions are ongoing to retire Impermanent Loss Protection (IL).
https://twitter.com/pluto9r/status/1603236551709933569
5. THORFi Lending Discussions
Deep discussions among the community regarding THORFi Lending. Launch date likely in 2023. Some video resources below:
- Chad Barraford: https://youtu.be/kNV7zVJTtJ0
- GrassRootsCrypto https://youtu.be/2jA4DDWxAbk
- Dev Discord: https://youtu.be/fUug5MBQBhA
Feel free to hop into the TC University Discord to chat about this, or any other THORChain questions that you may have.
Explore THORChain: Website, X, Telegram, Developer Discord.
Explore Maya Protocol, the first friendly fork of THORChain: Website, X, Discord, Telegram.
Decentralized, permissionless, non-custodial, trust-minimized, open-sourced, economic-secured, non-wrapped, native-to-native cross-chain swaps, savings and soon, lending!
