TCU THORChain Updates (Jan 2025)

In this series, TCU aims to give regular condensed “state of THORChain” updates. Enjoy!

1. Base Integration

On 6-Jan, steps were started to enable Base integration.

On 9-Jan, with v3.1.1 adopted and churned, the Base Asgard Vaults and gas pool BASE.ETH were enabled.

On 12-Jan, via another node churn, the Base router was enabled, and BASE.USDC & BASE.CBBTC pools were created/staged.

On 15-Jan, Treasury seeded a total of $800k worth into the BASE.ETH & BASE.USDC pools; and soon after the BASE.USDC pool was promoted as an active pool.

On 18-Jan, the BASE.CBBTC pool became active.

2. Savers Deposit Paused

On 9-Jan, with node and community consensus to have the Base (and all future) integrations be Savers/Synth-disabled, Savers deposit was disabled for all pools to achieve this (since there was no granular selection of Savers/Synths for specific chains/pools).

3. THORFi Timeout & Lending Health Discussion

On 9-Jan, an OG Dev initiated a timeout (via Admin Mimir) for all Savers & Lending withdrawals. After 6.5 hours, three nodes reversed those settings via Node Mimir, and reverted all Savers & Lending withdrawals back to normal.

This led to vigorous debates (on THORChain Developer Discord and elsewhere) regarding the health of THORChain Lending, use of Admin Mimir, and others. Some notable follow throughs:

• Some accelerated Lending redemption happened (roughly 10% of BTC collateral redeemed within 12 hours), but tapered off after that
• Decision to full retire Admin Mimir in next update
• Community ADRs to tweak Lending repayment scenarios

Some resources for more information:

- https://x.com/KentonC137/status/1878680007645503690

- https://x.com/THORChain/status/1879619678689214899

4. Optimize Outbound Delay

On 23-Jan, 9R called for a node mimir vote to optimize the outbound delay.

On 26-Jan, vote consensus was reached for the three proposed mimir settings.

5. THORFi Wind-down

On 23-Jan, nodes voted to pause Lending & Savers withdrawals:

After huge discussions, on 2-Feb, nodes voted to adopt Proposal 6 (written by cofounder of Maya Protocol, https://x.com/aaluxxmyth,) to wind-down THORFi: https://gitlab.com/-/snippets/4801556. Full efforts are now ongoing to implement this.

Some summaries of the situation: https://x.com/THORChain/status/1886110777939292225

https://x.com/therunetard/status/1886930398766358870

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