TCU THORChain Updates (Sep 2024)

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

1. THORChain’s Second Hardfork

On 4-Sept around 3pm EDT (THORChain block 17,562,000), THORChain’s second hardfork was successfully executed. This was to upgrade THORChain’s Cosmos SDK to v0.45.16.

One of the hardfork’s objectives was to enable Bitcoin Taproot support, however there was a bug preventing this.

Another bug introduced by the hardfork enabled loans opening despite being above cap; and Admin Mimir was used to temporarily disable lending until the bug is fixed.

There will be a couple more hardforks in the near future for Cosmos SDK v0.50 and IBC activation.

Context and reference:

• https://medium.com/thorchain/thorchain-september-2024-hard-fork-preparation-2ad163a2fc00
• https://x.com/iceman00008/status/1829696210627920263

2. New Loans Disabled

On 24-Sept, node voting reached consensus to disable opening of new loans. Existing loans are fine and continue to be redeemable anytime. A new lending design is expected to be implemented on the upcoming AppLayer.

3. V2.136.0 Update

On 24-Sept, v2.136.0 update was pushed. A few highlights:

• Fix Bitcoin Taproot bug
• Implement ADR 15 (Refund Post-Ragnarok BEP2 Synths), ADR 17 (Burn System Income) and ADR 18 (Core Protocol Sustainability)
• ADR 17: The reduction of Max RUNE Supply from the 1 bps System Income burn can be tracked via https://thornode-v2.ninerealms.com/thorchain/mimir/key/MaxRuneSupply (in 1e8 notation)

4. Disabling of Swapping to / Minting of Synths

On 26-Sept, the mimir MANUALSWAPSTOSYNTHDISABLED was set to disable swapping-to, and minting-of Synths. Swapping from Synths has no restrictions. Synths will now only be used as the internal accounting for Savers. This is part of a wider ranging initiative to reduce leverage for dual LPs.

Users/arbs are encouraged to use Trade Assets (and Bridged Assets in future) for cheap and fast THORChain transactions.

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