TCY Launch
TCY is launched on THORChai. Lending and Savers participants of THORFi can claim and stake TCY to earn a portion of THORChain’s income.
Context
Following the default of the ThorFi lending and savers programs in 2025, the THORChain community has undertaken a multi-phase effort to restructure and resolve outstanding claims. As outlined in ThorFi Unwind, the approach prioritizes the protocol’s sustainability while acknowledging its obligations to impacted users.
The THORFi default prompted both internal and community-led proposals to restore balance. The goal: maintain protocol integrity, minimize distortion of existing incentives, and provide a pathway to redress for claimants. TCY is the final component of this unwind process.
What is TCY
TCY is a new token on THORChain created specifically to address the default of THORFi. 10% of all system income is paid to TCY stakers.
On January 24th, 2025 (block 19562016), when THORFi was paused, all outstanding claims were dollarized. The dollarized debt amount is the amount of TCY that is able to be claimed by each affected claimant. The full claims list is available here.
Claiming TCY & Support
The official interface to claim TCY is located at https://tcy.thorchain.org. You will need a THORChain address to claim. Your TCY will automatically be staked and start earning yield daily. Beware of scams and fake websites
Need help claiming? Support is available on the THORChain Community Discord
Other interfaces are also available:
TCY Details
The TCY module was introduced via Merge Request #3988, enabling users with legacy ThorFi claims to receive TCY: a yield-bearing claims token designed to distribute protocol fees over time. Users can opt out by unstaking their TCY.
Key details:
- Claims must be made using the same wallet address associated with your lending collateral, Savers position or Synths address.
- Claimants must set up a THORChain address to claim TCY.
- After claiming, your TCY is automatically staked. It must be unstaked to sell or send.
- Staked TCY tokens receive a 10% share of protocol revenue, distributed in RUNE.
- Yield is not earned until after the TCY is claimed and staked.
- Any yield earned by unclaimed TCY is used to buy back TCY at market value.
- Initial liquidity will be bootstrapped by the Treasury and community participants.
- TCY price discovery will be market-driven, beginning below par value ($0.10) to reflect risk and forward-looking alignment.
Daily Payout Distribution
- Payouts usually occur within 24 hours, but the timing can vary depending on system income and the price of RUNE.
- 10% of system income accrues to the TCY Staking Module.
- 100% of swap fees from the TCY pool accrue to the TCY Staking Module.
- RUNE is distributed in multiples of 2100 RUNE.
- TCY distributions are carried out with an incremental resolution of 0.001 TCY. Any amounts less than this incremented are rounded down to the nearest interval. Eg. 1.0009 is treated as 1.000.
- Yield from unclaimed TCY is used to buy back and lock TCY into the TCY Staking Module.
Community Considerations
Community discussions reflect a balance between moral & fiscal obligations and practical recovery.
The sentiment is that TCY is not a final payout, but a mechanism to share in the long-term upside of the protocol. Designed with deflationary dynamics and continuous buybacks, it allows former claimants to participate in THORChain’s future growth.
The design of TCY mirrors the ethos of THORChain for maximal freedom. Users have the choice to sell their TCY to reclaim a portion of their locked value, or hold and capture a portion of system revenue indefinitely.
In short, TCY is not a closure — it is a continuation. A chance to realign incentives, reinforce community trust, and build forward.
Looking Ahead
With the rollout of TCY, the ThorFi unwind reaches its final phase. The solution reflects a deliberate effort to balance protocol longevity with accountability.
The focus now shifts to adoption, performance, and execution. TCY is live.
FAQs
Q. Will I get my TCY airdropped?
A. No, since your claim can be related to an L1 address (ie. a Bitcoin Address, an Ethereum Address, etc.) and TCY is a native THORChain token, we need you to send a claim transaction where you indicate to the chain which Thor address to send your TCY tokens to. You can easily claim on tcy.thorchain.org. Claimed TCY tokens will automatically start earning payouts right after you have claimed them.
Q. Are there multiple interfaces to claim TCY?
A. Yes, there are multiple interfaces to claim TCY. TCY can be claimed with most wallets on https://tcy.thorchain.org. Beware of scams and fake websites that may want you to connect your wallet. Always verify the website you are on is legitimate before connecting your wallet.
Q. Is there a time limit to claim TCY by?
A. There is no rush to make a claim. At some point in the future, claiming TCY may be removed from the network, but this is not currently planned.
Q. Which wallets can I use to set up a THORChain address?
A. Trust Wallet (Mobile, Browser), CTRL (Browser), THORWallet (Mobile, Browser), Vultisig (Multifactor Wallet), Ledger (Hardware Wallet), Asgardex (Desktop), ShapeShift (Mobile), Keplr (Mobile, Browser), Edge (Mobile), KeepKey (Hardware Wallet), Leap (Browser), Gem Wallet (Mobile)
