The Thorchain Node Operator has approved a reorganization plan so that the $ 200 million debt can be converted into stock tokens. This movement aims to stabilize the operation of the tokine by dealing with the debt. The price of Thorchain (Rune) has risen 13.7 % after the news, but has fallen 72.7 % in the past month.
Thorchain node operators have approved a proposal for a reconstruction plan to convert $ 200 million debt into stock tokens by decentralized fluid networks.
With this approval, Thorchain can deal with financial debt, stabilize operation, and restore users trust.
The reorganization proposal called “Proposal6” has occurred after the decision to suspend the loan and savings program on January 23, following the community discussions on the existing risks caused by Thorfi function. Ta.
At that time, the platform had about $ 200 million debt. Due to the pause, the network contracted, 31 validers were sent off, the fluidity of about $ 100 million was dropped, and the price of Rune, a tokine native token, has dropped significantly. However, the network continues to operate the core and shows its resilience in confusion.
Approved restructuring plan
The reorganization plan proposed by Maya Protocol’s AALUXX myth is voted by a node operator and is currently officially ratified.
Under this proposal, Thorchain embedded a $ 200 million “TCY” token, and each represents the $ 1 dollar on the platform. These tokens are sprayed in the aerial people affected by the suspension of loans and saver programs.
The TCY token is designed to permanently receive 10 % of Thorchain’s network revenue, and will provide a continuous revenue source of rune token, like dividends.
To promote these new tokens fluidity, Thorchain’s Ministry of Finance seeds a fluid pool so that the owner can convert the stock token into other assets at that discretion.
The purpose of this setup is to give creditors the flexibility of withdrawing their positions, as the market demand for tokine’s revenue is reflected in the price of the token.
Following the approval of the proposal, the implementation is currently in the THORCHAIN development team. This includes groups of NINE REALMS Capital, Maya Protocol, Rujira Network, and StrangeLove Labs.
The development team is assigned to secure a quick but fast development because the exact timeline has been confirmed.
However, the members of the community have expressed a mixture reaction. Some people consider this as the stability of the tall chain and the route to growth, but also the long -term execution possibilities of the plan, the complexity of the new token structure, and the issuance of the issuance of things that are considered to be considered unregistered securities. Some are skeptical about the legal meaning.
Tall chain (rune) reaction to development
Following the announcement of the approved plan, the price of RUNE experienced a remarkable rise. At the time of the latest transaction data, RUNE had an increase of 13.7 % within the past 24 hours at a price of $ 1.38.
However, this positive movement occurred after a significant decrease period, last week’s runes decreased by 37.8 %, 58.2 % in two weeks, 72.7 % last month, and the rebuilding news is satisfied with optimism. Although it suggests that it is optimistic, concerns about the wider market situation and tocine’s future stability may still have an impact on investors’ emotions.
