The members of Thorchain spent “Proposal6” to convert nearly $ 200 million inexperienced debts into equity via a new token, Tcy (Thorchain yield), with a total offer of 200 million tokens.
This promotion was taken after suspending Thorfi services on January 23 due to financial uncertainties, such as Coindesk.
Tcy -Tokens are divided with a rate of 1 Tcy per dollar in default on debts, which means that lenders and savers are converted into their own power holders. Thorchain is planning to set up a Rune/Tcy Liquidity pool with $ 500,000 from $ 0.1 per Tcy, financed by $ 5 million from the treasury.
Holders of TCY will receive 10% of Thorchain’s income for an indefinite period of time, so that a long-term stimulus and recovery mechanism for those affected by the debt crisis offer the timeline for the total financial recovery.
Thorchain’s Cross-Chain Swaps, the main service, remain unaffected. The prices of the Native Rune of the Platform have fallen by 10% in the last 24 hours, in addition to a wider market drop, which extends 30-day losses to almost 50%.
