Thorchain

On 2023-11-13, Thorchain successfully completed a streaming swap that was larger than the pool itself with a 99.55% execution rate.

THORChads prioritize security, liquidity, and volume as they work towards achieving a $100bn protocol. Exchanges are now using TC for liquidity rebalancing without any additional encouragement.

As the value of $RUNE increases, the Thorchain network becomes overbonded, resulting in a shift of rewards towards liquidity providers (LPs). In the last day alone, LPs earned $450k in liquidity fees, while nodes received $165k.

The latest update in version 124 of THORChain introduces a new feature called Custom Refund Addresses. This feature allows smart contracts to use THORChain for swaps, with the ability to send refunds directly to the user instead of them being stuck in the contract address. Developers are now encouraged to utilize this feature and start building.

Thorchain (TC) is on a mission to become the world's largest decentralized exchange. With a current valuation of $10 billion, the project aspires to reach a market capitalization of $100 billion and eventually become known simply as 'THE Exchange' with a market cap of $1 trillion.

In the upcoming V1.124 release, Thorchain will introduce 34 improvements, with a notable one being Mimir V2. This update will grant full control of the protocol to nodes, removing the ability of admins to affect operational settings such as pauses.

A node vote is taking place to remove Impermanent Loss Protection (ILP) from all positions indefinitely. ILP was initially implemented to incentivize LPs and protect against IL, but with the introduction of Savers and the low-risk dual LP strategy, nodes have decided to eliminate ILP. The current ILP liability is less than 125k $RUNE, a small percentage of the Reserve. Nodes have waited for the liability to be near zero before making this change. The vote has been paused for 30 days to give grandfathered Liquidity Providers time to react.

A single DEX provides 95% of BTC's on-chain volume, and THORChads encourage the diversification of volume across 3-4 major DEXs to dismantle centralized exchanges.

As of November 6th, 2023, the Thorchain community has seen significant growth with over 6200+ Savers and $43m+ in Savers liquidity. Over the past year, the community has earned $1m.

The incentive pendulum will adjust rewards based on the deviation between the total value bonded and the total value pooled. Currently, LPs earn over 2/3 of all liquidity fees and block rewards, which are split among Dual LPs and Savers.