THORChain (RUNE) Monthly Report October 2020
Things are really picking up steam at THORChain HQ. Last month alone the THORchain team has worked to bring Bitcoin (YES, native BTC!) to an internal testnet as well as working on Chaosnet stability, multi-chain tweaks, and providing continuous Midgard updates.
Development
The team and community have spent the majority of October continuing to build out and mature the infrastructure around THORChain:
Removal of 24h Liquidity Limit
With “confirmation counting” now implemented for PoW chains, the timelimit for adding liquidity can be removed. It was only added as a blanket solution to allow liquidity providers of any chain to deposit assets into pools, and be credited with their liquidity immediately.
Last Observed For Each Node
When a node makes a witness transaction they will now include the block height of the event. This will update a new parameter on each node “last observed” on a per-chain basis.
Other Notable Stats From Last Month
Other Tech Milestones
Midgard V0.4.0 was released with some improvements and updates.
THORNode
THORNode V0.16.0 was released with the team then deploying fixes for testnet vault management, as well as multi-chain bug fixes found on mocknet.
Midgard API Explorer
THORChain Network Explorer now features a Midgard Explorer showing raw JSON returns.
Path to Multichain Chaosnet
A high-level sequence of activities to get to Multichain Chaosnet.
Marketing & Community
BEPSwap Client
Numerous UI/UX tweaks based on community feedback.
ASGARDEX WEB CLIENT
The THORChain community is proud to announce an Alternate Interface to BEPSwap, and what will become the multi-chain web client for ASGARDEX.
RUNEStake
THORChain Official Block Explorer
https://viewblock.io/thorchain
Audits
A final security audit is being completed.
Network Stats
Staking
As THORChain is not in Mainnet, the most relevant usage metric at the moment is the RUNEVault staking activity, which currently pays out 200,000 RUNE between all holders every week, now being in its final week of operation. This amounts to roughly 11% per year for participants this month. The next Multi RUNE Report will only focus on BEPSWAP metrics.
RUNE Token Release Schedule
Currently, only the RUNEVault incentive is being released into the supply and the team has stopped OTC sales as they have almost 3 years of the runway (up from 2 years 2 months back). The massive extension in runway length is from the appreciation of the company-reserve RUNE tokens.
As per the original plan, the Team and Seed investor tokens will begin unlocking 20% every 3 months upon Mainnet release. This amounts to 10M and 5.2M RUNE respectively every 3 months.
Bull vs Bear
Bull
THORChain is approaching an inflection point where not only are cross-chain swaps live but all the infrastructure needed to support it i.e. desktop wallet, web interface, dashboard, block explorer, network explorer and others. Adding additional chains will be straight forward and THORChain will be busy absorbing liquidity from connected chains.
Approx. $100M TVL will allow RUNE to move from speculative to deterministic. Multi-chain Chaosnet is the next step in realizing this growth. Certainly exciting times ahead.
Bear
DeFi continues to retrace majorly due to Bitcoin's bullish momentum. Additionally, with the RUNEVault transition to BepSwap resulting in an ongoing short term sell-off of RUNE tokens in order to comply with asymmetrical staking, traders/investors will be hoping the 0.34c support level holds, though talk of 0.30c is frequent on CT.
The opinions expressed during the Bull vs Bear series are solely those of the individuals involved and do not necessarily represent those of Multi.io and its employees. The goal is to present a view from both sides of the market.
Upcoming News & Events
The team is targeting 7–10 days to launch a multichain public testnet w/ Asgard exchange as an interface.
While quality testing has only just begun it’s important the community is brought along the journey once the testnet is hanging together.
Key changes between now and multichain chaosnet include:
- Cosmos SDK Upgrade
- GG20 upgrade
- Native RUNE
- Multi Asgard
- Affiliate Fees
- MIDGARD v2
+ more!
Information & Data Sources
Delphi Digital THORChain-Chaosnet
THORChain Community
To keep up to date, please monitor community channels, particularly Telegram and Twitter:
- Twitter: https://twitter.com/thorchain_org
- Telegram Community: https://t.me/thorchain_org
- Telegram Announcements: https://t.me/thorchain
- Reddit: https://reddit.com/r/thorchain
- Github: https://github.com/thorchain
- Medium: https://medium.com/thorchain
