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Dev Update #144-#146

THORChain Dev Update for Weeks 144–146, 13 May — 2 June; Terra chain to be removed, new ADR process, Binance to support Native RUNE, network and community updates.

THORChain Author
THORChain
6 min readJun 3, 2022

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Summary

Terra will be removed from THORChain with processes and plans to remove liquidity before Terra is removed. A new process (ADRs) has been introduced to improve protocol governance to lead into Mainnet and Planned Obsolescence. THORFi development is suspended and RUNE holders are encouraged to upgrade their RUNE ASAP. Binance Learn and Earn announced and Binance will support native RUNE at Mainnet!

TERRA LUNA Path Forward

Nodes have voted to Ragnarok the TERRA chain. Previous proposals (1) and (2) for TERRA will not be moving forward as the majority of node operators did not vote in favour. LPs will be refunded to the addresses they used to provide liquidity. LPs can still withdraw voluntarily the same way they came in (symmetric or asymmetric).

The next steps are:

  1. THORNode 1.91 network update
  2. Single-sided LPs are refunded (asymmetric withdrawals with usual slip calculations)
  3. Then dual-sided (symmetric withdrawals)
  4. Impermanent Loss Protection will be applied
  5. Resolution for Synth holders, see below.

TERRA 2.0 Airdrop Snapshot:

THORChain Terra Sym and Asym LP addresses have been handed over to Terra Form Labs to qualify for the pre and post-attack snapshot for airdrop of TERRA2 (not immediate, airdrop will be sent by TFL to a community pool and distributed at a later date). This does not include RUNE Asym LP in Terra pools as there are no corresponding Terra addresses.

The list of qualifying wallet addresses can be viewed on the Developer Discord.

New Architecture Design Record (ADR) Process

A new structure for governance updates has been created known as an ADR. An ADR is a proposal to make a fundamental change to THORChain such as adding a new chain or signalling for new features to be added. The process creates greater transparency around changes to THORChain and allows Nodes to make more informed decisions when voting on proposed changes. The process is being hardened and full details can be found in the Developer Discord along with the first two ADRs:

THORFI is Off (for now)

THORFi design was presented to the community several months ago and has been hotly debated since. It features a never done before DeFi design allowing single asset exposure for Liquidity Provider while leveraging THORChain’s liquidity pools. Merge Requests for Derived Assets and Lending were produced for review.

Developers and community members have produced education around the design that anyone can view. However, in light of the Terra situation, due to the perceived risk THORFi might introduce and current community sentiment, THORFi progress has been suspended until future notice. Ideas for single asset exposure for Liquidity Provider continues.

Kill Switch Reminder

THORChain will be removing support for non-native RUNE (BNB.RUNE and ETH.RUNE), a start date will be set after Mainnet. #TheSwitchening

See more information on the Kill Switch and BEP2/ERC20 RUNE upgrade in the Upgrading to Native RUNE Article.

It is recommended you upgrade asap with the below guides:

Native RUNE will be supported by major centralised exchanges allowing another path to upgrade non-native RUNE.

  • Kraken has listed native RUNE on 6-May.
  • Binance has announced support for upgrading BEP2 to Native RUNE. BEP2 RUNE deposits and withdrawals will be suspended at 2022–06–06 04:00 (UTC)

Milestone Update

The milestones for Mainnet have been achieved. The network will continue to work on security and stability, increasing volume is the next focus area. Development work for integration continues.

Roadmap

Want more information?

See the THORChain Communication Initiatives laid out in THORNoob’s article for where to find the information.

Also check out THORChain and Community News at https://www.runebase.org/ and https://medium.com/@THORNOOB

Community Updates

THORNoob Bi-Weekly Community Recaps

  • Notable Gitlab Issues
  • Most Asked Questions
  • Feedbacks & Suggestions
  • Notable Work
  • Ecosystem Updates
  • Weekly Dev Discord Updates

THORChain Monthly Stats- April

Weekly THORChain Podcasts

Most recent: https://twitter.com/THORChain/status/1529889429057331200

Past Recordings on RUNE BASE: https://www.runebase.org/podcast/

THORChain.net

Version and upgrade status added

https://thorchain.net/network

ASGARDEX v0.15.1 (2022–05–07)

  • Now with Ethereum Ledger Support

https://github.com/thorchain/asgardex-electron/releases/tag/v0.15.1

TRX1’s Weekly Dev Update (16.05.2022–22.05.2022)

THORChain Monitoring bot

• Twitter bot is almost ready. Most notification types are properly formatted and tested. Except for the network statistics notification, which is likely to be broken up into several smaller topical messages.

• Better message formatting

• BEP2 Rune flow tracker ignores CEX-CEX coin transfers

• Excluded UST from the stable coin list

• Bug fixing

Next tasks:

• Finish and release the Twitter bot Version 1

• Start working on personal price divergence alerts

https://twitter.com/THOR_InfoBot

TRX1’s Weekly Dev Update (23.05.2022–29.05.2022)
THORChain Monitoring bot

• Twitter bot V1 is released https://twitter.com/THOR_InfoBot Now it broadcasts the same information as the Telegram channel

• Fix: don’t count the nodes that churned out in the voting results

• The percentage of votes is calculated relative to the total number of active nodes, not 2/3

• “New” tag in the bot’s menus to mark new features

• The value for the daily active user count is hidden, as long as it is zero

• Personal price divergence alerts: began to build the settings menu

This week's tasks:

• Continue developing personal price alerts

• Sketch code to estimate the daily number of unique users

Bridge Status

No new integrations will be to added to Chaosnet before Mainnet, but may be released to Stagenet beforehand.

Below is the integration sequence and status:

On the Horizon

Want to see bridges built quicker, get involved on our Discord Server!

Network Updates

THORNODE Update 1.89.0

Vote on: EnableUpdateMemoTERRA. Read the full details here:

https://discord.com/channels/838986635756044328/974789106699755650/976307194385551393

1) Ensure network doesn’t slash more than vault has PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2285

2) [refactor] Decom pool funcs PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2284

3) [feature] pause asym withdrawals PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2283

4) [feature] txn specific dynamic rescheduling PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2280

Churning re-enabled

Churning was suspended post the Terra crash. Churning has been re-enabled at a 7 day window. A fast churn time of 3 days was only required to scale to 100 nodes, now that is achieved a slower constant rate of 7 days can be used.

THORNODE Update 1.90.0

1) Bump version to 1.90 PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2310
2) Update terra config to fix smoke test PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2304
3) [feature] bail if version is unsupported by the binary PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2290
4) [BUG] Only report solvency when vault is insolvent PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2266
5) Addition of /thorchain/queue/scheduled endpoint documentation PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2262
6) BondRewardRune distribution comments PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2256
7) [refactor] remove calling GetLowestVersion where possible PR: https://gitlab.com/thorchain/thornode/-/merge_requests/2251

THORChain Community

To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:

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THORChain Author
THORChain

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