Monthly Treasury Report — Nov 2020
The treasury comprises of $9.6m, with a 36 month Runway. The protocol has 216m in RUNE reserves. Planned Obsolescence July 2022.
Summary
The treasury is at $9.6m, sufficient for a +36 month Runway. Community grants can be allocated.
The Protocol Reserves total 216,330,412 RUNE, worth $216m. These are allocated for Chaosnet and Mainnet emissions.
Planned Obsolescence is set for July 2022.
Operational Treasury
The treasury comprises of $5.5m USD liquid and $4.1m in RUNE, total of $9.6m.
These funds are spent on protocol development, technical costs and community grants. The treasury has increased partly due to the rise in value of BTC.
Protocol Reserves
15.5m RUNE remains in the Chaosnet Reserve, currently paying out LPs and Nodes. A further 800k RUNE is in standby, ready to be used for additional incentives. Standby reserves are currently used for direct pool incentives, paying out ad-hoc at ~100k RUNE per week. These transactions can be inspected here:
200m RUNE is allocated for emissions beyond Chaosnet, which will be steadily moved into the protocol on launch of multichain and mainnet. Some of it may also be used for other campaigns, if the need arises to bootstrap liquidity.
Runway
The current project runway is at 36 months. All team members are paid 70% in USDT and 30% in RUNE for alignment with the project.
Community Grants
The team have actioned 9 grants to help spike infrastructure, which will run for the next 2–3 months until mature. These are one-time costs.
- Telegram bot (Block-42)
- Block Explorers (ViewBlock & PusherLabs)
- Twitter Bot (PusherLabs)
- Wallets (Frontier & XFi)
- Dashboards (Delphi)
- Midgard (Delphi & community-dev)
- NFT Management (community NFT team)
- Social Management (community teams)
If you are a dev or know one, please get in touch to be funded to build on THORChain.
Large Expenses
The team will allocate more funding for Midgard V2 to be shipped to completion, as well as spiking the Polkadot and Atom bridge with two separate teams.
Planned Obsolescence
The team plan to hand over full control of the protocol, github, socials and its treasury around 20 months (~July 2022) and when the following is hit:
- Mainnet + 4–5 chains
- Decentralised (team not the locus of control)
- Adequate community support (wallets, exchanges, dashboards, bots)
Any treasury at that point will be added back to the protocol’s reserve where it will pay out to Nodes and Liquidity Providers.
Summary
In summary the team’s treasury is healthy for the stage of the project and will allow a solid 36 month runway for the project.
This is more than sufficient to deliver mainnet.
THORChain Community
To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:
- Twitter: https://twitter.com/thorchain_org
- Telegram Community: https://t.me/thorchain_org
- Telegram Announcements: https://t.me/thorchain
- Discord: https://discord.gg/V6pNp8A
- Reddit: https://reddit.com/r/thorchain
- Github: https://github.com/thorchain
- Medium: https://medium.com/thorchain
