Monthly Treasury Report — Oct 2020

The treasury comprises of $4m USD liquid and $5m in RUNE, with a 36 month Runway. Planned Obsolescence July 2022.

Summary

The treasury is at $9.2m, sufficient for a +36 month Runway. Community grants can be allocated. An additional audit is being scoped, capped at $125k.

The Protocol Reserves total 219,128,600 RUNE, worth $135m. These are allocated for Chaosnet and Mainnet emissions.

Planned Obsolescence is set for July 2022.

Operational Treasury

The treasury comprises of $4m USD liquid and $5m in RUNE, total of $9.2m.

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 and BNB.

Protocol Reserves

The Community Reserve has been fully deployed into RUNEVault, with around 300k set aside for the two final drops. 17m RUNE has been allocated into the Chaosnet Reserve, currently paying out LPs and Nodes. A further 1.8m RUNE is in standby, ready to be used for additional incentives.

200m RUNE is allocated for mainnet emissions, which will be steadily moved into the protocol on launch of multichain and mainnet.

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.

The team have paid out a number of grants to help spike some technology for Chaosnet.

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)

The team are re-opening grant applications. If you are a dev or know one, please get in touch to be funded.

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 21 months (~July 2022) and when the following is hit:

• Mainnet + 4–5 chains
• Decentralised (team do not run any nodes)
• 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