Quarterly Treasury Report — Q3 2021
The treasury comprises of $273m, funding protocol development, liquidity and paying out to community grants. Liabilities have been mostly repaid. The protocol has 177m ($2.5bn) in RUNE reserves. Planned Obsolescence July 2022.
Summary
The treasury is at $273m, with a debt of $6.2m.
The Protocol Reserves total 177,689,566 RUNE, worth $2.5bn. These are allocated for Chaosnet & Mainnet emissions.
Planned Obsolescence is set for July 2022.
Operational Treasury
The treasury comprises of $20m non-RUNE assets, $195m in RUNE and $57m in LP positions, total of $273m.
These funds are spent on protocol development, technical costs and community grants. The treasury has increased partly due to the rise in value of holdings.
The LP Positions are maintained in THORChain and Uniswap to provide:
- yield on assets
- liquidity for RUNE
- dog-food the protocol
- LP of last resort
Liabilities
All liabilities have been re-paid except:
- 5m XRUNE loan (1.5m secured)
- 364k RUNE owed to network participants
It is expected these will be re-paid in the coming month.
Debt
THORChain treasury has a $4m Line of Credit with IronBank, of which all outstanding debt has been repaid. There is discussions with the Cream Team to reverse the Line of Credit and allow Cream to borrow 485k ETH.RUNE to repay their users following their recent hack. There is no impact to the wider treasury if this is pursued.
Protocol Reserves
120m RUNE remains in standby, with 57m RUNE already deployed to the network. The full reserve won’t be deployed until the network reaches mainnet.
Runway
The current project runway is at 18+ months and is more than sufficient.
Community Grants
Treasury has actioned 9+ grants to help spike infrastructure, which will run for the next 2–3 months until mature. These are one-time costs.
- Block Explorers (ViewBlock & PusherLabs)
- Twitter/Telegram Bot (Block-42, TRX, Pusherlabs)
- Wallets (XDefi, THORWallet)
- Dashboards (Delphi, RUNEData, RUNEYield)
- Midgard (Delphi & community-dev)
- Social Management (THORSwap, LPUniversity)
- Projects: BrokkrFinance, THORStarter
The process for being funded is:
- Build a MVP product used by THORChain community.
- If gets adoption, then it will be sponsored by a grant.
Planned Obsolescence
Treasury plans to hand over full control of the protocol, github, socials and its treasury around 8 months (~July 2022) and when the following is hit:
- Mainnet, 4–5 chains
- Decentralised
- Adequate community support (wallets, exchanges, dashboards, bots)
Decentralising The Treasury
Any treasury after planned obsolescence will be likely be cut up and distributed to 5–10 dev teams/node operators/community members to manage the next 5–10 year roadmap of the project. If you are interested in being charged to manage a satellite treasury with your own focus on the protocol, become active and engaged now. There will likely be $50m+ for this purpose.
Summary
The project’s treasury is more than healthy for the stage of the project and will enable reaching mainnet and Planned Obsolescence.
If you would like to be funded to build something in the THORChain ecosystem please build something then reach out.
If you would like to be considered to lead a Satellite Treasury post Planned Obsolescence — please get active now.
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
