THORChain
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THORChain

Quarterly Treasury Report — Q1 2022

The treasury comprises of $217m, funding protocol development, liquidity and paying out to community grants. Liabilities have all been repaid. The protocol has 173m ($2.1bn) in RUNE reserves. Planned Obsolescence not before July 2022.

Summary

The treasury is at $217m.

The Protocol Reserves total 173m RUNE, worth $2.1bn. These are allocated for Mainnet emissions, PoL and THORFi.

Planned Obsolescence is guided not before July 2022.

Operational Treasury

The treasury comprises of $15m non-RUNE assets, $125m in RUNE and $76m in LP positions, total of $217m.

These funds are spent on protocol development, technical costs and community grants.

The LP Positions are maintained in THORChain to provide:

  • yield on assets
  • liquidity for RUNE
  • LP of last resort

Additional non-RUNE assets were secured in the quarter and added as LP:

  • $2m in DOGE
  • $2m in LUNA-UST assets

Non-RUNE Wallets

https://mempool.space/address/31kzJsd591hcpCL47XkCkNP9UBXX1vCVCj

https://explorer.binance.org/address/bnb13a7gyv5zl57c0rzeu0henx6d0tzspvrrakxxtv

https://etherscan.io/address/0x53A2b972A0059C274B88E2526ed48455278523d4

https://etherscan.io/address/0x1c7b17362c84287bd1184447e6dfeaf920c31bbe#tokentxns

RUNE Wallets

https://viewblock.io/thorchain/address/thor1505gp5h48zd24uexrfgka70fg8ccedafsnj0e3

https://viewblock.io/thorchain/address/thor14n2q7tpemxcha8zc26j0g5pksx4x3a9xw9ryq9

https://viewblock.io/thorchain/address/thor1egxvam70a86jafa8gcg3kqfmfax3s0m2g3m754

https://viewblock.io/thorchain/address/thor1wfe7hsuvup27lx04p5al4zlcnx6elsnyft7dzm

LP Wallets

https://app.thoryield.com/accounts?thor=thor1wfe7hsuvup27lx04p5al4zlcnx6elsnyft7dzm

https://app.thoryield.com/accounts?thor=thor1egxvam70a86jafa8gcg3kqfmfax3s0m2g3m754

https://app.thoryield.com/dashboard?thor=thor1q6mhk70ecvnmw3ekawm5pr8wty509hcqug65gt

https://app.thoryield.com/dashboard?thor=thor1qwuruyqmge8uwr2z00e7sdga4p3s7gp0nycgt8

https://zapper.fi/account/0x3eff38c0e1e5dd6bd58d3fa79caecc4da46c8866

Liabilities

All liabilities have been re-paid except for a 5m XRUNE loan which will be paid imminently. All assets have been secured.

Debt

THORChain has no longer any debt and will not entertain debt after mainnet. Any fund-loss events after mainnet will be shared with all network participants as the network is designed.

Protocol Reserves

60m RUNE remains in standby, with 113m RUNE already deployed to the network. The standby reserve will be used either to contribute directly to Protocol Reserve, underwriting THORFi or other treasury options.

Runway

The current project runway is at 36+ months and is more than sufficient.

Community Grants

Treasury has handed over curation and administration of community grants to NineRealms. Every 3 months, all community projects will need to send a quick pitch to 9R to close another 3 months of funding. This is to ensure capital is being expended efficiently, fairly, and inline with THORChain objectives:

  1. Increase Security of the network (node tooling, node features, wallets)
  2. Increase Liquidity of the network (LP education, LP tools, LP wallets)
  3. Increase Volume of the network (Wallets, Integrations)

Applications have re-opened for Q2 2022.

Planned Obsolescence

Treasury plans to hand over full control of the protocol, github, socials and its treasury not before July 2022 and when the following is hit:

  • Mainnet, 4–5 chains ✅
  • THORFi rolled out ⏳
  • Decentralised (100+ nodes) ✅
  • Adequate community support (wallets, exchanges, dashboards, bots) ⏳

Decentralising The Treasury

It is important that centralised points of failure are removed; the largest one being the treasury management. The goal to mitigate this risk by
1) Contributing to the protocol liquidity.
2) Distribute to teams who have demonstrated long-term alignment with the protocol’s objectives.
3) Underwrite THORFi.
4) An on-chain decentralised community funding mechanism.

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:

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A decentralised liquidity network.

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