Update on Operational Reserve
THORChain’s treasury is sufficient and will be ending monthly OTC sales
Summary
THORChain has been regularly selling RUNE to private investors over the last 6 months from the monthly emissions of 3.25m RUNE. In March, this was reduced to 1.5m RUNE.
During the time period, the team have managed to grow the small treasury from $1m to over $1.8m today, despite having a monthly burn of $60k and paying for several audits.
The team’s runway is now well over 24 months:
The Operational Reserve has now been reduced to 20m RUNE (worth $2.2m) and will be reserved for primarily for operational expenses. Currently operational expenses are around 500k RUNE per month:
- Operational RUNE Expenses.
- Ecosystem grants and funding
- Underwriting the upcoming ChaosNets
- Extending the team runway beyond 24 months
Vested Tokens
There continues to be considerable interest for RUNE, so the THORChain team will instead assist large investors in buying locked tokens off the original seed investors. These investors will be locked until Mainnet release of THORChain, and follows the 20% per quarter release schedule.
Community Contributions
There are now over 5 separate teams working on various aspects of the ecosystem and this will continue to grow. It is important for all potential THORNode operators to take up work in building out the ecosystem for maximum success and reducing risk. Any potential THORNode operator that wishes to build something for the ecosystem can apply for funding from the team.
Community Reserve
The community reserve is at 23m RUNE and is used to pay out the current RUNEVault rewards. It is intended to be used to incentivise uptake of ASGARDEX when it launches. The community reserve is used only to ensure a wide distribution and prevents any sybil attacks.
Community
To keep up to date, please monitor community channels, particularly Telegram and Twitter:
- Twitter: https://twitter.com/thorchain_org
- Telegram Community: https://t.me/thorchain_org
- Telegram Announcements: https://t.me/thorchain
- Reddit: https://reddit.com/r/thorchain
- Github: https://github.com/thorchain
- Medium: https://medium.com/thorchain
