Thorus to unwind its Treasury
As it’s clear for anyone to see, the situation for Thorus has been far from ideal lately. We believe that this is due mostly to a very negative general feeling and other factors that we will present further. After examining all the possibilities at our disposal that could potentially restore the situation, we regret to inform you that we will unwind Thorus’ Treasury while there is still time to do so.
This decision was a very difficult one to make, because of the months of endless hours paired with our own capital we have spent trying to offer Wault holders a possibility to regain a little money without reinvesting. But given the context, we believe that freeing the Treasury is the best (or the least worse) solution for the interests of our supporters.
(see dates and more details in the Timeline section)
- Thorus’ Treasury will be unwound and THO-USDC.e liquidity will be withdrawn
- A Redeem Interface for THO will be set up, available on the Avalanche network only
- THO token holders could either sell their THO at market price (not recommended), or use the special Redeem Interface to redeem THO for USDC.e at backing price (strongly recommended)
- STATIK token holders will have to redeem their STATIK tokens against USDC.e
- LP providers will have to remove their liquidity
- Thorus will support the website portals Wault.finance and Thorus.fi for 3 additional months and after that, both will be closed
- A Wallets snapshot has been done, and if we come up with an innovative idea, everyone will have a chance to participate
Why such a decision?
The Treasury of Thorus slowly loses its value the more buybacks we do
Without new innovative products or positive feelings from the community, the Treasury will soon be worthless. That’s why we want to redistribute it to our holders as long as it has a significant value.
DeFi 2.0 and POL current systems are declining
Since the beginning of 2022, the Crypto market has been volatile, and sentiment dampening events on some Defi 2.0 platforms have also made investors panic (e.g., Wonderland, Solidly, etc.).
Young DeFi 2.0 protocols that do not reinvent their economic model face investor rejection and become gradually obsolete. Only an innovative idea could allow these young platforms to get out of a downwards spiral. With complete transparency, at the moment, Thorus is unable to develop one in the short term.
Wault project drama has been devastating for Thorus
This is probably the main problem. After the failure of Wault, its Lead Dev Creppy created and developed Thorus with his personal money, without any public fundraising. He distributed 90% of the initial THO tokens for free to the Wault holders so that they could potentially recover a little money without needing to reinvest. Individuals with crypto experience know this: this kind of decision is scarce among DeFi developers, whose anonymity generally allows them to rebound on another project without much worry.
However, despite this honest measure, Thorus has faced an astounding amount of FUD campaigns, hate messages, and frequent death threats on all social networks. This has progressively reduced the team’s energy and parasitized the general communication avenues of Thorus, which has never been able to create a positive spiral.
The price action of THO is in free fall
After a logical pump during its initial listing in January 2022, the THO token suffered a continuous decline in its value due to simple supply and demand relationships. The instability of the crypto markets in early 2022 contributed mainly to this initial decline, exacerbated by the lack of use-case for THO, which could not be fully developed on such a short timeline. Not to mention that 90% of the initial supply of THO was given to previous holders of Wault, and many of them took advantage of this opportunity to farm, then sell and recover some funds, bringing down the price of THO as well.
Bad price actions are an everyday occurrence in crypto, but we believe that deeper problems and the lack of time to develop new products will prevent us from remedying the price quickly. And during this undetermined time, the Treasury funds will continue to melt. That’s a risk we’re not willing to take for our holders.
The Evmos launch failed
Expanding to Evmos was a fantastic opportunity to create hype, get more volume, and increase our user base. Unfortunately, Evmos delayed its launch, and the lack of visibility paired with the time they need to solve their issues prevents us from making precise forecasts. Sadly we cannot afford to wait.
The Thorus’ team also has its share of responsibility
Of course, previous explanations are not exhaustive, and we do not forget our introspection. The whole team had great hopes when Thorus launched, and the disappointment to stop the project is immense. This failure is, above all, ours.
We have not succeeded in offsetting negative factors with positive ones, such as new products that would have excited our community, partnerships with large projects, or collaborations with well-known influencers. While it was not for lack of trying on our part, the rate of our decline made us an unattractive partner for many of those we reached out to, despite attractive proposals. And the more the community’s sentiment declined, the more difficult it became to build strong and fruitful relationships because of declining credibility.
What you should do now
We will use the remaining Treasury funds to provide a way for remaining holders to redeem their THO tokens at the backing price via a special Redeem Interface (see more detail in the Timeline section).
At the same time, most of the initial liquidity (LPs) provided by the team for THO-USDC will be withdrawn and sent to the redemption contract.
THO holders will be able to use the Redeem Interface to exchange their tokens for USDC held in the Treasury. LP providers will also have to remove their liquidity.
Users will have 3 months to redeem their THO or STATIK tokens via the user interface. After this period, the platform will be closed entirely. However, after 3 months the liquidity could still be withdrawn via the smart contracts itself.
- STATIK mints will be stoppped at the time of publication
- THO emissions will be completely stopped at the time of publication
- STATIK redeem fee will be reduced to 0.4% (which is the minimum we can do)
- People are suggested to redeem STATIK as soon as possible
- THO-USDC.e liquidity will be withdrawn on Sunday, 27th March
- People will be able to redeem THO at backing price via a separate interface, that will go live on Monday, 28th March
- The team will start gathering and liquidating all the Treasury assets for USDC.e so that we can define the exact backing price
- +90% of the initial liquidity will be withdrawn in order to prepare for the Redeem contract starting 24 hours after the publication
- Thorus will support the website portals Wault.finance and Thorus.fi for 3 additional months and after that, they will be closed. The smart contracts are there, so if anyone couldn’t withdraw his liquidity from the pools he could always do it via the smart contract itself
Good bye dear friends
The entire Team sincerely regrets this outcome and is exceptionally grateful for meeting such exceptional individuals. We do not forget that some fantastic and loyal supporters helped us to face particular storms and provided us with very great suggestions as well.
Unfortunately, we have just not had enough time and energy to implement them.
To all of you who supported us: THANK YOU.