THORChain plans to tackle $200 million debt crisis with publish equity stake token
Bitget2025/02/03 08:52
On February 3rd, according to reports, THORChain governance has passed a restructuring plan proposal, which plans to publish a new token named TCY (Thorchain Yield) with nearly $200 million of default debt converted into equity stake. The proposal includes minting 200 million TCY tokens and allocating 1 TCY token per dollar of default debt. The core team is expected to create a RUNE/TCY liquidity pool, providing $500,000 of liquidity, with TCY priced at $0.1 each, which will be supported by $5 million of treasury funds. TCY token holders have the right to permanently receive 10% of THORChain's revenue.
Earlier, THORChain announced the launch of a 90-day restructuring plan to suspend THORFi lending and savings redemptions.
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