In this series, LPU aims to give regular condensed “state of THORChain” updates. Enjoy!
1. Binance Smart Chain (BSC) as Next Chain Integration
In Aug-2022, a “New Chain” indicative node voting/signalling was held and BSC ended up as the front-runner. Now, core team and Nine Realms are moving forward with a heads-up and reminder to node operators, especially regarding the hefty hardware requirements. Node operators are encouraged to feedback if there are serious reservations. If coast is clear, BSC will be rolled-out to Stagenet, followed by a formal 67% consensus vote for Mainnet adoption.
2. Trust Wallet iOS Swap Integration Go-live
On 8-Feb, Trust Wallet iOS cross-chain swap functionality (with THORChain as the backend) went live, updatable via App Store. This follows the Android release on 14-Dec. Check the launch article here for more details, including supported assets on Trust Wallet: https://medium.com/thorchain/trust-wallet-integrates-thorchain-as-cross-chain-swap-provider-d56e01f1c146
3. Proposal for Synth Cap Raise and POL
The Synth Cap was at 30%, and this has been limiting BTC Savers Cap for a few weeks now. There has been a healthy debate whether/when to further raise the Synth Cap and activate the Protocol-Owned-Liquidity (POL). For an explainer, see: https://crypto-university.medium.com/under-the-hood-single-sided-yield-protocol-owned-liquidity-a5ef725a5d7a
On 17-Feb, combined votes for 50% and 60% Synth cap reached >66.7% consensus, and thus cap were raised accordingly: https://twitter.com/thor_infobot/status/1626737189877911552
On 13-Feb, Devs mooted a proposal for Synth Cap to be raised to 60%, and in parallel, POL to be activated targeting 45% with a +/- 5% buffer. This means POL will deposit into Liquidity Pools (LP) when Synths utilization > 50%, and withdraw from LP when Synths utilization <40%. No POL deposit/withdrawal between 40–50% Synth utilization to avoid excessive thrashing. ADR#6 published for comments: https://gitlab.com/thorchain/thornode/-/merge_requests/2791/diffs
On 22-Feb, a Motion to Bypass the above ADR#6 was proposed.
On 1-Mar, with no dissenting votes from any nodes, the Motion to Bypass the ADR#6 was passed. Once either BTC or ETH Synth cap reaches 50%, the ADR will be implemented.
4. BCH, LTC and DOGE Chains Halted
On 13-Feb, the DOGE, LTC and BCH Chains were halted via Admin Mimir. Devs received a tip regarding potential issues with these chains, and action was taken in an abundance of caution.
On 26-Feb, DOGE chain and trading was re-enabled. LTC is expected to be re-enabled after next release 1.106.0; while BCH will need a separate patch.
5. Cosmos Hub / GAIA (ATOM) Chain Hardfork
On 15-Feb, Cosmos Hub was halted on THORChain to facilitate the hardfork of the Cosmos Hub chain. Trading was restored <24 hours later, after all updates were completed.
On 17-Feb, some false positives for auto-solvency checker were interrupting the Cosmos Hub chain. Brief explainer tweet: https://twitter.com/pluto9r/status/1626771054889664512
Feel free to hop into the TC University Discord to chat about this, or any other THORChain questions that you may have.
Explore THORChain: Website, X, Telegram, Developer Discord.
Explore Maya Protocol, the first friendly fork of THORChain: Website, X, Discord, Telegram.
Decentralized, permissionless, non-custodial, trust-minimized, open-sourced, economic-secured, non-wrapped, native-to-native cross-chain swaps, savings and soon, lending!
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