In this series, TCU aims to give regular condensed “state of THORChain” updates. Enjoy!
1. Reduce Minimum Slippage
On 25-Apr, nodes were invited to vote for reducing minimum slippage for native swaps from 8 bps to 5 bps (or from 16 bps to 10 bps for double swaps). This vote was passed on 4-May.
2. Update v3.5.0
Update v3.5.0 was adopted on 1-May.
Reference: https://gitlab.com/thorchain/thornode/-/releases/v3.5.0
Highlights: https://x.com/THORChain/status/1917881813768208846
3. Disabled LP Deposits into Highly Synth-Leveraged Pools (Prop 6)
With the adoption of v3.5.0, the mimir to disable LP deposits for another four pools were set: ETH.USDC, ETH.USDT, ETH.FLIP and ETH.TGT. Additionally, LP deposits were also disabled for the AVAX and ATOM pools.
P.S. Note that originally LP deposits for six pools (BTC, ETH, DOGE, BCH, BNB and LTC) were disabled on 7-Apr.
These LP deposit halts were enacted for pools with >=40% synth utilization, as part of the Prop 6 implementation to support existing LP providers.
4. Increase Total Value Locked (TVL) Cap
With the adoption of v3.5.0, there is now a lever to adjust Total Value Locked (TVL) Cap. On 3-May, devs proposed a vote to adjust this TVL Cap from the current “Effective Security Bond” (defined here: https://dev.thorchain.org/concepts/incentive-pendulum.html) to the “Total Bond”. This vote was passed on 5-May.
5. $TCY Launch
On 5-May, $TCY was launched: https://medium.com/thorchain/tcy-launch-d48bb63cfc4e
6. Troubleshooting v3.5.0 Bugs
A series of updates from v3.5.1 to v3.5.6 (and v3.6.1) were adopted to fix bugs resulting from the major v3.5.0 update. The bugs were causing syncing issues, churning issues, and long block times.
7. Update v3.6.0
Update v3.6.0 was adopted on 22-May: https://gitlab.com/thorchain/thornode/-/releases/v3.6.0
Highlight is the launch of AppLayer and Rujira.
Next steps: https://x.com/RujiraNetwork/status/1925939423721513314
8. XRP Launch Soon
XRP launch preparation announcement:
9. Migrate to Cosmos Operator
On 28-May, Devs and Nodes coordinated on a major backend update:
===
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