BUILD

THORChain is Insolvent, Cannot Meet its Bitcoin and Eth Denominated Obligations

Validators decided to pause the network while they vote a restructuring plan

> Thorchain's liabilities are $97m of lending liabilities ($eth $btc)
> Approximately $102m worth of savers and synths ($eth $btc)
> Their assets are $107m of exogenous liquidity into the liquidity pools, 
> Which can also be pulled by LPs at any time or sold into by $rune holders if there is panic.

Source: https://x.com/1984_is_today/status/1882616341926162653

.@THORChain is insolvent

In the event of any large debt redemption and/or savers &amp; synths deleveraging, it is certain that TC cannot meet its bitcoin and eth denominated obligations.

Validators decided to pause the network while they vote a restructuring plan

🔽🧵

Part of Web3〽️ 

Farcaster Warpcast Degen

It's crucial for the THORChain community to address the insolvency issue promptly and transparently to restore trust and stability in the network. Hope the restructuring plan will help mitigate the situation and prevent such challenges in the future.