在償付能力問題的情況下，Thorchain暫停了貸款和儲蓄服務

在社區對項目的償付能力引起關注之後，分散的，跨鏈的“流動性協議” Thorchain暫停了其貸款和儲蓄服務。

Decentralized, cross-chain “liquidity protocol” THORChain has paused its lending and saving services after community members raised concerns about the project’s solvency.

在社區成員提出對項目的償付能力的擔憂之後，分散的，跨鏈的“流動性協議” Thorchain暫停了貸款和儲蓄服務。

Aside from its core function as a cross-chain decentralized exchange (DEX), THORChain offers generous bitcoin (BTC) and ether (ETH) collateralized “0% interest, no liquidations, and no expiration” loans as well as “Savers” vaults on native tokens.

除了其作為跨鏈分散交易（DEX）的核心功能外，Thorchain還提供慷慨的比特幣（BTC）和Ether（Eth）（ETH）抵押品的“ 0％利息，沒有清算，沒有過期的貸款”貸款，以及“ Sa Savers”以及“ Sa Saver”本地令牌。

.@THORChain is insolventIn the event of any large debt redemption and/or savers & 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🔽🧵

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THORChain community member TCB highlighted total liabilities of around $200 million between the two programs, backed by just $107 million of (non-locked) liquidity. The thread explains how the system relies on minting the project’s token, RUNE, and has been compared to Terra’s UST and LUNA.

Thorchain社區成員TCB強調了這兩個計劃之間的總負債約為2億美元，僅為1.07億美元（非鎖定）流動性。該線程解釋了該系統如何依賴於項目的令牌，符文，並已與Terra的Ust和Luna進行了比較。

According to data from CoinMarketCap, the price of RUNE briefly dropped from $3 to $2 before recovering slightly on the news that the features had been paused. The token is currently down 16%, at around $2.35.

根據CoinMarketCap的數據，符文的價格短暫從3美元下降到2美元，然後稍微恢復了該功能已暫停的消息。該令牌目前下跌16％，約為2.35美元。

Concerns around the leverage had been building for some time. TCB added that the system had become “so complicated that only a handful of people fully understands how the leveraged feature & liquidity works with each other and affects the underlying assets.”

對槓桿的擔憂已經建立了一段時間。 TCB補充說，該系統變得“如此復雜，以至於只有少數人完全了解槓桿功能和流動性如何相互運作並影響基礎資產”。

Conscious of the danger of a bank run, THORChain’s “founder, engineer, and explorer,” JP, recommended pausing the two features to avoid a potential “death spiral” of depositors racing for the exit.

JP意識到Thorchain的“創始人，工程師和探險家”的危險，建議暫停這兩個功能，以避免潛在的存款人競選出口的“死亡螺旋”。

If $RUNE hits $2.50 I will be recommending to every node I delegate with to Pause Lending via Node Mimir. 1) Pause lending2) Tokenise positions on App Layer asap (with maybe even $RUJI incentives)3) 10% System Income into payback fund to accumulate RUNE to fund payouts4)…

如果$ rune達到$ 2.50，我會建議我委派的每個節點通過節點mimir暫停貸款。 1）暫停貸款2）盡快在應用程序層上的令牌頭寸（甚至可能有$ ruji激勵措施）3）10％的系統收入進入回報基金，以累積符文以資助付款4）…

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The 90-day restructuring plan includes tokenizing the liabilities while dedicating 10% of protocol fees to accumulating RUNE and rebuilding the backing. JP goes on to describe the approach as “rip the bandaid off,” confident that “all loans [will be] honored over time. No big deal.”

為期90天的重組計劃包括使負債統計，同時將協議費的10％獻給累積符文和重建支持。 JP繼續將這種方法描述為“撕裂創可貼”，他相信“隨著時間的流逝，所有貸款都將得到兌現。沒什麼大不了的。”

Some have praised the plan, noting that the lending portion of the protocol is relatively small when compared to the “very profitable” DEX operations, while others remain unconvinced. Others still have pointed to the history of some of the project’s shills as red flags.

有些人稱讚該計劃，並指出與“非常有利可圖的” DEX操作相比，協議的貸款部分相對較小，而其他協議則仍然不相信。其他人仍然指出，該項目的一些先令是危險信號的歷史。

In its recently-published year-end report for 2024, THORChain pointed to reassuring numbers. Across the whole network, it states that $56.2 billion worth of swaps were made via $329 million of liquidity, leading to over $30 million in direct swap fees.

Thorchain在2024年最近發布的年底報告中指出，數字令人放心。在整個網絡中，它指出，通過3.29億美元的流動性進行了價值562億美元的掉期，導致直接交換費用超過3000萬美元。

At the height of the last bull run, THORChain was hit by back-to-back exploits in July of 2021, for assets valued around $5 million and $8 million at the time. Additional losses resulted from prematurely re-enabling trading after the first hack.

在上次公牛奔跑的高峰期，Thorchain在2021年7月被背靠背的漏洞擊中，當時價值約500萬美元和800萬美元的資產。第一次黑客攻擊後，額外的損失是由於過早重新實現交易而造成的。

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