Thorchain：用戶生成的財務和文化金融工具

今天，我們正在研究以下主題：摘要：Thorchain，一種分散的跨鏈流動性協議，其市值從3.5B美元到5億美元

THORChain, a decentralized cross-chain liquidity protocol, saw its market cap reduce drastically from $3.5B to $500M. This was largely due to risky financial engineering employed in its lending and savings programs.

Thorchain是一種分散的跨鏈流動性協議，其市值從3.5億美元降低到5億美元。這在很大程度上是由於其貸款和儲蓄計劃中使用的風險金融工程。

One key aspect of THORChain's design is the use of its native token, RUNE, as the primary collateral asset in its lending and savings programs, known as THORFi.

Thorchain設計的一個關鍵方面是使用其本地令牌Rune作為其貸款和儲蓄計劃中的主要抵押品資產，稱為Thorfi。

When users deposit their assets into THORFi to earn yield, they can borrow up to 75% of their deposited assets in other supported cryptocurrencies, such as BTC, ETH, or BNB.

當用戶將其資產存入Thorfi以賺取收益率時，他們可以在其他支持的加密貨幣（例如BTC，ETH或BNB）中藉入多達75％的存款資產。

Upon loan issuance, a price-dependent debt spiral was created, as RUNE tokens were burned, decreasing the total supply, and new TCY tokens were minted.

貸款發行後，隨著符文令牌被燒毀，減少了總供應量，並造成了新的TCY令牌，從而產生了依賴價格的債務螺旋。

As liabilities grew to $200M in the protocol, the unsustainable nature of this mechanism became evident, leading to a sell-off pressure on RUNE, further decreasing its price and increasing the debt ratio of users.

隨著該協議中的負債增至2億美元，這種機制的不可持續性質變得明顯，導致對符文的拋售壓力，進一步降低了價格並增加了用戶的債務比率。

Ultimately, the project had to be bailed out by a group of users who stepped in to cover the remaining bad debt, which was then burned, decreasing the total RUNE supply.

最終，該項目必須由一群用戶助理，這些用戶介入以掩蓋剩餘的壞賬，然後燒毀了，從而減少了符文的總供應。

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