Thorchain“死亡螺旋”继续下降，符文坠落45％至2020年。

1月24日，Cryptoslate报告说，Thorchain在其贷款和储蓄计划中暂停了比特币和以太坊的提款

As RUNE holders continue to encounter more distressing news and a plummeting token price, with the passing proposal 6 by a super majority, can the troubled cross-chain swapping protocol “get users liquid again?”

随着符文持有者继续遇到更多令人痛苦的消息和一个落后的代币价格，而通过超级多数的通过提案6，陷入困境的跨链交换协议是否可以“再次获取用户液体？”

THORChain ‘death spiral’

索纳“死亡螺旋”

On January 24, CryptoSlate reported that THORChain had halted Bitcoin and Ethereum withdrawals within its lending and savings programs following reports of a $199 million liability. As the community awaited a restructuring plan to address the protocol's debts and ensure its long-term viability, RUNE had dropped nearly 30% in value to $1.90. At the time of writing, RUNE has fallen a further 45% and is currently trading at $1.08, its lowest value since 2020.

1月24日，Cryptoslate报告说，胸骨在其贷款和储蓄计划中停止了比特币和以太坊提款，此前有1900万美元的责任。当社区等待重组计划以解决协议的债务并确保其长期生存能力时，符文的价值将近30％降至1.90美元。在写作时，符文又下跌了45％，目前的交易价格为1.08美元，其价值是2020年以来的最低价值。

“If only someone could have seen this coming,” posted Osmosis cofounder Sunny Aggarwal with the “obviously” rolling eyes emoji.

渗透共同创始人Sunny Aggarwal说：“如果只有某人能看到这一点。”

Crypto educator @CosmosHoss commented, “Looks like [Aggarwal] called the THORChain RUNE death spiral long before it happened — but most ignored him.”

加密教育家@cosmoshoss评论说：“看起来[Aggarwal]很久以前就称为Thorchain Rune死亡螺旋 - 但大多数人都忽略了他。”

Adding fuel to the fire, founder John-Paul (‘JP’) Thorbjornsen has come under intense scrutiny for potential conflicts of interest and activity managing multiple projects. Meanwhile, influential THORChain node and core contributor TB’s private chat was screenshot and shared on X revealing that despite working hard to save the protocol, he had sold all his RUNE.

创始人John-Paul（'JP'）Thorbjornsen为大火增加了燃料，对潜在的利益冲突和管理多个项目的活动进行了严格的审查。同时，有影响力的Thorchain节点和核心贡献者TB的私人聊天是屏幕截图，并在X上分享了X揭示，尽管努力挽救协议，但他还是出售了所有的符文。

“I couldn’t identify the next buyer and validators were going to be selling,” he said, adding, “There’s a bunch of validators that are going to sell. I'm not going to stand there like a dumbass.”

他说：“我无法识别下一个买家，验证者将要出售，”他补充说，“有很多验证者将要出售。我不会像笨蛋那样站在那儿。”

Twenty-six more nodes have since followed suit (around 20% of the network), signaling intent to leave and corresponding to approximately 20 million RUNE potentially gearing up to dump on the market.

此后，有26个节点效仿了（大约占网络的20％），这是意图离开的，并对应于大约2000万个符文可能会在市场上倾倒。

A solution to ‘get users liquid again’

解决“再次获取用户液体”的解决方案

Despite its internal struggles and a growing clamor of naysayers' attempts at “fudding it to zero,” many members of the THORChain community maintain their commitment. Thorbjornsen has repeatedly taken to X to assure his conviction, with posts like “GM, not going anywhere,” and supporters like ShapeShift CEO and industry OG Erik Voorhees insists on remaining an “ardent supporter.”

尽管内部斗争和反对者对“将其填充到零”的尝试越来越大，但Thorchain社区的许多成员仍保持着承诺。 Thorbjornsen曾多次送上X，以确保他的信念，并在“ GM，不去任何地方”之类的帖子，以及Shapeshift首席执行官和行业OG Erik Voorhees之类的支持者坚持要保持“热心的支持者”。

As the THORChain team works around the clock to turn the tide of fortune of the troubled protocol, the community unanimously voted in favor of a proposal to ‘get users liquid again’ and convert defaulted debt to $TCY equity with no private raise. “Proposal 6 passed by super-majority. Nodes stepped in to provide certainty and a way forward,” posted Thorbjornsen.

当Thorchain团队全天候工作以扭转陷入困境的协议的财富潮流时，社区一致投票赞成“再次获取用户再次获取用户”，并将违约债务转换为$ TCY Equility，而无需私人加薪。 “提案6通过超级多数。节点介入以提供确定性和前进的方向。” Thorbjornsen说。

The proposal suggests distributing TCY to affected users with 10% of fees paid out in RUNE to TCY holders in perpetuity. This plan aims to make users whole, increase capital efficiency, and attract new liquidity to the protocol. By writing off the debt and rewarding nodes and DLPs that stay with the protocol, it aims to make THORChain “great and boring again.”

该提案建议将TCY分配给受影响的用户，其中10％的费用在符文中支付给了TCY持有人，以永久性。该计划旨在使用户完整，提高资本效率并吸引新的流动性。通过偿还债务并奖励与协议有关的节点和DLP，它的目的是使胸部“再次变得又不是无聊”。

The coming days and weeks will reveal how THORChain navigates this critical time—and whether it can avoid dropping into the abyss of failed crypto projects.

接下来的几天和几周将揭示Thorchain如何在这一关键时光中浏览，并可以避免进入失败的加密项目的深渊。

Christina Comben

克里斯蒂娜·梳子

is a web3 writer, editor, and content manager with a passion for technology and starting important conversations. As an industry OG, she’s not phased by market volatility and frequently scrimps on Starbucks to BTFD.

是Web3作者，编辑和内容经理，对技术充满热情并开始重要的对话。作为一个行业OG，她并没有被市场波动所淘汰，而经常在星巴克上划分到BTFD。

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密码层是加密新闻，见解和数据的全面和情境化的来源。专注于比特币，宏观，Defi和AI。

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