在偿付能力问题的情况下，Thorchain暂停了贷款和储蓄服务

在社区对项目的偿付能力引起关注之后，分散的，跨链的“流动性协议” Thorchain暂停了其贷款和储蓄服务。

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

在社区成员提出对项目的偿付能力的担忧之后，分散的，跨链的“流动性协议” Thorchain暂停了贷款和储蓄服务。

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.

除了其作为跨链分散交易（DEX）的核心功能外，Thorchain还提供慷慨的比特币（BTC）和Ether（Eth）（ETH）抵押品的“ 0％利息，没有清算，没有过期的贷款”贷款，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社区成员TCB强调了这两个计划之间的总负债约为2亿美元，仅为1.07亿美元（非锁定）流动性。该线程解释了该系统如何依赖于项目的令牌，符文，并已与Terra的Ust和Luna进行了比较。

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.

根据CoinMarketCap的数据，符文的价格短暂从3美元下降到2美元，然后稍微恢复了该功能已暂停的消息。该令牌目前下跌16％，约为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.”

对杠杆的担忧已经建立了一段时间。 TCB补充说，该系统变得“如此复杂，以至于只有少数人完全了解杠杆功能和流动性如何相互运作并影响基础资产”。

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意识到Thorchain的“创始人，工程师和探险家”的危险，建议暂停这两个功能，以避免潜在的存款人竞选出口的“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达到$ 2.50，我会建议我委派的每个节点通过节点mimir暂停贷款。 1）暂停贷款2）尽快在应用程序层上的令牌头寸（甚至可能有$ ruji激励措施）3）10％的系统收入进入回报基金，以累积符文以资助付款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.”

为期90天的重组计划包括使负债统计，同时将协议费的10％献给累积符文和重建支持。 JP继续将这种方法描述为“撕裂创可贴”，他相信“随着时间的流逝，所有贷款都将得到兑现。没什么大不了的。”

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.

有些人称赞该计划，并指出与“非常有利可图的” DEX操作相比，协议的贷款部分相对较小，而其他协议则仍然不相信。其他人仍然指出，该项目的一些先令是危险信号的历史。

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年最近发布的年底报告中指出，数字令人放心。在整个网络中，它指出，通过3.29亿美元的流动性进行了价值562亿美元的掉期，导致直接交换费用超过3000万美元。

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月被背靠背的漏洞击中，当时价值约500万美元和800万美元的资产。第一次黑客攻击后，额外的损失是由于过早重新实现交易而造成的。

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