Thorchain停止在2亿美元的债务危机中网络运营，反映2022 Terra Luna崩溃

Thorchain是一项分散的跨链流动性协议，由于重大债务危机总计近2亿美元，已停止了网络运营。

THORChain, a decentralized cross-chain liquidity protocol, has paused its network operations due to a massive debt crisis. The protocol is now deep in debt, owing nearly $200 million to various parties.

Thorchain是一项分散的跨链流动性协议，由于巨大的债务危机而暂停了其网络运营。该协议现在债务很深，向各方欠了近2亿美元。

This move has drawn parallels to the 2022 collapse of Terra/Luna, with Sunny Aggarwal, Co-Founder of Osmosis, a decentralized exchange in the Cosmos (ATOM) ecosystem, commenting on the situation to crypto.news.

这一举动与2022年Terra/Luna的崩溃相似，与Cosmos（Atom）生态系统中的分散交流的渗透共同创始人Sunny Aggarwal对Crypto.news的情况发表了评论。

“The situation unfolding with THORChain is eerily similar to what happened with Terra/Luna implosion in 2022, where the protocol’s solvency was too heavily dependent on the price performance of the native token,”

“随着胸腔的局势的发展与2022年Terra/Luna内爆的情况非常相似，该协议的偿付能力在很大程度上依赖于本地令牌的价格性能，”

Aggarwal said.

阿格瓦尔说。

THORChain’s design positions it as reflexively long on its native token, RUNE. This means that the protocol’s solvency is contingent upon RUNE’s price outperforming assets like Bitcoin (BTC) and Ethereum (ETH), which are used as collateral.

Thorchain的设计将其定位在其本地令牌（Rune）上。这意味着该协议的偿付能力取决于符文的价格优于比特币（BTC）和以太坊（ETH）的资产，这些资产用作抵押品。

However, recent market trends have not favored RUNE (RUNE), leading to financial instability.

但是，最近的市场趋势并不喜欢符文（Rune），导致金融不稳定。

The protocol is currently facing $97 million in borrowing liabilities and $102 million in depositor and synthetic asset liabilities, pushing it to the brink of bankruptcy.

该协议目前面临9,700万美元的借入负债和1.02亿美元的存款人和合成资产负债，将其推向破产的边缘。

In response, THORChain has suspended its lending and savings programs, which will notably affect BTC and ETH withdrawals. This decision is part of a 90-day restructuring plan aimed at stabilizing the system and mitigating further risks.

作为回应，Thorchain暂停了其贷款和储蓄计划，这将显着影响BTC和ETH撤离。该决定是为期90天的重组计划的一部分，该计划旨在稳定系统并减轻进一步的风险。

Terra Luna collapse

Terra Luna崩溃

The situation mirrors the Terra/Luna collapse, where the protocol’s dependence on its native token’s value led to catastrophic failure.

这种情况反映了Terra/Luna崩溃，该协议对其本地令牌的价值的依赖导致了灾难性的失败。

In May 2022, Terra, the third-largest cryptocurrency ecosystem at the time, collapsed within three days, wiping out $50 billion in valuation.

2022年5月，Terra是当时的第三大加密货币生态系统，在三天内倒塌，消除了500亿美元的估值。

Aggarwal further stated that “it’s uncertain whether lenders can be fully compensated. Some have suggested that the shortfall could be covered by protocol fees collected over time.

阿格瓦尔进一步指出：“不确定贷方是否可以得到充分补偿。一些人建议，随着时间的推移，协议费用可以涵盖该短缺。

But this overlooks an important point: the bulk of THORChain’s liquidity comes from its lending and savers platform, ThorFi. So it doesn’t make sense to consider THORChain and ThorFi as separate entities.”

但这忽略了一个重要的观点：Thorchain的大部分流动性来自其贷款和储蓄平台Thorfi。因此，将Thorchain和Thorfi视为独立的实体是没有意义的。”

As THORChain navigates this crisis, it is clear that there are inherent risks associated with protocols that are heavily reliant on the value of their native tokens, like THORChain.

当Thorchain在这场危机中导致这场危机时，很明显，与Thorchain这样的原始代币的价值密切依赖的协议有固有的风险。

Effective risk management and sustainable design are crucial to preventing such scenarios and protecting users’ funds.

有效的风险管理和可持续设计对于防止这种情况和保护用户的资金至关重要。

“Essentially, Thorchain needs to maintain significant liquidity over the long term. But this will be challenging because ThorFi’s lenders and savers will logically be trying to withdraw their funds en masse,”

“从本质上讲，胸链在长期内需要保持大量流动性。但这将是具有挑战性的，因为Thorfi的贷方和储户在逻辑上将试图大批撤回其资金，”

Aggarwal said.

阿格瓦尔说。