Thorchain：用户生成的财务和文化金融工具

今天，我们正在研究以下主题：摘要：Thorchain，一种分散的跨链流动性协议，其市值从3.5B美元到5亿美元

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是一种分散的跨链流动性协议，其市值从3.5亿美元降低到5亿美元。这在很大程度上是由于其贷款和储蓄计划中使用的风险金融工程。

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设计的一个关键方面是使用其本地令牌Rune作为其贷款和储蓄计划中的主要抵押品资产，称为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.

当用户将其资产存入Thorfi以赚取收益率时，他们可以在其他支持的加密货币（例如BTC，ETH或BNB）中借入多达75％的存款资产。

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.

贷款发行后，随着符文令牌被烧毁，减少了总供应量，并造成了新的TCY令牌，从而产生了依赖价格的债务螺旋。

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.

随着该协议中的负债增至2亿美元，这种机制的不可持续性质变得明显，导致对符文的抛售压力，进一步降低了价格并增加了用户的债务比率。

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.

最终，该项目必须由一群用户助理，这些用户介入以掩盖剩余的坏账，然后烧毁了，从而减少了符文的总供应。

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