RE: Testing THORChain Lending

[bozz]

They'd just rather keep my ETH or BTC I am sure. I'm just trying to figure out what a typical move would look like. So you don't get your collateral back as the same token? You get it back as RUNE? Maybe I should just go play around with the platform a bit and see if having eyes on it makes more sense!

Comments

[edicted]

I didn't explain it very well in this one but I did in my other posts.

• The collateral you send them is dumped for Rune.
• This Rune is then destroyed.
• Your loan is measured using an internal non-tradable stable-coin called TOR.
• They note on their ledger that they owe you back X collateral (BTC.BTC or ETH.ETH).
• When you pay back the TOR loan (using any token) they create Rune to pay you back.
• The maximum amount of RUNE possible is 500M (circuit breaker).
• Several mechanics in the Thorchain ecosystem burn Rune.

You do need to test it out yourself it will make more sense.