This is a surprise to me, because Khal said Thorswap did close to a billion dollars worth of swap volume in 2024.
Yes and in 2025 they went insolvent and in the face of insolvency did a bunch of other really stupid shit.
So how much volume will they get in 2025?
Probably more than $1B, right?
Guess where 90% of that volume comes from?
Trust Wallet.
If they get dumped by trust wallet it's over for them.
Their fate hangs in the balance based on the decision of a centralized frontend app.
Wow!
I didn't know they were so dependent on Trust Wallet.
It was my impression there were many wallets in their ecosystem.
The irony of a champion of decentralization being at the mercy of a centralized entity is amazing.
We don't need AI to write interesting articles for us, we just need to learn about our ecosystem and report the truth.
Truth here is stranger then fiction.
Congratulations you are now an owner of Thorswap
What to know:
TCY will be distributed at a rate of 1 TCY per dollar of defaulted debt.
The move comes after THORFi paused bitcoin and ether withdrawals a few weeks ago.
THORChain's members passed “Proposal6” to convert nearly $200 million of unserviceable debt into equity via a new token, TCY (Thorchain Yield), with a total supply of 200 million tokens.
This action was taken after suspending THORFi services on Jan. 23 due to financial uncertainties, as CoinDesk reported.
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TCY tokens will be distributed at a rate of 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders. THORChain plans to establish a RUNE/TCY liquidity pool with $500,000 starting at $0.1 per TCY, funded by $5 million from the treasury.
Holders of TCY will receive 10% of THORChain's revenue indefinitely, providing a long-term incentive and recovery mechanism for those affected by the debt crisis — although the timeline for total financial recovery remains uncertain.
THORChain's cross-chain swaps, its main service, remain unaffected. Prices of the platform’s native RUNE are down 10% in the past 24 hours alongside a broader market fall, extending 30-day losses to nearly 50%.