What is Thorchain?
Thorchain is an ambitious project working towards providing DEX solutions to blockchains. It's been one of poplar and successful project with a TVL of around 240M$.
THORChain is primarily a leaderless vault manager, ensuring that every stage of the process is byzantine-fault-tolerant.
THORChain's key objective is to be resistant to centralisation and capture whilst facilitating cross-chain liquidity. THORChain only secures the assets in its vaults, and has economic guarantees that those assets are safe.
The Attack
Yesterday, Thorchain reported an attack vector which was discovered soon and chain was halted. According to Coin Desk a total of 4000 Ethereum were lost during this event. This is worth roughly 8M$ at current ETH prices. Good thing is that it was detected quickly and nodes decided to halt the chain to stop it and apply the patch. Official figures are now 5M$ far less than the initial estimated loss.
Thorchain has announced that it will compensate the lost LP's from Thorchain treasury, so no person will bearing the loss except the treasury itself. The attacker paid roughly 2.8M$ as slippage fees causing a decent revenue to LP holders and nodes.
This attack will only make Thorchain more resilient and strong. This is the risk taken by early adopters and when the product is finally finished and rocking they will get the most benefit and gains out of it.
Personally I'm more bullish for RUNE and is the best time to accumulate more. I had some rune but was unable to sell at top, but I'm holding them for more long period as That's how you make the most gains.
Share your thoughts about RUNE/Thorchain in comments.
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