THORChain is positioned as a decentralized cross-chain blockchain network for the exchange of liquidity. Coin is easily integrated into dozens of crypto wallets, exchanges, DeFi, dApps.

THORChain news today, RUNE crypto latest news of token ticker

THORChain

The first @THORChain loan repayments have now been made as 30 days (minimum loan duration) have passed since lending was launched.

But did they net burn $RUNE? Let's have a look at the biggest loan to be repaid so far and find out.

Loan Open

On Aug 21, address bc1qh...ry2d deposited 0.4 BTC as collateral for a loan.
/SpotWiggum/status/1705237105759125611/photo/1

The 0.4 BTC was swapped to 6,177 RUNE which was burned. The loan had a CR of 219% and so 2,809 RUNE was minted and sent to the user.

Then on Aug 22, bc1qh...ry2d deposited another 0.4 BTC as loan collateral.
/SpotWiggum/status/1705237105759125611/photo/2

The 0.4 BTC was swapped to 6,398 RUNE and burned. This time the user got a CR of 239% and so 2,674 RUNE was minted and sent to the user.

Across the 2 deposits, a total of 0.8 BTC was provided as collateral and $9,035 of debt was withdrawn. 

Meanwhile, 12,575 RUNE was burned and 5,483 RUNE was minted.

Net RUNE burn: 7,092

Loan Repayment

On Sep 22, the user deposited 0.34 BTC to repay their whole debt. Remember, if a user takes out multiple loans, the positions are combined into one and cannot be repaid separately.
/SpotWiggum/status/1705237105759125611/photo/3

The 0.34 BTC was swapped to 5081 RUNE which was burned. To repay the user's 0.8 BTC collateral 11,799 RUNE was minted and swapped to BTC.

Net RUNE mint: 6,718

Impact on RUNE Supply

Loan opening: 7,092 RUNE burned
Loan repayment: 6,718 RUNE minted

So there was a net burn of 374 RUNE over the lifetime of this loan! 🔥

Twitter

374 $RUNE burned over the lifecycle of one opened and closed loan

Streaming in/out of lending coming soon

Onwards 🚢

374 $RUNE burned over the lifecycle of one opened and closed loan. Streaming in/out of lending coming soon. Onwards.

First loans being closed. 

L1 lending lifecycle proven. 

Onwards, $RUNE

First loans being closed. L1 lending lifecycle proven. Onwards, $RUNE.

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