The TLDR for TCB. Snapshot Debt in USD Terms:. o Calculate debt at the time of the pause in USD.
29 Jan 2025, 02:57
The TLDR for TCB
1. Snapshot Debt in USD Terms:
o Calculate debt at the time of the pause in USD.
o Create and distribute a claim token called $tusd at a 1:1 asset-to-token ratio, claimable by deposit wallets. Coverting the debit.
2. Unwind Module & Revenue Allocation:
o Remove the current burn mechanism.
o Allocate 10% of system income to a new Unwind Module to market buy $tusd claims regularly.
3. Retire ThorFi:
o Convert all synthetic assets to LP units and lock them.
o Force exit RunePool participants by selling the associated POL position back to RUNE.
o Gradually retire the POL over a 60-day period, effectively acting as a $RUNE buy from the pools.
4. Create a Claim Process & Orderbook:
o Implement a claim interface where creditors can claim their $tusd by signing with their native Thorchain wallet.
o Establish an orderbook for creditors to sell their claims, serving both primary and secondary markets.
5. Market Buy Manager:
o Automate hourly market purchases of claims from the orderbook using Unwind Module funds.
6. Code Simplification & Protocol Cleanup:
o Once there is over $1M in unclaimed market order bids for a month, burn any remaining $tusd tokens.
o Remove all associated code for claims, $tusd tokens, POL, and ThorFi to prevent future maintenance and security risks.
7. Final Protocol Transformation:
o Thorchain returns to being exclusively a DEX with no financial instruments at the protocol layer.
JP also has a proposal at
Differences between TCB and JP's proposal
1. Not lottery based
2. Users get price at time of freeze
3. Force ejects all RUNEPoolers
4. No discounts on offer
5. Includes changes to LP design (move away from passive LPing to a V3 model) and block time to boost revenue
6. Forces POL back into reserve, taking that RUNE off market
You can see more proposals in the dev discord.