TechFlow news, February 3 — According to The Block, THORChain Governance Proposal #6 has passed with majority validator approval, aiming to resolve the platform's nearly $200 million debt crisis. Under the proposal, THORChain will convert defaulted debt into equity by issuing an equity token called TCY (Thorchain Yield). A total supply of 200 million TCY tokens will be distributed to creditors at a rate of 1 TCY = 1 USD, granting holders a perpetual 10% share of THORChain’s revenue.
To ensure TCY liquidity, the core team will allocate $5 million from the treasury to establish a RUNE/TCY liquidity pool at an initial price of $0.10 per TCY, with initial liquidity set at $500,000. Previously, due to financial uncertainty, THORChain suspended its THORFi services—including savings and lending—on January 23 and initiated a 90-day restructuring plan.
