THORFi Lending is now live, supporting BTC and ETH as collateral

ChainCatcher news, according to official information, THORChain has launched the THORFi Lending protocol, supporting BTC and ETH as collateral, with a maximum collateral ratio of 500% and a minimum collateral ratio of 200%.

It is reported that this lending protocol allows users to deposit native collateral and then create debt based on the collateral ratio (CR). Regardless of what L1 assets users receive, the debt is always valued in USD (i.e., TOR). Users can repay loans at any time, in any amount of any asset. Repayments are converted into TOR.

In addition, the team stated that the newly launched protocol may have some bugs and vulnerabilities, which might require the chain to pause/stop for fixes.