thorfi

ChainCatcher news, the decentralized cross-chain liquidity protocol THORChain announced this morning the implementation of a 90-day network restructuring plan. Node operators have suspended THORFi lending and savings redemption functions, but core functionalities such as Swap transactions, liquidity provision (LP) operations, and RUNE transfers remain operational.The project team stated that during the restructuring period, the focus will be on community proposals to achieve a reasonable restructuring of liabilities. Node operators plan to meet with proposal authors early next week to discuss specific solutions. Relevant proposals have been submitted on the THORChain developer community Discord, and the project team emphasizes that they will ensure the comprehensiveness and feasibility of the solutions through open dialogue.

ChainCatcher news, according to The Block, the decentralized cross-chain trading protocol THORChain has suspended THORFi lending services. This move is part of a 90-day "restructuring" plan aimed at reducing issues related to "savings and lending" projects. THORChain founder John-Paul Thorbjornsen stated, "The protocol has made a lot of money, and once the restructuring is complete, it will be able to repay its debts."

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.