Thorchain Paralisa Operations and Token Rune falls 30%

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Thorchain Paralisa Operations and Token Rune falls %
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Thorchain Paralisa Operations and Token Rune falls 30%
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The Thorchain Network paralyzed your Thorfi services This Friday (24), generating a huge uncertainty in the market. As a result, the price of token rune fell 30.56% In the last 24 hours and reached $ 2.17. According to Coingecko, this is the lowest price for the token since October 20, 2023, when Rune has been worth $ 1.67.

According to the network, change is part of a restructuring plan that aims to solve problems on Thorchain. But users began to allegations that this stoppage occurred because the network would be insolvent. As the rumors spread, the Rune price fell stronger.

This is not the first time that some Thorchain service has suffered from downtime. In 2023, the main network interrupted their activities because of a failure that paralyzed operations.

Change is part of a set of actions to reduce the problems associated with programs “Savers and Lending“That seem to have accumulated many debts. This probably made some of them stay defaultingwhich contributed to increasing the fear of Thorchain users.

Over the stoppage

Negotiation features like swaps remain active, according to the team, but the Thorfi loan operations are suspended. Until the closing of this article, the official profile of the NO X network did not give any prediction of when the service should return to work.

Meanwhile, the price of Thorchain’s native token, Rune, 30% has fallen in the last 24 hours. In X, several users commented on recent Thorchain publications asking for solutions, and others said the network was bankrupt.

For Hasseb Quel, managing partner of the Dragonfly Capital Venture Fund, the situation is different. The executive stated that the pause has as its objective avoid a loot race because of bankruptcy rumors. That is, thorchain apparently wants to prevent a scenario that could further destabilize the platform.

Qureshi compared the situation to a “bankruptcy freezing“, Indicating a serious liquidity crisis. He also implied that Thorchain can seek restructuring in the molds of US chapter 11, something unprecedented for the sector.

This problem originated from Substantial Bitcoin (BTC) loans contracted when the BTC was valid much less than the current price. When cryptocurrency valued, the protocol had to bear the difference in valorization and, to do so, issued several quantities of Rune.

To complete the problem, Thorfi had to settle with Lack of liquidity within the protocol. Without enough tokens and having to issue more Rune, the market reacted its tokens and deepening the crisis. There are users who compare the case of Rune to the Earth (Luna)which collapsed by 2022 after the price of Bitcoin dropped.

Thorchain Paralisa Operations and Token Rune falls 30%

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Thorchain Paralisa Operations and Token Rune falls 30%

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