THORChain has converted nearly $200 million of unserviceable debt into equity through a new token, TCY (Thorchain Yield), with a total supply of 200 million tokens. This decision followed the suspension of THORFi services on Jan. 23 due to financial uncertainties. TCY tokens are distributed at a rate of 1 TCY per dollar of defaulted debt, transforming lenders and savers into equity holders. The platform plans to establish a RUNE/TCY liquidity pool with $500,000, starting at $0.1 per TCY, funded by $5 million from the treasury. TCY holders will receive 10% of THORChain’s revenue indefinitely, providing a long-term recovery mechanism. Despite the debt crisis, THORChain’s cross-chain swaps remain operational. However, the native RUNE token has seen a 10% price drop in the past 24 hours, with 30-day losses nearing 50%.
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