THORChain to Launch TCY Tokens Amidst $200 Million Debt Challenge
Crypto/Finance
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THORChain to Launch TCY Tokens Amidst $200 Million Debt Challenge

THORChain is introducing TCY tokens at a one-to-one conversion for defaulted debt, aiming to turn creditors into equity stakeholders.

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Summary

THORChain is set to issue TCY tokens as part of a strategy to tackle nearly $200 million in unmanageable debt.

  • Token Distribution: TCY tokens will be allocated at a rate of 1 TCY per dollar of defaulted debt.
  • Reason for Action: This decision came after the suspension of THORFi services due to financial challenges on January 23. [ CoinDesk reported. ]

The initiative is intended to transform lenders and savers into equity holders, while also establishing a liquidity pool worth $500,000.

Moreover, TCY token holders will gain 10% of the revenue from THORChain indefinitely, presenting a long-term recovery solution amid ongoing financial uncertainties. Despite market fluctuations, THORChain’s essential cross-chain swap services remain stable.

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