RUNE Declines 20% Following ThorFi Suspension
Cross-chain DeFi protocol THORChain paused its lending and savers programs on ThorFi as part of a 90-day restructuring plan.
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The team announced on Discord that the move is meant to safeguard liquidity providers and maintain network stability. Swaps remain operational.
This announcement caused confusion among some users, with misconceptions that the entire protocol had halted operations and concerns about potential financial problems at THORChain.
However, a tweet by a THORChain builder clarified that the temporary pause is tied to a proposal aimed at improving the protocol’s capacity and transaction efficiency.
THORFi Savings allows users to earn rewards by locking up assets, like Bitcoin or Ethereum.
The platform uses these locked assets in lending and loan activities, generating yield that is added to the user’s account. According to DeFiLlama, THORChain currently has more than $181 million in total value locked (TVL).
RUNE, the native token of THORChain, saw a price decline following the news of the protocol’s changes. In the past 24 hours, RUNE has dropped by around 20%, now trading at $2.43. The token has a market cap of approximately $845 million, with a daily trading volume above $885 million.
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