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THORChain Announcements
Treasury Movements
Treasury has moved 6000 BNB to USDC via RUNE.
Community will see large treasury transactions underway.
Quick Post-mortem of the WBTC Arb Incident
TC Treasury refunded the failed swap (70 BTC direct to swapper) within the first 2 hours post incident. Root cause identified the issue and fixes are inbound -- a vault had run out of ETH gas, so failed to process the tx (fixed); the WBTC was deemed an "unrecoverable refund" and kept in the pool (it should have been moved to outside the pool, but inside the vault).
TC Treasury is the largest LP of the WBTC pool; and thus captured the majority of the slip based fees of the event; roughly around 50BTC balance change across the event.
The other 20 BTC was captured via arbs. Arbs are mostly friendly to the protocol so this incident capitalised them; They are still requested to return their profits minus 10%.
* Work is underway to add more auto-pause when major slip-events are detected in large pools.
* Community has a bounty and a process (tag @nodeoperator) if seeing any suspicious tx now.
* Additional work to add more bots to monitor and flag txs to community.
No further recovery will be sought from participants; thanks for your engagement. TC is a complex protocol; community is first and last line of defence. Better a small incident now to apply levels of fixes than a large incident in the years ahead. Other L1 DEX protocols - please apply these fixes to your protocols as well.
Onwards.
🚨🚨🚨 Attention! Trading is halted on the ETH chain! Refrain from using it until the trading is restarted! 🚨🚨🚨
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Final call for LP/Savers/Synths withdrawal for BEP2 assets on @THORChain. Still $6.75m worth in the pools.
BEP2 halt, then best effort Ragnarok will happen imminently. Even swaps to/from BEP2 should be conducted with caution. Just don’t touch it anymore, please. 🙏💚⚡️
THORChain is currently not processing AVAX transactions due to a global outage of Avalanche C-Chain.
https://x.com/pluto9r/status/1761016104258806065
$7.3m worth still in BEP2 pools.
17 days to Ragnarok.
Withdraw now!!
Reminder! Please withdraw all Binance Beacon Chain (BEP2): Liquidity Pools (LP) positions, Synths and Savers before 29-Feb.
After that, Ragnarok (auto-refund) will be on best-effort basis only.
Quarterly Treasury Report - Q3 2021
The treasury comprises of $273m, funding protocol development, liquidity and paying out to community grants. Liabilities have been secured. The protocol has $2.5bn in RUNE reserves. Planned Obsolescence July 2022.
https://medium.com/thorchain/monthly-treasury-report-q3-2021-188467360556
Hardening the THORChain Protocol
Steps taken to make THORChain more resilient to attacks and network uncertainty.
* Automatic Solvency Checker
* Granular Network Pause Controls
* Node Timeouts
* Outbound Throttling
* Node Broadcast Bot
* Live Monitoring
https://medium.com/thorchain/hardening-the-thorchain-protocol-f80164de7685
MCCN Exploit Update
Loss:
Approx ~$4.9mm USD was taken in the exploit, far less than the intitial figures posted earlier. A granular breakdown is being developed by the community.
Method:
ETH Bifrost was tricked using a custom wrapper to read a deposit amount of 200 when it was actually zero. More details will be provided in the upcoming post mortem blog.
Discovery:
The issue was discovered by a community dev and anonymous nodes voluntarily used make halt command to stop their nodes. Once more than 1/3rd nodes had been halted, the network itself was halted. This was a decentralized action taken by node operators to protect the network.
Recovery:
1. Release the patch & restart the network > block pending outbounds > restore solvency.
2. Donate funds back to the ETH pool to restore lost funds to LPs
3. Release auto-solvency checker as a future preventative measure
4. Continue working with security firms to audit.
This is a disappointing moment for all, but LPs and Nodes should be unaffected after all is recovered (the funds will be restored). The network will be stronger and more resilient.
The THORChain community appreciate the inflow of support. More info to come in due course.
SCCN is halted
It is time to retire single chain chaosnet. The future is multi-chain.
LPs: please withdraw liquidity. The network will be shut down in 1 week.
Monthly Treasury Report — June 2021
The treasury comprises of $109m, funding protocol development, liquidity and paying out to community grants. The protocol has 190m in RUNE reserves. Planned Obsolescence July 2022.
https://medium.com/thorchain/monthly-treasury-report-june-2021-cb9f59b62d71
THORChain Weekly Dev Update for Week 94, 24–31 May;
* MCCN V0.53.1, MCCN V0.53.2, MCCN V0.54.0, Midgard 2.1.1,
* DragonsDex debut,
* Megingjoro debut,
* DecentralFi updates,
* GrassRootsCrypot new videos
https://medium.com/thorchain/weekly-dev-update-94-2209d662e955
THORChain Launches THORName Service
FOR RELEASE: The world’s first cross-chain liquidity protocol will launch a multi-chain address service
Pre-register your twitter handle, and learn more:
https://medium.com/thorchain/thorchain-launches-thorname-service-abe42ba11df8
Weekly Dev Update #92
THORChain Weekly Dev Update for Week 91, 30–06 May; Multichain Updates 0.51, SCCN Update 0.19.3, 0.19.4, THORWallet, THORNameCom, THORChainTools, updates to explorers and more
https://medium.com/thorchain/weekly-dev-update-92-88150c87f56
MASSIVE Improvement - Well Done ❤️
12:03: large weird transaction
12:07: Node pauses
12:23: Community finish due diligence and network un-paused.
4mins to pause, 20 mins to resume.
This is a huge improvement since Friday.
- The bot flagged a tx
- A node hit pause
- The community had a channel and a process to follow.
This is how a decentralised network handles an adversarial environment. Onwards. 🚀
Standing $50k Bounty To Call a Pause
There is now a standing $50k bounty to any community member that is first to find a suspicious transaction and ask a node to make pause "recommend pause now" "can a node pause please" etc
False positives not paid; but will not attract criticism.
> halt early, halt often
The protocol is complex and there are many edge cases devs simply cannot plan for. The community is the first and last line of defence.
This is to resolve the delayed ETH outbound queue situation
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✅ Heads up! Trading is resumed on the AVAX chains!
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ADR12 has passed.
CR 200% already implemented.
6pm RUNE burn will be in v1.128. ETA possibly 1-3 weeks.
https://gitlab.com/thorchain/thornode/-/blob/develop/docs/architecture/adr-012-scale-lending.md?ref_type=heads
Further updates on current DOGE and ERC-20 (e.g. ETH.SNX & AVAX.USDC) outbound issues
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Who let the DOGE out?
Devs solved the DOGE imbalance pricing; open for community to add LP.
Note: DOGE pool depth is low right now. Recommended to add LP symmetrically.
Swap or add asym at your own risk.
Monthly Treasury Report - July&August 2021
The treasury comprises of $194m, funding protocol development, liquidity and paying out to community grants. Liabilities have been secured. The protocol has 180m in RUNE reserves. Planned Obsolescence July 2022.
https://medium.com/thorchain/monthly-treasury-report-july-august-2021-b6ffb7b29268
Post-mortem: ETH Router Exploits 1 & 2, and premature Return To Trading Incident
* The exploits
* Fixes and network response
* 5 Pronged Recovery Plan.
* Liabilities and Treasury
* Mainnet
Read more:
https://medium.com/thorchain/post-mortem-eth-router-exploits-1-2-and-premature-return-to-trading-incident-2908928c5fb
MCCN Halted - Exploit Confirmed
During a live attack, the network has been halted. Approximately 4,000 ETH of value was extracted from the protocol.
While the treasury has the funds to cover the stolen amount, we request the attacker get in contact with the team to discuss return of funds and a bounty commensurate with the discovery.
Node operators, liquidity providers and swappers - Your funds will be available when the issue has been patched & the network resumes. Any in-progress swaps will be finalised at this time.
Problems like this highlight the resiliency of decentralized communities - Without any admin/dev intervention the community identified & halted THORChain within an hour. THORChain will emerge stronger after this attack.
More updates to follow.
(updated with new values)
Post-mortem: ETH Router Upgrade
The ERC-777 re-entrancy bug, trading halt, Router Upgrade, USDT rescue, return to solvency and operational, improvements
https://medium.com/thorchain/post-mortem-eth-router-upgrade-62ecddd2e5fe
#THORChads at the ready...
The @xdefi_io public release is now available via the chrome store!
The access code? "THORChad" 🐙🤝⚡️
http://shorturl.at/chtR0
#THORName Service Free registration is now open
Go to https://thorname.com and claim your #THORName
THORChain Weekly Dev Update for Week 93, 15–23 May
* MCCN V0.52.0,
* MCCN V0.53.1,
* BitcoinCash Bug,
* Midgard Continuous Aggregation,
* THORWallet, Community Updates
https://medium.com/thorchain/weekly-dev-update-93-826150fd1df5
Weekly Dev Update #91
THORChain Weekly Dev Update for Week 91, 30–06 May;
* Multichain Updates 0.49, 0.50, 0.51,
* Community Improvements,
* RUNEYield iOS Testflight app,
* RAISETHECAPS
https://medium.com/thorchain/weekly-dev-update-91-f6f1593c56a