Upgrade to Native RUNE Now!!
THORChain Kill Switch is now ON. The Kill Switch will slowly reduce the redemption rate of RUNE from 1:1 to 1:0 over 12 months.
The team who launched BEPTools has agreed to host it again for the next 6 months to allow former RUNEVaulters to unfreeze and upgrade BNB.RUNE. https://t.co/CzBskvC7NM
— THORChain (@THORChain) July 18, 2022
The Killswitch starts TODAY. No time to wait. Upgrade to native rune today. #TheSwitchening
The team earlier outlined a plan to deprecate ETH.RUNE and BNB.RUNE tokens. Nodes voted to upgrade begin around July 19th.
IOU RUNE on two networks, Binance Chain and Ethereum, was circulated for permissionless acquisition for 18 months prior to multichain chaosnet launch.
THORChain is extremely strict in having no 3rd party dependencies, preferring to manage everything in-house. There are no oracles, no off-shored security, and no reliance on external liquidity.
However, BNB.RUNE and ETH.RUNE has privileged access to the state machine’s “mint” function. Anyone presenting these tokens can mint fresh RUNE, as well as making THORChain’s state dependent on these two networks.
Thus is it important to:
As an example: 1.0 BNB.RUNE presented after 6 months of the KillSwitch can only be redeemed for 0.5 THOR.RUNE. After 12 months, it will be redeemed for 0.0 THOR.RUNE, effectively entirely deprecated.
Suggested native $RUNE wallets:
Upgrade to Native RUNE Now!
