With THORChain’s mainnet on the horizon, the team has outlined a plan to deprecate ETH.RUNE and BNB.RUNE tokens. A deadline to upgrade is being discussed by the community.
With THORChain’s mainnet on the horizon, the team has outlined a plan to deprecate ETH.RUNE and BNB.RUNE tokens. A deadline to upgrade is being discussed by the community.
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:
The plan will be to code support for a “killswitch”. The Kill Switch once activated will slowly reduce the redemption rate of 1:1 to 1:0 over 12 months.
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.
Note: This plan is still being finalized, but will likely be as above, or very close to it.
