THORChain releases latest financial report: Operating capital totals $194 million, and the stolen funds compensation plan has been completed 2/3

Author: Richard Lee

The decentralized cross-chain trading protocol THORChain today announced its financial report for July and August. The report shows that THORChain's treasury currently has operating funds of $194 million, with a total reserve of 170 million RUNE, valued at $1.8 billion. Additionally, the compensation plan for the losses from previous attacks has now been completed for 2/3.

In terms of operating funds, THORChain currently reserves $45 million in liquid funds and $148 million in RUNE, totaling $194 million. These funds will be used for protocol development, technical costs, and community grants. The operating funds have increased by 78% compared to June ($109 million), mainly due to the significant rise in the price of RUNE tokens.

Previously, THORChain faced multiple attacks, resulting in losses of approximately $16 million. THORChain plans to compensate in three batches: the first batch will allocate assets from the "Treasury" for compensation, the second batch will repay by borrowing assets from Iron Bank, and the third batch will be compensated after the network restarts. Currently, THORChain has completed the first two batches of compensation, with $2.6 million coming from Iron Bank loans.

As of August 30, the project's total liabilities amount to $30 million, of which $20 million is secured by 1 million ETH.RUNE (valued at $10 million).

In terms of decentralized governance, THORChain plans to hand over complete control of the protocol, GitHub, socials, and treasury after the mainnet launch. This process is expected to be completed by July next year at the latest.

Additionally, THORChain has initiated more than 9 grant programs in the past two months, with funded ecosystem projects including the multi-chain wallet XDefi, the cross-chain decentralized exchange THORSwap, and the IDO platform THORStarter.