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A thread on the history of THORChain FUD.
The project seems to attract a lot of criticism from various industry experts.
To date, all FUD has been proven baseless, and those that criticised have been on the wrong side of history.
Why is that?
The project seems to attract a lot of criticism from various industry experts.
To date, all FUD has been proven baseless, and those that criticised have been on the wrong side of history.
Why is that?
THORChain is an ambitious project. When it is live, it stands to benefit the entire ecosystem. No more gatekeepers, no more limits.
Just pure cross-chain liquidity in all its glory.
Everyone should be rooting for THORChain to win and be successful.
Let's go thru the FUD.
Just pure cross-chain liquidity in all its glory.
Everyone should be rooting for THORChain to win and be successful.
Let's go thru the FUD.
Criticism on the liquidity model.
CLP introduces a new idea that fees should be metered in proportion to demand for liquidity.
@gauntletnetwork showed the liquidity-sensitive fees are better than fixed-rate, and this has been proven to work on Chaosnet.
CLP introduces a new idea that fees should be metered in proportion to demand for liquidity.
@gauntletnetwork showed the liquidity-sensitive fees are better than fixed-rate, and this has been proven to work on Chaosnet.
Criticism on the 1-way state pegs.
THORChain does not peg assets, it manages them directly. It is a leaderless vault-manager.
To date it secures $250m in external assets, $35m in non-rune assets.
Layer1 assets is what users want, so Layer1 is what they will get.
THORChain does not peg assets, it manages them directly. It is a leaderless vault-manager.
To date it secures $250m in external assets, $35m in non-rune assets.
Layer1 assets is what users want, so Layer1 is what they will get.
Criticism on the design of the vaults.
THORChain has a large "inbound vault" (Asgard), with smaller 1-of-1 "outbound vaults". This allows it process up to 500 times the throughput.
THORChain generally has no issues with managing tx throughput and has processed 500,000 of them
THORChain has a large "inbound vault" (Asgard), with smaller 1-of-1 "outbound vaults". This allows it process up to 500 times the throughput.
THORChain generally has no issues with managing tx throughput and has processed 500,000 of them
Criticism on the economic model.
THORChain secures pooled assets with bonded assets, removing the need for a PoA (Liquid Network) system, and allowing anyone to become a THORNode.
No self-respecting DeFi user should prefer a PoA system over permissionless Proof-of-Bond.
THORChain secures pooled assets with bonded assets, removing the need for a PoA (Liquid Network) system, and allowing anyone to become a THORNode.
No self-respecting DeFi user should prefer a PoA system over permissionless Proof-of-Bond.
Criticism on the RUNE asset
RUNE amplifies yield, senses purchasing power without oracles, ensures security of assets, and coordinates behaviour.
THORChain simply cannot work without it.
RUNE amplifies yield, senses purchasing power without oracles, ensures security of assets, and coordinates behaviour.
THORChain simply cannot work without it.
Criticism on the RUNE distribution.
Nothing is perfect, but RUNE distro has achieved:
* 15000+ wealthy holders
* an incentivised team capped at 10% of supply
* protocol funding, with treasury now at $25m
* 75% public ownership of circulating supply.
* sybil-resistant ownership
Nothing is perfect, but RUNE distro has achieved:
* 15000+ wealthy holders
* an incentivised team capped at 10% of supply
* protocol funding, with treasury now at $25m
* 75% public ownership of circulating supply.
* sybil-resistant ownership
Criticism on the brand.
THORChain's brand is deliberately rich, crafts strong narratives, is easy to memify, is un-owned and is familiar and reachable.
We wouldn't have it any other way tbh.
THORChain's brand is deliberately rich, crafts strong narratives, is easy to memify, is un-owned and is familiar and reachable.
We wouldn't have it any other way tbh.
Criticism on the team
Who cares, go look at the Git. Highly specialised code is being committed, tested and shipped to production for 2.5 years straight.
Team is irrelevant.
Who cares, go look at the Git. Highly specialised code is being committed, tested and shipped to production for 2.5 years straight.
Team is irrelevant.
So respectfully, if you FUD THORChain you *will* be on the wrong side of history.
We'd tell you to gfy, or that you are ngmi, but instead, we'll just prove you wrong by git-committing and shipping THORChain.
$RUNE
We'd tell you to gfy, or that you are ngmi, but instead, we'll just prove you wrong by git-committing and shipping THORChain.
$RUNE
