In a move to mitigate the fallout from ThorFi’s 2025 default and ensure the long-term health of the network, THORChain (RUNE) has introduced a new token, TCY.
Announced via a blog post, TCY is designed to service outstanding claims from the ThorFi incident, offering a unique yield-bearing structure. Each claim was dollarized at the January 24th pause date, directly impacting the user’s TCY allotment.
To claim TCY, users can visit tcy.thorchain.org and use the same wallet from their original lending or savers position. The tokens will automatically be staked, enabling daily yield generation.
The unclaimed TCY yield in the early stages will be used for buybacks, further supporting the token’s value.
As TCY is claimed and staked, it will gradually accumulate RUNE from the protocol’s revenue. Users have the option to unstake if they wish to trade or transfer their tokens.
The daily payout to TCY stakers will depend on the network’s income, with 10% of the total revenue, or any swap fees from the TCY pool, whichever is greater, being allocated to TCY stakers.
Community members have provided mixed feedback on TCY, recognizing it as a flexible compromise in a difficult situation. Some view it as a less preferable alternative to a one-time, lump-sum payout.
Highlighting the long-term implications, one user commented, “It’s a continuation, not a closure. Same side, different chapter. Good hunters will come out ahead either way.”
This design shares the protocol’s upside over time, allowing users to hold and capture protocol revenue or cash out early by unstaking. It also rectifies past issues without excessively burdening current incentives.
Those requiring assistance or planning to trade TCY are advised to be wary of scams. The supported interfaces for trading TCY include ThorSwap, Thorwallet, Edge, ShapeShift, and potentially others.
