Thorchain停止在2億美元的債務危機中網絡運營，反映2022 Terra Luna崩潰

Thorchain是一項分散的跨鏈流動性協議，由於重大債務危機總計近2億美元，已停止了網絡運營。

THORChain, a decentralized cross-chain liquidity protocol, has paused its network operations due to a massive debt crisis. The protocol is now deep in debt, owing nearly $200 million to various parties.

Thorchain是一項分散的跨鏈流動性協議，由於巨大的債務危機而暫停了其網絡運營。該協議現在債務很深，向各方欠了近2億美元。

This move has drawn parallels to the 2022 collapse of Terra/Luna, with Sunny Aggarwal, Co-Founder of Osmosis, a decentralized exchange in the Cosmos (ATOM) ecosystem, commenting on the situation to crypto.news.

這一舉動與2022年Terra/Luna的崩潰相似，與Cosmos（Atom）生態系統中的分散交流的滲透共同創始人Sunny Aggarwal對Crypto.news的情況發表了評論。

“The situation unfolding with THORChain is eerily similar to what happened with Terra/Luna implosion in 2022, where the protocol’s solvency was too heavily dependent on the price performance of the native token,”

“隨著胸腔的局勢的發展與2022年Terra/Luna內爆的情況非常相似，該協議的償付能力在很大程度上依賴於本地令牌的價格性能，”

Aggarwal said.

阿格瓦爾說。

THORChain’s design positions it as reflexively long on its native token, RUNE. This means that the protocol’s solvency is contingent upon RUNE’s price outperforming assets like Bitcoin (BTC) and Ethereum (ETH), which are used as collateral.

Thorchain的設計將其定位在其本地令牌（Rune）上。這意味著該協議的償付能力取決於符文的價格優於比特幣（BTC）和以太坊（ETH）的資產，這些資產用作抵押品。

However, recent market trends have not favored RUNE (RUNE), leading to financial instability.

但是，最近的市場趨勢並不喜歡符文（Rune），導致金融不穩定。

The protocol is currently facing $97 million in borrowing liabilities and $102 million in depositor and synthetic asset liabilities, pushing it to the brink of bankruptcy.

該協議目前面臨9,700萬美元的借入負債和1.02億美元的存款人和合成資產負債，將其推向破產的邊緣。

In response, THORChain has suspended its lending and savings programs, which will notably affect BTC and ETH withdrawals. This decision is part of a 90-day restructuring plan aimed at stabilizing the system and mitigating further risks.

作為回應，Thorchain暫停了其貸款和儲蓄計劃，這將顯著影響BTC和ETH撤離。該決定是為期90天的重組計劃的一部分，該計劃旨在穩定係統並減輕進一步的風險。

Terra Luna collapse

Terra Luna崩潰

The situation mirrors the Terra/Luna collapse, where the protocol’s dependence on its native token’s value led to catastrophic failure.

這種情況反映了Terra/Luna崩潰，該協議對其本地令牌的價值的依賴導致了災難性的失敗。

In May 2022, Terra, the third-largest cryptocurrency ecosystem at the time, collapsed within three days, wiping out $50 billion in valuation.

2022年5月，Terra是當時的第三大加密貨幣生態系統，在三天內倒塌，消除了500億美元的估值。

Aggarwal further stated that “it’s uncertain whether lenders can be fully compensated. Some have suggested that the shortfall could be covered by protocol fees collected over time.

阿格瓦爾進一步指出：“不確定貸方是否可以得到充分補償。一些人建議，隨著時間的推移，協議費用可以涵蓋該短缺。

But this overlooks an important point: the bulk of THORChain’s liquidity comes from its lending and savers platform, ThorFi. So it doesn’t make sense to consider THORChain and ThorFi as separate entities.”

但這忽略了一個重要的觀點：Thorchain的大部分流動性來自其貸款和儲蓄平台Thorfi。因此，將Thorchain和Thorfi視為獨立的實體是沒有意義的。”

As THORChain navigates this crisis, it is clear that there are inherent risks associated with protocols that are heavily reliant on the value of their native tokens, like THORChain.

當Thorchain在這場危機中導致這場危機時，很明顯，與Thorchain這樣的原始代幣的價值密切依賴的協議有固有的風險。

Effective risk management and sustainable design are crucial to preventing such scenarios and protecting users’ funds.

有效的風險管理和可持續設計對於防止這種情況和保護用戶的資金至關重要。

“Essentially, Thorchain needs to maintain significant liquidity over the long term. But this will be challenging because ThorFi’s lenders and savers will logically be trying to withdraw their funds en masse,”

“從本質上講，胸鏈在長期內需要保持大量流動性。但這將是具有挑戰性的，因為Thorfi的貸方和儲戶在邏輯上將試圖大批撤回其資金，”

Aggarwal said.

阿格瓦爾說。