However, the following information is time-sensitive so this is a must-read for those with a vested interest in the protocol.
The “Killswitch”
With the impending launch of mainnet, THORChain nodes have voted to activate the “Killswitch”. When THORChain was initially launched it did not have its own chain. For most of its early existence, THORChain was actually running on Binance Smart Chain. At this stage, it was known as “Single-Chain Chaosnet (SCCN)”. RUNE was subsequently a BEP20 asset to facilitate operations on Binance Chain.
Eventually, THORChain launched “Multi-chain Chaosnet (MCCN)” which was the implementation of its own infrastructure, expanding operations to the chains currently available. Due to the launch of MCCN, there was no longer a requirement for BNB.RUNE or ETH.RUNE (RUNE ERC-20) and so the plan was to phase out those assets, with THOR.RUNE (Native RUNE) becoming the only RUNE in circulation.
The time is finally here with BNB.RUNE and ETH.RUNE being depreciated. Here’s an overview of what this looks like:
- From the 19th of July 2022, the Killswitch will activate.
- RUNE and ETH.RUNE will be redeemable for Native RUNE at a 1:1 ratio.
- However, the ratio will gradually decrease over time.
- For example, after 6 months the ratio will be 0.5:1 meaning 1 BNB.RUNE will only be redeemable for 0.5 Native RUNE.
- After 12 months the ratio will go to 0 meaning that BNB and ETH.RUNE will be worth nothing.
What’s the plan?
Cryptonary has already upgraded our RUNE in order to avoid any issues down the line. For those who are not sure how to upgrade native RUNE, it is fairly straightforward. Luckily, we have a full tutorial here!For those with any questions whatsoever, please do not hesitate to ask us questions through our support channels!
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