THORChain YieldPrice

(TCY)

TCY is an "equity-like" revenue-sharing token within the THORChain ecosystem, launched in May 2025. It represents a claim on the protocol's future revenue and was specifically created to compensate users affected by the "THORFi incident," which involved the sunsetting of the protocol's lending and savers products.

TCY was established as the core mechanism for Proposal 6, a strategic plan to address and resolve approximately $210 million in protocol debt. Rather than implementing a traditional bailout, THORChain chose to convert this debt into a revenue-sharing asset. This approach aligns the financial interests of the previously affected users with the long-term growth and success of the THORChain network, ensuring a sustainable resolution.

Eligibility is primarily for users with active funds in THORChain Lending, Savers vaults, or holding synthetic assets (Synths) at block 19,562,016 on January 24, 2025. TCY is not automatically airdropped; it must be manually claimed. Users need to link their original Layer 1 address (e.g., Bitcoin or Ethereum used for Savers) to a native THORChain address. The official claiming portal is `tcy.thorchain.org`, with integrated interfaces also available through ecosystem wallets like THORWallet, Edge, THORSwap, and Vultisig. There is no official deadline to claim.

Yield is earned exclusively when TCY is staked. When TCY is claimed, it is typically staked automatically. However, if acquired on the open market, users must manually stake it to receive payouts. The yield originates from 10% of all THORChain protocol revenue, encompassing swap fees and other system income, paid in perpetuity. This "real yield" is directly derived from actual network activity and growth, rather than through new token emissions or inflationary mechanisms. Payouts are distributed daily in RUNE, THORChain's native token.

TCY does not confer voting rights; it is strictly an economic, yield-bearing token. Governance and voting authority within the THORChain network remain exclusive to RUNE-bonded node operators. Furthermore, TCY is designed for "maximal freedom," meaning there are no lockup periods or "unbonding" countdowns for staking. Holders can unstake their TCY and sell it on the market at any time without restrictions, providing full flexibility.

While TCY's underlying code has undergone audits, its value and the yield it generates are entirely dependent on THORChain's swap volume and overall network activity. A significant decrease in network engagement would likely lead to a reduction in both the yield received and TCY's market price. Users must also be vigilant against scams, as the manual claiming process makes it susceptible to fake "claim" websites or phishing attempts. Always verify that you are using the official `tcy.thorchain.org` portal or a trusted ecosystem wallet for any transactions.