THORChain, a decentralized finance platform, has passed a proposal to convert almost $200 million of unpayable debt into equity through a new token called TCY (Thorchain Yield). This comes after the suspension of THORFi services in January due to financial uncertainties. TCY tokens will be distributed at a rate of 1 TCY per dollar of defaulted debt, turning lenders and savers into equity holders. Holders of TCY will receive a 10% share of THORChain's revenue indefinitely, providing a long-term incentive for those impacted by the debt crisis. The platform's cross-chain swaps, its main service, remain unaffected. The price of THORChain's native token, RUNE, has fallen 10% in the last 24 hours, reflecting broader market losses.



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