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THORChain, a decentralized network of nodes managing vaults, is gaining traction in the crypto space. Users can borrow stables against BTC or ETH at 0% interest. $50 million has been borrowed through THORChain lending. Strategies include using ETH as collateral to borrow at 50% and investing in high-yield DeFi markets. THORChain allows borrowing against native Bitcoin without liquidations, interest, KYC, or time limit to repay, potentially unlocking the $1.3 trillion native Bitcoin DeFi market. More collateral in THORChain leads to burning of $RUNE tokens.
Come for the swaps, savings, liquidity provision, or borrows. Stay for the freedom. Recognize what it means. @THORChain is Bitcoin's most aligned protocol. $RUNE $BTC
How exactly does @THORChain sell the 1 BTC? It sends it to its BTC LP for an appropriate amount of RUNE. So the BTC isn't in a vault as collateral, but it is in the network. To worry that TC cannot repay BTC when the loan is paid off is to worry that the number of BTC in TCโฆ https://t.co/TPtuylZrJw
Dip or not, @THORChain lending demand is accelerating. Last 24h 55 BTC (~$4M) and 1306 ETH (~$5M) were deposited, causing $4.5M $RUNE to be burned.