Introduction
TCY token is a new start for Thorchain.
- TCY is a new token from THORChain, designed to address past debt and introduce a new yield model. Holders of TCY can stake their tokens to earn RUNE, with yields derived from THORChain protocol fees. The token aims to create a more sustainable ecosystem for THORChain. They're launching a new token called TCY on May 5th.
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What is Thorchain?
Thorchain is like a special tool that lets people trade different kinds of digital money without using a middleman. A middleman is someone or a company that helps two parties trade, like a bank. Thorchain is a decentralized liquidity protocol. "Decentralized" means it's run by a lot of computers all over the world, not a single company. "Liquidity" means how easily something can be bought or sold. And a "protocol" is a set of rules.
So, THORChain is a set of rules run by many computers that make it easy to trade different cryptos directly. Think of it like a super-smart exchange office, but it's run by computers all over the world, not a single company. This is super helpful because, in the cryptocurrency world, things are often separate. For example, you might have Bitcoin in which resides on one blockchain and Ethereum in another blockchain. THORChain lets you trade between these different "blockchains" directly.
What is Rune?
- Rune is another important token that THORChain uses. It helps keep things safe and makes sure there's enough money for people to trade.TCY is coming because THORChain had a Savers and Lending Project, which had some problems and they had to close it. So now they owe people a lot of money. So, THORChain is giving people TCY tokens instead of paying back that money the people had in the Savers and Lenders Project. This is what THORChain is doing with TCY.
Body
TCY
TCY stands for THORChain Yield. It's not just about fixing the debt; it's a new way for people to earn.
In the world of digital money, "yield" is like interest you earn in a savings account. If you have TCY, you can "stake" it, which means you can lock it up to support the network, and in return, you get a little bit of RUNE every day.
This RUNE comes from the fees that people pay when they use THORChain. Fees are charges for using the system.
So, if THORChain is doing well, TCY holders also do well.
It's a way to reward people for supporting the system.
There are also some things in place to help keep TCY stable and valuable.
For example, if people don't claim their TCY rewards, that money is used to "buy back" TCY. Buyback means to purchase something back. Also, some of the fees from trading TCY are used to buy it back too. And,THORChain itself is putting money in to buy TCY. This is like the company buying its own stock to increase its value.
Rujira Network
- Soon, there will be something called the Rujira Network. This will make TCY even more useful. People will be able to stake their TCY and get a special version of it that they can use in other parts of the digital money world. This composability unlocks new possibilities.
Composibility
- Composability is the ability of a system to work with other systems. This means they can still earn RUNE, but also use their TCY in other ways, kind of like using the same money in different stores.
Last thoughts
- So, May 5th is an important day for THORChain. TCY is a way to fix some problems, create a new way for people to earn, and make THORChain stronger for the future. It's a new chapter in how this system works.
There are some videos which explain this program more.
Deep Dive on Thorchain's TCY - Economics, Launch Date and Price Predictions
TCY Speculation, Rujira's Future and Will Thorchain Beat Binance? Featuring Patriotsounds
THORChain update before $TCY launch, community call!
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