According to PANews on August 21, THORChain, a decentralized cross-chain transaction protocol, announced that THORFi Lending, a lending protocol, has been launched. Initially, it will provide ETH and BTC collateral loans, and will soon support all L1 Gas assets (BNB, BCH, LTC) supported by THORChain. , ATOM, AVAX, DOGE) are open for lending. The borrowing limit depends on the outstanding supply of RUNE, with a maximum collateralization ratio of 500% and a minimum collateralization ratio of 200%.
Users can lend their native L1 assets (BTC and ETH) to THORChain and borrow USD-denominated debt with no liquidation, no interest and no maturity date. The debt is denominated in TOR, but can be repaid with any THORChain-backed asset, including stablecoins. The minimum loan term is 30 days. Borrowers can repay the debt and repossess their collateral at any time after 30 days. The debt can be paid in part, but the collateral is not released until the debt is fully paid. THORChain reminds that there may be loopholes in THORChain Lending that need to be suspended or fixed. Node operators and developers will keep an eye out and fix it in time.
Previously, THORChain stated that it will launch a lending agreement, and the new agreement will increase the destruction mechanism of RUNE to promote RUNE into deflation.