As we know, the first IDO on Thorstarter is the Thorswap THOR token, scheduled to take place in September. As it stands there are two ways to participate in the launch; convert XRune to at least 100 vXrune and stake it, for an entry ticket if you like, then send desired amount of xRune in return for project token. Or, convert XRune to vXrune and stake it and participate in project token dividends, as part of the TS venture DAO. Both instances require XRune.
We also know that the TC issues have meant that a large number of the core ThorSwap community, TC supporters and ThorStarter supporters are currently locked out of their LPs, unable to access tokens. In some instances, for those who hold native Rune as a large portion of their portfolio, liquidity in that asset is non-existent.
The timeline has been revealed for MCCN return and it is likely to be an Oct 2021 completion. If the IDO goes ahead now, it effectively excludes members of the ThorSwap community that don’t have external, non-TC linked capital, but it also excludes the rune/XRune LPs who participated in the TS launch, with all of its issues and now can’t withdraw their xrune position aswell. The pool being made whole and functional is a TC issue, however, I believe the TC team, ThorSwap team and ThorStarter team (a lot of the leads of which have feet in all three camps) should be making representations on behalf of the community, to push the first IDO until the TC ecosystem is functioning and available.
As it stands right now, symmetrical LPs own the rights to a quantity of XRune in the rune/xrune LP. These people are being told that to participate in the first IDO, which marries two of the core elements of the Thorchain Ecosystem (it’s biggest LP interface and it’s official launchpad) they need to find additional capital and acquire XRune elsewhere or miss out. So through no fault of their own they have likely endured the flawed TS launch, supporting the pool to be the second largest on ThorSwap, sat through the TC suspension and now will likely miss the THOR launch!
Whilst I appreciate there are deadlines and commitments to projects/partners and technically the fact that XRune is ERC-20 and not native to TC means that there isn’t a technical reason the launch can’t proceed, I do believe that if we are to maintain an ethos of community amongst Thorchads, then we should find a way to delay the IDO. This would be my preferred route, to allow all people to participate fully, in their own chosen manner.
However if this is not possible, I believe there should be a way to accommodate the symmetrical Rune/XRune LPs in this launch. This could be achieved by taking a snapshot of the symmetrical pool participants at time of freeze and allowing their xrune position to participate, as staked vXrune, to at least provide some exposure to the launch via the Venture DAO. If it was done based on the time of the freezing of TC, their position would likely be on the lower side of their actual XRune holdings anyway, given price fluctuations on the paired assets, but even so, having a smaller exposure is better than no exposure.
In dealing with assymetrical Rune/XRune LPs, if delay isn’t possible, I think there is a case to exclude these from the staked vXrune idea based on the fact that they would never have had the facility as an assymetrical LP to take ownership of XRune anyway. Their intention in pooling was to earn fees and speculate on the price pair mechanism, likely to earn more rune, so a case can’t be made that they are “owners” of currently inaccessible XRune. However, they are TC participants and likely ThorSwap users, so even an airdrop allocation to them, is better than leaving them in the cold completely.
There has been intimations made that there is a large subset of the community that wants to push on with the launches as planned regardless of the issues…I have seen no vote, polling or data to show that is the case. THOR doesn’t even have any details of the IDO out yet, besides teaser posts on socials, and the IDO details are available only to privileged insiders. So I’d be interested to know how the community can have a view and opinion on pushing forward with all the IDOs as planned, with such an asymmetric information dissemination?
I’d appreciate the team’s and community’s thoughts on the above proposal