diff --git a/.gitbook/assets/liqudity-pools-with-rune.png b/.gitbook/assets/liquidity-pools-with-rune.png similarity index 100% rename from .gitbook/assets/liqudity-pools-with-rune.png rename to .gitbook/assets/liquidity-pools-with-rune.png diff --git a/native-cross-chain-swaps.md b/native-cross-chain-swaps.md index adcdef4..f90a0ef 100644 --- a/native-cross-chain-swaps.md +++ b/native-cross-chain-swaps.md @@ -19,7 +19,7 @@ Each blockchain has its own vault, operated collectively by THORChain's node net
- Liquidity pools with RUNE showing how different cryptocurrencies connect through RUNE as the settlement asset + Liquidity pools with RUNE showing how different cryptocurrencies connect through RUNE as the settlement asset
## Example: Swapping BTC to ETH diff --git a/network-security-governance.md b/network-security-governance.md index 8781460..800c421 100644 --- a/network-security-governance.md +++ b/network-security-governance.md @@ -12,7 +12,7 @@ The network relies on several mechanisms to ensure security, decentralization, a - **Securing liquidity pools**: Bonded RUNE secures the assets held in liquidity pools and acts as an economic deposit. If a validator attempts to steal funds, their bond is slashed - making dishonest behavior highly unprofitable - **Economic target**: The network aims to maintain a ratio where the total bonded RUNE is approximately twice the value of all non-RUNE assets in the liquidity pools. This makes attacks extremely costly and impractical -Note: Network paramaters can override this ratio and is controlled by the nodes. See the [Technical Documentation](https://dev.thorchain.org) for more information. +Note: Network parameters can override this ratio and are controlled by the nodes. See the [Technical Documentation](https://dev.thorchain.org) for more information. ## TSS – Threshold Signature Scheme diff --git a/overview.md b/overview.md deleted file mode 100644 index 8b501d4..0000000 --- a/overview.md +++ /dev/null @@ -1,71 +0,0 @@ ---- -description: A high-level overview of THORChain. ---- - -# Overview - -{% hint style="info" %} -This section provides a brief, plain language overview of THORChain. For more detailed information refer to the [technology](technology.md)section on the next page and the [whitepaper](https://github.com/thorchain/Resources/blob/master/Whitepapers/THORChain/whitepaper-en.md). -{% endhint %} - -## THORChain's liquidity protocol - -THORChain is a liquidity protocol based on [Tendermint](https://tendermint.com/) & [Cosmos-SDK](https://cosmos.network/) and utilising [Threshold Signature Schemes](https://eprint.iacr.org/2019/114.pdf) \(TSS\) to create a marketplace of liquidity for digital assets to be traded in a trustless, permissionless & non-custodial manner. - -THORChain's liquidity marketplace design obviates the need for order book exchanges when simply swapping one asset for another and provides ancillary benefits including manipulation resistance & on-chain price feeds. - -In plain language, THORChain is the infrastructure which enables global users to exchange digital assets freely in a deeply liquid market without sacrificing security. - -## Value proposition - -THORChain's value proposition is to connect asset holders together in a deep marketplace of liquidity with trustless, permissionless and non-custodial properties. Four personas - swappers, liquidity providers & traders provide value to the network and have their own value propositions explained below. - -### **Swappers** - -Swap between any digital assets on almost any blockchain in a trustless & permissionless manner with low fees and at fair market prices. Deeply liquid pools ensure fees are minimal and use of order book exchanges are minimised. - -[Refer here for more info on swapping](roles/swapping.md). - -### **Liquidity Providers** - -Turn unproductive assets into productive assets by depositing in liquidity pools, earn fees on swaps in a non-custodial and permissionless setting. Own a share of the pool and withdraw your share at any time. - -[Refer here for more info on providing liquidity.](roles/liquidity-providers.md) - -### **Traders** - -Profit from pool imbalances by arbitraging assets to restore pools to correct market prices when a large trade causes the pool to slip, or when external markets result in price asymmetry in liquidity pools. Automate trades & arbitrage while you're sleeping. - -[Refer here for more info on trading.](roles/trading.md) - -## Design - -THORChain has been designed to be blockchain agnostic, favoring no specific chain or asset; but connecting blockchains together via bridges which enable the movement of assets into pools & out to users. - -The following components have been considered in THORChain's design, enabling trustless, permissionless and non-custodial properties for staking, swapping & trading. - -### **Blockchain / Consensus** - -THORChain employs in [Cosmos SDK](https://github.com/cosmos/cosmos-sdk/blob/master/docs/intro/README.md) based Byzantine Fault Tolerant \(BFT\) [Tendermint](https://tendermint.com/) consensus engine. All peer-to-peer networking, block generation & consensus is managed by the Tendermint engine. - -The network can handle 1/3 malicious nodes and still maintain byzantine fault tolerance. This is because nodes are required to bond \(lock up\) [$RUNE](rune.md), the native currency of THORChain and can have their bond slashed for bad behavior \(for example proposing bad blocks\). This is important because nodes secure main-chain assets eg. Bitcoin, Ethereum, Monero etc. and there needs to be economic incentives \(and disincentives\) to avoid nodes running off with assets they secure in liquidity pools. - -The staking, swapping & trading logic is built on [Cosmos SDK](https://github.com/cosmos/cosmos-sdk/blob/master/docs/intro/README.md), which is a gold standard framework for building application specific blockchains. This is necessary for THORChain to create and manage cross-chain bridges and continuous liquidity pools. Observations, calculations & transactions are all performed using Cosmos SDK. - -_For more info on how THORChain utilises Tendermint & Cosmos_, refer _to the_ [_technology section here._](technology.md#consensus)\_\_ - -### **Cross Chain State Pegs** - -Cross-chain state pegs are what connects main chains to THORChain and enables assets to be pooled together and transferred in & out to liquidity providers, swappers & traders. The mechanism is called a **1-way state peg**, because the assets are not pegged \(such as in Keep Network, Wrapped Bitcoin etc\), instead the chain state is pegged instead - and it is only 1-way. Another way to think about it, is that THORNodes observe transactions on other blockchains and the truth about what was observed is ascertained through group consensus _"we all saw the same thing"_, instead of through proof _"_[_I can prove what I saw happened_](https://github.com/summa-tx/relays/tree/golang/golang)_"_. This is a far more flexible approach and can be abstracted much better. - -Nodes run clients for connected blockchains in order to reach consensus about what occurs on the main chain eg. block height, transactions etc. They make witness transactions into THORChain when they see a relevant transaction. - -### **Threshold Signature Schemes** - -Moving main chain assets around is risky business, and there are many tradeoffs and limitations associated with signature schemes in general. Since nodes secure the network and also manage billions of dollars in main chain assets, security needs to be paramount. - -THORChain employs threshold signature schemes \([TSS](https://eprint.iacr.org/2019/114.pdf)\) to provide the highest level of security and minimal amount of risk in generating new addresses & signing transactions when moving assets around. - -A single key/signature would be impractical, and multisig comes with risk. Shamir Secret Sharing \(SSS\) is superior to both however has the downside of exposing the private key at a single point in time. Threshold Signature Schemes \(TSS\) removes the burden of the single atomic key and splits the responsibility between parties. In this way, there is no key. Nodes perform multiparty computation \(MPC\) using their own secret share to generate a public key for main chain assets, and distributively sign to generate a single signature on the blockchain without ever revealing the private key. - -_For more info on how THORChain implements TSS, refer to the_ [_TSS section here._](technology.md#threshold-signature-schemes)\_\_ diff --git a/technical-deep-dive/economic-model.md b/technical-deep-dive/economic-model.md index e24310d..c1fbe1e 100644 --- a/technical-deep-dive/economic-model.md +++ b/technical-deep-dive/economic-model.md @@ -28,7 +28,9 @@ Detailed documentation on the Incentive Pendulum can be found in the [developer ### Token Distribution -There are a maximum of 500M RUNE. All supply was created at genesis and distributed as follows: +There are a maximum of **~360M RUNE** (reduced from 500M per [ADR-023](https://dev.thorchain.org/architecture/adr-023-rune-supply-restructure.html)). Exact max and circulating supply change with burns — use [rune.tools/supply](https://rune.tools/supply) for live figures, or the [Economic Model](https://dev.thorchain.org/concepts/economic-model.html) for protocol detail. + +All supply was created at genesis and originally distributed as follows: - 5% (SEED) and 16% (IDO) sold for capital to start the network and give it value. - 10% allocated to early developers who worked since 2018. @@ -36,7 +38,7 @@ There are a maximum of 500M RUNE. All supply was created at genesis and distribu - 44% placed in the Protocol Reserve to pay out to nodes and LPs for the next 10+ years. {% hint style="success" %} -All vesting has been completed. +All vesting has been completed. ADR-023 later burned most of the Reserve and capped max supply near total supply. {% endhint %} The [Reserve module](https://runescan.io/address/thor1dheycdevq39qlkxs2a6wuuzyn4aqxhve4qxtxt) and [other modules](https://runescan.io/addresses) can be viewed on RuneScan. @@ -46,9 +48,9 @@ The [Reserve module](https://runescan.io/address/thor1dheycdevq39qlkxs2a6wuuzyn4 Block rewards are calculated as: $$ -blockReward = \frac{ \frac{reserve}{emissionCurve}}{blocksPerYear} = \frac{ \frac{180,000,000}{8}}{5256000} = 4.28 +blockReward = \frac{ \frac{reserve}{emissionCurve}}{blocksPerYear} $$ {% hint style="info" %} -The [emission curve](https://dev.thorchain.org/mimir.html#economics) is currently set to 100,000, meaning block rewards are minimal, approx. 720 RUNE per year. +The [emission curve](https://dev.thorchain.org/mimir.html#economics) is currently set to 100,000, so block rewards are minimal (on the order of hundreds of RUNE per year). Live values: [Mimir](https://gateway.liquify.com/chain/thorchain_api/thorchain/mimir). {% endhint %} diff --git a/technical-deep-dive/fees.md b/technical-deep-dive/fees.md index bb193af..911cb9a 100644 --- a/technical-deep-dive/fees.md +++ b/technical-deep-dive/fees.md @@ -16,7 +16,7 @@ Fees in THORChain serve three purposes: - Spam/dust resistance: minimums and slip floors make abuse economically costly. - Stable UX expectations: users see predictable fee components rather than raw external gas volatility. -- Long-term sustainability: fee design reduces reliance on emissions alone. See [Incentive Pendulum](https://docs.thorchain.org/thorchain-finance/incentive-pendulum) for how fees and rewards adjust to balance liquidity and security. +- Long-term sustainability: fee design reduces reliance on emissions alone. See [Incentive Pendulum](economic-model.md#incentive-pendulum) for how fees and rewards adjust to balance liquidity and security. ## Fee overview @@ -28,7 +28,7 @@ Fees in THORChain serve three purposes: | Outbound Fee | Destination-chain gas × dynamic multiplier (OFM ~1–3×), which also covers protocol overhead | Deducted from the swap output; includes the THORChain network component | {% hint style="info" %} -Transactions on the THORChain chain itself (e.g., native RUNE or trade-asset transfers) incur the Native Transaction Fee of 0.02 RUNE. See [Fees dev docs](https://dev.thorchain.org/concepts/fees.html#3-network-fee). +Transactions on the THORChain chain itself (e.g., native RUNE or trade-asset transfers) incur the Native Transaction Fee of 0.02 RUNE. See [Fees dev docs](https://dev.thorchain.org/concepts/fees.html). {% endhint %} ## Inbound Fee @@ -42,11 +42,11 @@ THORChain’s CLP model applies a slip-based fee that scales with the amount of - [Streaming Swaps](https://dev.thorchain.org/swap-guide/streaming-swaps.html): large swaps are split over time to reduce single-block pressure and improve execution for patient swappers. - [`L1SlipMinBps` (Mimir)](https://dev.thorchain.org/mimir.html#swapping): enforces a minimum fee in basis points per swap, ensuring a floor even when pools are very deep. -For the slip math and derivations, see the [Fees dev docs](https://dev.thorchain.org/concepts/fees.html) and [Continuous Liquidity Pools](https://docs.thorchain.org/thorchain-finance/continuous-liquidity-pools). +For the slip math and derivations, see the [Fees dev docs](https://dev.thorchain.org/concepts/fees.html) and [Continuous Liquidity Pools](../thorchain-finance/continuous-liquidity-pools.md). ## Affiliate Fee -Interfaces can include an optional affiliate fee (in basis points) that’s collected via a registered THORName. See the [Affiliate Fee dev docs](https://dev.thorchain.org/concepts/fees.html#affiliate-fee) for information, and how to configure preferred payout assets. +Interfaces can include an optional affiliate fee (in basis points) that’s collected via a registered THORName. See the [Affiliate Fee dev docs](https://dev.thorchain.org/concepts/fees.html#3-affiliate-fee) for information, and how to configure preferred payout assets. ## Outbound Fee diff --git a/technology/cosmwasm.md b/technology/cosmwasm.md index 1f02443..0c09c84 100644 --- a/technology/cosmwasm.md +++ b/technology/cosmwasm.md @@ -39,4 +39,4 @@ The App Layer is **sandboxed** from the base layer: - [THORChain Developer Documentation](https://dev.thorchain.org/) - [CosmWasm Documentation](https://docs.cosmwasm.com/docs/) -- ADR-020: App Layer (full design and security details) +- [ADR-020: App Layer](https://dev.thorchain.org/architecture/adr-020-app-layer.html) diff --git a/thornodes/leaving.md b/thornodes/leaving.md index 978d79c..47bfd6b 100644 --- a/thornodes/leaving.md +++ b/thornodes/leaving.md @@ -81,7 +81,7 @@ To leave the system, send the following transaction from your original bond addr ⏱ _Wait a few minutes, verify you have received your bond back_ 👀 - `make status` should show `BOND 0.00` and your wallet should get the full Bond back. {% hint style="info" %} -View your node's status on [Runescan](https://runescan.io) or the [THORNode API](https://thornode.thorchain.info/thorchain/nodes). +View your node's status on [Runescan](https://runescan.io) or the [THORNode API](https://gateway.liquify.com/chain/thorchain_api/thorchain/nodes). {% endhint %} _🔥 Commence destroying your node 🔥_ diff --git a/thornodes/overview/README.md b/thornodes/overview/README.md index 1eb2300..518bebb 100644 --- a/thornodes/overview/README.md +++ b/thornodes/overview/README.md @@ -6,7 +6,7 @@ description: Overview of THORNodes ## Overview -THORNodes service the THORChain network. Each THORNode is comprised of several independent servers in a cluster. All THORNodes communicate and operate in cooperation to create a cross-chain swapping network. Running a node is a serious undertaking. While Node Operators are well [compensated ](./#compensation)for running a node, there are also [risks](risks-costs-and-rewards.md), [skills required](./#skillsets) and [costs](risks-costs-and-rewards.md#costs). +THORNodes service the THORChain network. Each THORNode is comprised of several independent servers in a cluster. All THORNodes communicate and operate in cooperation to create a cross-chain swapping network. Running a node is a serious undertaking. While Node Operators are well [compensated](risks-costs-and-rewards.md#compensation) for running a node, there are also [risks](risks-costs-and-rewards.md), [skills required](./#skillsets) and [costs](risks-costs-and-rewards.md#costs). See the [Node Operator 101 Video](https://youtu.be/XXYXNAolPEU) to learn more before running a node. @@ -43,11 +43,11 @@ Running a THORNode is no simple task. As an operator, you will need to run/maint If the answer is no, it’s probably best that you do not run a node and participate in the network in other ways, such as a [RUNEPool participant](../../thorchain-finance/runepool.md)or a [bond provider.](../pooled-thornodes.md) The following skill sets are required to be an effective node operator. -* Advanced knowledge of Linux server administration and security -* Advanced knowledge of Kubernetes -* Advanced experience running a host of nodes on a hosted platform such as AWS, Google Cloud, Digital Ocean, etc -* Knowledge of running full nodes for other chains such as Bitcoin and Ethereum. -* Willingness to be “on call” at all times to respond to issues when/if your node becomes unavailable +- Advanced knowledge of Linux server administration and security +- Advanced knowledge of Kubernetes +- Advanced experience running a host of nodes on a hosted platform such as AWS, Google Cloud, Digital Ocean, etc +- Knowledge of running full nodes for other chains such as Bitcoin and Ethereum. +- Willingness to be “on call” at all times to respond to issues when/if your node becomes unavailable ## Creating a Node @@ -68,7 +68,7 @@ Once created, follow the [Deploying](../deploying.md), [Joining](../joining.md) ## Node Voting -THORNodes have the ability to vote on [Mimir](https://midgard.thorchain.info/v2/thorchain/mimir) settings. This is important when voting for [ADRs](https://dev.thorchain.org/architecture/index.html) and important network changes. +THORNodes have the ability to vote on [Mimir](https://gateway.liquify.com/chain/thorchain_api/thorchain/mimir) settings. This is important when voting for [ADRs](https://dev.thorchain.org/architecture/index.html) and important network changes. Mimir settings have specific [abilities](https://gitlab.com/thorchain/thornode/-/blob/develop/docs/mimir.md). The process for voting from a node is: @@ -78,7 +78,7 @@ Make mimir => Enter THORNode Mimir value: ``` -1. Mimir keys and values are listed in the [Mimir endpoint](https://midgard.thorswap.net/v2/thorchain/mimir). +1. Mimir keys and values are listed in the [Mimir endpoint](https://gateway.liquify.com/chain/thorchain_api/thorchain/mimir). 2. A node can vote at any time on any key value. 3. A node's vote is valid as long as they are active (and removed if they are not). 4. 2/3rds of active nodes need to agree for the change to happen diff --git a/tokenomics-rune-tcy.md b/tokenomics-rune-tcy.md index 4c8b7e4..d18f8da 100644 --- a/tokenomics-rune-tcy.md +++ b/tokenomics-rune-tcy.md @@ -8,10 +8,10 @@ RUNE is the native utility token of the THORChain ecosystem, and it sits at the ## RUNE Tokenomics -- **Total Supply:** ~425M RUNE (reduced daily through the burn mechanism) -- **Circulating Supply:** ~350M RUNE -- **Reserve:** ~75M RUNE -- **Latest numbers:** [rune.tools/supply](https://rune.tools/supply) +- **Maximum supply:** ~360M RUNE ([ADR-023](https://dev.thorchain.org/architecture/adr-023-rune-supply-restructure.html)) +- **Circulating / total supply:** decreases with burns — see [rune.tools/supply](https://rune.tools/supply) for exact figures +- **Reserve:** reduced under ADR-023; current balance on [RuneScan](https://runescan.io/address/thor1dheycdevq39qlkxs2a6wuuzyn4aqxhve4qxtxt) +- **Protocol detail:** [Economic Model](technical-deep-dive/economic-model.md) All RUNE tokens have been released – there are no vesting schedules or locked allocations. diff --git a/what-is-thorchain-and-rune.md b/what-is-thorchain-and-rune.md index 8b01476..9843248 100644 --- a/what-is-thorchain-and-rune.md +++ b/what-is-thorchain-and-rune.md @@ -12,7 +12,7 @@ Unlike centralized exchanges: - You don't have to trust a company to hold your funds Example: -If you own Bitcoin and want Ethereum, you just send Bitcoin from your wallet and receive Ethereum back in a single transaction, osmos Hub (ATOM)no exchange accounts, no middlemen. +If you own Bitcoin and want Ethereum, you just send Bitcoin from your wallet and receive Ethereum back in a single transaction — no exchange accounts, no middlemen.