2/ @THORChain is a protocol that's the first of its kind and every aspect of it should be plotted over time for inspection: economic security, system health, liquidity provisioning, flows, earnings & the fee model - each of these has a dozen of verticals for inspection.
3/ There's no better way to tell a system's growth story than a birds-eye view dashboard - fixed in time numbers suck. We'll share & explain each new chart we plot & provide weekly updates on the most important ones over time.
4/ We will start with a few simple ones. Here's the daily non-$RUNE TVL pooled into @THORChain - the chain was stopped for a month after the hacks & later restarted with very limited functionality - even without native $RUNE transfers initially!
5/ The reported USD value in the pools doesn't change during September because they were frozen (not getting arb-ed) & there's no external price oracle feeding data to THORChain (no need for extra attack vectors). When trading was resumed almost no liquidity was withdrawn!
/6 Another cool chart is the daily swap count - the number of swaps performed after trading was resumed is almost identical to the levels seen before the hacks - almost as if people were missing a much-needed & beloved service?!
7/ We're just getting started - expect threads on each new metric that's plotted & a regular stream of weekly updates on the most important ones - there's a LOT more to show than simply TVL & Volume! Thanks to @flipsidecrypto for the analytics infrastructure!
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1/50 🧵 @THORChain is slowly resuming operation after the sobering hacks 2 months ago and the hardening that followed. This thread is about my thesis for the protocol and what it means to me. Not financial advice. No rocket emojis & price targets here. #DYOR
2/50
I initially ignored TC (THORChain) back in February because it sounded a bit goofy. The web page I landed on looked like an infomercial. Everything changed after I read @multicoincap's analysis in May: assets.ctfassets.net/qtbqvna1l0yq/5…
3/50
I understood the deterministic price floor of $RUNE and the size of the total addressable market (TAM) for a cross-chain DEX and what followed was a 4-month obsession. There are only 3 whitepapers that I've read more than once: #Bitcoin, #Ethereum, and @THORChain