PANews reported on February 3rd that according to The Block, THORChain governance passed a restructuring plan proposal, planning to issue a new token called TCY (Thorchain Yield) to convert nearly $200 million in defaulted debt into equity. The proposal includes minting 200 million TCY tokens, distributing 1 TCY token for every dollar of defaulted debt. The core team expects to create a RUNE/TCY liquidity pool, providing $500,000 in liquidity, with the price of TCY at $0.1 per unit, which will be supported by $5 million in treasury funds. TCY token holders are entitled to receive 10% of THORChain's revenue permanently.

Earlier news, THORChain announced the launch of a 90-day restructuring plan, suspending THORFi lending and savings redemption.