THORChain announced the launch of its lending feature, which has no liquidations, no interest, and no expiration. Users can access the lending service via THORSwap or Lends.
THORChain's lending feature supports using $BTC or $ETH as collateral now, and will be open to all Layer1 gas assets supported on THORChain. The collateralization ratio is between 200% to 500%. Debt is denominated in $TOR, a USD stablecoin that can't be held or traded and can only be used as the pricing instrument for debt in the lending feature. Loans have a minimum period of 30 days. Borrowers can repay their debt any time after 30 days and receive their collateral back. Partial repayments are possible, but the collateral is not released until the debt is fully repaid. Any THORChain-supported asset can be used to repay the debt.
The lending feature has a loan cap of 500 million $RUNE. According to THORChain, the feature may have bugs, issues, and vulnerabilities that may require chain pauses, halts, or fixes. Node operators and devs will stay alert in the coming weeks.
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