The first @THORChain loan repayments have now been made as 30 days (minimum loan duration) have passed since lending was launche

22 Sep 2023, 15:24

The first @THORChain loan repayments have now been made as 30 days (minimum loan duration) have passed since lending was launched. But did they net burn $RUNE? Let's have a look at the biggest loan to be repaid so far and find out. Loan Open On Aug 21, address bc1qh...ry2d deposited 0.4 BTC as collateral for a loan. /SpotWiggum/status/1705237105759125611/photo/1 The 0.4 BTC was swapped to 6,177 RUNE which was burned. The loan had a CR of 219% and so 2,809 RUNE was minted and sent to the user. Then on Aug 22, bc1qh...ry2d deposited another 0.4 BTC as loan collateral. /SpotWiggum/status/1705237105759125611/photo/2 The 0.4 BTC was swapped to 6,398 RUNE and burned. This time the user got a CR of 239% and so 2,674 RUNE was minted and sent to the user. Across the 2 deposits, a total of 0.8 BTC was provided as collateral and $9,035 of debt was withdrawn. Meanwhile, 12,575 RUNE was burned and 5,483 RUNE was minted. Net RUNE burn: 7,092 Loan Repayment On Sep 22, the user deposited 0.34 BTC to repay their whole debt. Remember, if a user takes out multiple loans, the positions are combined into one and cannot be repaid separately. /SpotWiggum/status/1705237105759125611/photo/3 The 0.34 BTC was swapped to 5081 RUNE which was burned. To repay the user's 0.8 BTC collateral 11,799 RUNE was minted and swapped to BTC. Net RUNE mint: 6,718 Impact on RUNE Supply Loan opening: 7,092 RUNE burned Loan repayment: 6,718 RUNE minted So there was a net burn of 374 RUNE over the lifetime of this loan! 🔥