Proposal: Whitelist THORChain (ERC-20 RUNE) + 600k Co-Invest

Proposal: Whitelist THORChain (ERC-20 RUNE)

This proposal is expected to appear on Snapshot for voting on June 28, 2021 12:00 PM .


  • Whitelist RUNE (ERC-20)
  • Great Liquidity to Volume Ratios.
  • 600,000 BNT Co-Invest in order to beat out the Sushi pool.
  • ThorChain has passed multiple Audits and has proven to be a great force/addition in the decentralized space. Their community is incredible and Thorchain has spoken of Bancor in the past.

Project Site :

Contract Address: 0x3155ba85d5f96b2d030a4966af206230e46849cb

Token Security

RUNE (ERC-20) Is the ERC-20 Version of the native RUNE token on ThorChain, It does not have a rebase mechanism or elastic supply. THORChain has passed many high quality audits, and though it’s team is anonymous they have proven to be one of the best anonymous teams out there by garnering a massive community behind them to assist with liquidity provision, marketing, engineering, maintenance, support, and community management.


THORChain is a decentralised network focused on bringing liquidity to cross-chain assets. It does this using a simple Uniswap-like automated market maker (AMM) design. Some have called it “Uniswap for the multichain world”. THORChain has been live with mainnet assets since September 2020. The project is built on tried-and-tested technical and economic primitives, including Tendermint BFT, Cosmos SDK, Gennaro and Goldfeder’s Threshold Signature Scheme (TSS) and a variant on Uniswap’s constant function market making formula.

(áš±) RUNE Powers & Secures the Network.

  1. Liquidity. As a settlement asset.
  2. Security. As a sybil-resistant mechanism and means for driving economic behavior.
  3. Governance. To signal priority on-chain.
  4. Incentives. To payout rewards, charge fees and subsidise gas.
  5. Amplifier. to elevate assets

To read more thoroughly how everything works:

Co-Investment Reasoning

Currently, there are two major Pools in Uniswap and Sushiswap, both garnering a good amount of volume. A 600,000 Co-Investment makes the most sense in order to have greater depth than Sushi so we can pick up a greater amount of aggregator trades (600BNT = ~1.8M USD of Liquidity). It is within reason that the THORChain Team and or Community will pick this up since they have a good knowledge of what bancor is and does and have talked about it in their socials before. They are particularly fond of Bancor’s ability to insure Impermanent Loss. We are open to changing the Co-Investment as well if there are other Ideas as to a number.

RUNE Uniswap data
RUNE Sushiswap data

*The day the picture was taken the Volume was quite low so I highlighted some levels to show the proportions on the candles above.

THORChain Details

RUNE Price $6.29
Market Cap $102,371,734
Market Cap Dominance 0.01%
Trading Volume $645,471
Volume / Market Cap 0.0063
24h Low / 24h High $5.82 / $6.49
7d Low / 7d High $5.28 / $6.40
Market Cap Rank #260
All-Time High $20.76 -69.6%
All-Time Low $1.55 308.2%

Community and Communication

Reddit :

Twitter :

Telegram : Telegram: Contact @thorchain_org

Github : THORChain · GitHub

Official Docs:

Community Education:

Available Audits

All Audits Here : Resources/Audits at master · thorchain/Resources · GitHub

  • CertiK – token model and application security
  • Gauntlet – economic security & mechanism design
  • Kudelski Security – cryptography review
  • IOActive – node infrastructure

Benefits for Bancor & THORChain:

  • Unlocking deeper liquidity on the Bancor Network for Rune is mutually beneficial as THORChain users tend to be committed and long-term LP’s. Many users interacting with DeFi and the $RUNE asset specifically feel more comfortable having exposure to the asset strictly on the Ethereum network, it would be in Bancor’s best interest to give these HODLers a home to park their precious $RUNE and generate passive yield.

  • The whitelisting of $RUNE(ERC-20) would tap into one of the biggest, strongest communities in DeFi, Bancor would become the go-to for many $RUNE holders that would like to provide single-sided liquidity outside of the native THORChain ecosystem. This would generate massive attention for both Bancor & THORChain, with both combined boasting a massive ~$1.2 billion in liquidity (not considering liquidity bonded from THORChain nodes).

  • The whitelisting of the ERC-20 version of the $RUNE asset could solidify a strong bond between both project’s communities, in the sense that both communities would interact with each other’s platforms and further discover new ways for providing liquidity/swapping. It’s also worth noting that Rune has previously shown an interest in bancor so the reciprocity of further collaboration is possible and one could see the Thorchain team listing us in return (Although this is not a guarantee).

Proposal created by @_krris & @tenzents

Thank you for your consideration and time.


Hello Everyone,
I helped draft this proposal has my full support, I’d ideally like to see us beat UNI in TVL but kept it to 600K in order to beat out sushi instead to keep it a bit more conservative. ThorChain community is akin to the marines so this should pick up some traction. Also there is clear interest for LP-ing on ETH chain as seen by the depths of these pools.


Can’t say I particularly appreciate this being sprung on us literally hours before the vote. I feel like there should be a freeze period over the weekend where no new proposals can be moved up Level 2; I’ll make a proposal for that later this week.

Why drop this now? I haven’t heard anything about this until just now. I haven’t even had time to properly identify what THORChain is, let alone study it enough to make an informed vote on behalf of others.

If this doesn’t go to vote today, I will study it over the course of the week and make a decision for when it does go to vote, but I have to say that I’m a little put off by this.

If this goes to vote today, I cannot vote on it in good conscience.


It was set to next week but I was asked by a team member if we wanted to push it today, said there shouldn’t be a problem. I think in general the decision is fine, Thorchain is really well established (you should look into it) and is a large cap. However, There usually is a 3-4 Day wait time.


Indeed the initial date was proposed for 7/5 to go to voting. If you’d like, can point in you in the best direction to learn more about THORChain and what the project has going on. Massive, and extremely active community ranging from their TG to Twitter that can also answer any misc. questions, for reference, here:

Above link is the best place to start and best compiles some of the backend data, for further deep diving on the token $RUNE and it’s purpose in THORChain, see here:

LMK if there’s any further data that you’d find useful