THORChain Yield

TCY, short for THORChain Yield, is a token created to resolve approximately 210 million dollars of debt that THORChain accumulated through its THORFi lending and savings products, which defaulted in January 2025. Rather than suffering a total loss, creditors received one TCY token for every one dollar of debt owed to them, giving them a claim on a portion of THORChain's ongoing network revenue. The token is therefore designed for former THORFi creditors who exchanged an unsecured debt claim for a revenue-sharing instrument tied to the THORChain protocol.

TCY holders must stake their tokens within the THORChain protocol in order to receive their proportional share of revenue; unstaked tokens do not earn distributions. Ten percent of all revenue generated on THORChain is directed to the staked TCY pool and paid out in RUNE, the primary token of the THORChain network. The total supply was fixed at 210 million tokens, matching the dollar value of the original debt one-for-one, and there are no block rewards associated with TCY — all distributions come from fees paid by actual network users.

The revenue stream behind TCY originates entirely from fees paid by real users of THORChain, such as those swapping assets across chains, with no inflationary token emissions contributing to payouts. Ten percent of that total protocol revenue flows to staked TCY holders in RUNE on an ongoing basis. At the time this data was recorded, 185,546,142 tokens were in circulation against a maximum supply of 210,000,000, meaning roughly 88.4 percent of the total supply has been issued; the fully diluted valuation sits at approximately 1.13 times the current market capitalisation, reflecting the remaining unlocked supply. Twenty-four-hour turnover stands at about 1.3 percent of market capitalisation, indicating the volume of trading activity relative to the asset's size over that period.