THORChain Yield

TCY, short for THORChain Yield, is a digital token created to resolve approximately 210 million dollars of debt that THORChain accumulated through a set of features collectively called THORFi, which included lending and savings products that defaulted in January 2025. Rather than leaving creditors with a total loss, each dollar of outstanding debt was converted into one TCY token, giving former creditors a continuing stake in the network's revenue. The token is therefore aimed at those who were owed money by THORChain and at anyone seeking exposure to a revenue-sharing mechanism tied to THORChain's activity.

TCY holders must stake their tokens to receive their proportional share of a revenue stream; holding tokens without staking does not entitle them to distributions. Ten percent of all revenue generated on THORChain is directed to staked TCY holders and paid out in RUNE, the primary token of the THORChain network. The protocol specifies no block rewards attached to TCY, meaning distributions come entirely from fees paid by users of the THORChain network rather than from newly created tokens.

The revenue flowing to TCY holders originates from real user activity on THORChain — specifically, fees paid by people using the protocol — with 10 percent of total network revenue allocated to staked TCY in perpetuity, distributed in RUNE. The project describes this stream as non-inflationary because it is derived from fee income rather than token issuance. At the point-in-time figures recorded here, 185,733,558 tokens are in circulating supply out of a maximum of 210,000,000, representing 88.44 percent of the maximum supply issued, with a dilution overhang of approximately 13.06 percent remaining. The fully diluted valuation sits at 1.13 times the current market capitalisation of 28,584,452 dollars, reflecting the relatively small gap between circulating and maximum supply.