THORChain Yield

THORChain Yield, ticker TCY, 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. Each dollar of that debt was converted into one TCY token, so former creditors received tokens rather than suffering a total loss. The token is designed for those creditors, giving them a continuing stake in a portion of THORChain's network revenue in place of the cash repayment they were owed.

TCY is classified as a yield-bearing token, meaning its function is to pass revenue through to holders rather than to secure a blockchain or power transactions directly. Holders must stake their TCY tokens to become eligible for their proportional share of the revenue allocated to the token. That revenue is distributed in RUNE, the primary token of the THORChain network, and the protocol designates 10 percent of all THORChain revenue, in perpetuity, for this purpose.

The revenue directed to TCY holders originates from real user activity on THORChain, such as swap fees, and the protocol states explicitly that there are no block rewards, so none of the revenue flowing to TCY is newly created or inflationary. Ten percent of all network revenue is earmarked for TCY holders in perpetuity, paid out in RUNE. At the point-in-time recorded here, 185,618,432 tokens are in circulation out of a maximum supply of 210,000,000, meaning 88.39 percent of the total supply has been issued, with a remaining dilution overhang of approximately 13.14 percent representing tokens not yet in circulation.