Thorstarter Post Strategic Sale
Thorstarter explained events during yesterday’s strategic sale, and what happens next.
Breakdown of Events
Here is what happened:
14:00 UTC — Creating pools close to launch
- The pool had to created at the last minute because it required the caps to be raised to accommodate $750,000 USD in RUNE.
- The caps raise occurred at 14:00 UTC on the dot without issue. As people started refreshing the sale page, the THORChain node used by most UIs — thornode.thorchain.info — started getting overloaded with requests.
- This stopped the node from being able to recognize the caps raise for about 8-10 minutes. This resulted in a blockage to any users looking to add liquidity for the new XRUNE pool using THORSwap & other UIs.
- They also encountered additional issues with THORChain UIs.
The button to create a pool — after entering an asset quantity — didn’t show on THORSwap. - Asgard.Exchange was stuck on the “Approve” step and unable to pick up the fact that we approved the THORChain router contract on Ethereum for the transaction 2–3 times already.
- Similarly, they were unable to create the pool on SKIP Exchange.
14:17 UTC
- They sent both sides of the LP transaction manually.
- 75M XRUNE was sent using the Etherscan.io contract page for the THORChain router and manually filled in the deposit memo.
- They then tried using the “pending liquidity” UI on THORSwap to complete the RUNE side of the transaction. The UI would not display the XRUNE sent.
- They ended up sending the RUNE using the Asgardex desktop application and entering the right memo manually (but even then, our transaction took ~8 minutes to show up on UIs and THORChain explorers).
14:29 UTC
- Immediately after pool was created they turned on the faucet and people started becoming LPs (at around 14:29).
THORChain Network Congestion
The volume of transactions was unprecedented and served as a stress-test for the THORChain network. The underlying TC nodes struggled to handle the amount of volume, which led to issues for end users.
The errors seen at the very beginning of the sale were in part due to the THORNode being overloaded (Error 429) but also in part related to the XRUNE pool not being live yet / the faucet not being enabled yet (Error XRUNE Pool not live / Failed Ethereum transactions).
Mitigation Efforts
They didn’t anticipate the THORChain / RUNE transaction failing so much, so the only way to retry adding liquidity was to click the “Deposit” button again and send the ETH Faucet transaction another time (paying ~10–15$ in gas fees)
To mitigate this, shortly after launch, an “ADD ONLY RUNE” button was added letting people try that part of the process over and over, without the need for an Ethereum transaction (at around 14:49).
Compensating Users
They recognize that many users attempted to deposit RUNE through our contract while the pool was not yet live, between 14:00 and 14:29 UTC. This resulted in multiple gas fees paid in ETH at a point when the network was overloaded, and the pool unavailable.
They are evaluating the extent of affected users based on ETH transaction history and volume, and considering several options for covering part of these fees.
Public Sale Details
For those that couldn’t get into the strategic sale we welcome you to join the public sale.
The SushiSwap ETH-XRUNE pool will go live on SushiSwap July 3 at 14:00 UTC.
The starting price of XRUNE in the pool will be whatever the price of XRUNE is in the RUNE-XRUNE pool at the time of launch. Note: we had originally announced a cap at this starting price. Pending feedback from the community, we may raise the cap such that strategic sale participants may benefit from price appreciation of XRUNE in the ETH-XRUNE pool.
Liquidity Rewards
Details of liquidity mining program are available here. Please note that all LPs will start receiving rewards soon after SushiSwap Public Sale ends.
The APY for all LP positions will start at approximately 400% then decay to approximately 50% over 1–2 months. Block rewards will be updated regularly to maintain these APYs commensurate with the amount of liquidity added to pools. Note that XRUNE liquidity mining rewards will be additional to the standard LP fees earned in the pools.
What is THORStarter?
Thorstarter is a decentralized launchpad created to bring cross-chain liquidity to long-tail crypto assets. The project transforms the way that new crypto projects source liquidity by providing a launchpad that brings cross-chain liquidity to ensure that funds are fairly raised.
📰 INFO:
https://blog.thorstarter.org/thorstarter-post-strategic-sale-timeline-and-recap-d92b712c78a2
