$RUNE Update:

I see a lot of people on my timeline that are under the impression that the protocol has failed and is insolvent. 

This is incorrect.

The protocol is a decentralized cross chain protocol is working perfectly. It generates huge fees and cannot go insolvent.

One of the additional features the team added was saving and lending. This is not actually part of the actual protocol but rather a feature on top. 

This feature had a design flaw/risk and it was materialized. The result is that savers and lenders can’t be repaid.

The amount is small <$75m.

This will now force the team to remove this feature, make lenders and savers whole in some way and let the protocol do what it is supposed to do - native , cross chain swaps. 

The huge lesson here is that L1s  must remain protocols that do what they do and any additional experiments must happen as apps. 

I think the team must focus on what Thorchain actually does and just make it the most comprehensive cross chain protocol.

Sometimes you need to face a tough lesson to be forced to pivot back to your core and I believe this has just happen.

For now I am holding my position as selling in panic has never worked for me (except with LUNA where I probably should have done that. )
#RUNE