The native RUNE token of the THORChain network dropped 20% in the past 24 hours following news that all transactions would be stopped and that the protocol would undergo maintenance until further notice.
The plan, which was announced on their official Twitter account, is to halt all activity on the network for a few days so that it can undergo some critical updates. The developers claim this will enable them to fix a bug related to RAM usage on their chain.
The move comes after several users complained about missing funds from their accounts and others being unable to send or receive payments due to what appears to be an error with RAM usage (a form of computer storage) on their chain.
THORchain Faces Software Scare
DeFi is the term for decentralized finance protocols that allow users to perform financial transactions without relying on a middleman. In this case, there are several different DeFi protocols that can be used to exchange value between different blockchains and other kinds of digital assets. One example of a Defi protocol is MakerDAO’s DAI token, which is backed by collateral and can be used as an alternative to traditional fiat currencies (e.g., USD).
Because these systems are entirely decentralized and operate off-chain, they can be more efficient than centralized exchanges when it comes to processing time and transaction costs. However, because they do not have their own order books (like most centralized exchanges), there may be fewer opportunities for arbitrage trading within DeFi platforms compared with traditional exchanges like Coinbase Pro or Binance—but that might change as the market matures further over time!
Users can withdraw funds from THORChain at any time by using a withdrawal address, which is available in their wallet on the THORChain website, or via an API call to the backend services at ` https://api.thorchain.network`.
