THORChain（RUNE）代币经济学

THORChain is a decentralized cross-chain liquidity protocol that utilizes its native token, RUNE, as the central hub for security, liquidity, and governance. The tokenomics are designed to create a deterministic relationship between the value of the network and the value of RUNE.

Issuance Mechanism

RUNE was initially issued with a maximum supply capped at 500,000,000 tokens. The issuance followed a multi-stage process:

• Initial DEX Offering (IDO): Conducted on July 20, 2019, where 20 million RUNE (4% of total supply) were sold.
• Seed Round: Occurred in December 2019, selling 3 million RUNE (0.6% of supply) at $0.02 per token.
• Emission Rewards: The protocol generates new RUNE through a block reward mechanism. These emissions are distributed to both node operators (validators) and liquidity providers (LPs) to incentivize network participation. The rate of emission is dynamically adjusted by the Incentive Pendulum algorithm.

Allocation Mechanism

The total supply of RUNE was distributed across several key stakeholder groups to balance development, investment, and community growth:

Note: Percentages may exceed 100% due to overlapping categories or adjustments in targeted supply over time.

Usage and Incentive Mechanism

RUNE serves four primary functions within the THORChain ecosystem:

1. Liquidity: RUNE is the settlement asset for every pool. It is paired 50:50 with external assets (e.g., BTC, ETH). This ensures that as the value of external assets in the network grows, the demand for RUNE increases proportionally.
2. Security: THORNodes must bond RUNE to participate in consensus. This "Proof of Bond" system ensures Sybil resistance. If a node misbehaves or attempts to steal assets, its bond is slashed to 1.5 times the value of the compromised assets.
3. Governance: While minimalistic, governance allows node operators to vote on network parameters (Node Mimir) and LPs to influence asset listing priorities by staking RUNE in specific pools.
4. Incentives (The Incentive Pendulum): This mechanism dynamically balances the amount of RUNE bonded by nodes versus RUNE pooled by LPs. The "Optimal State" is reached when 67% of RUNE is bonded and 33% is pooled.
   • If Under-bonded, rewards shift toward nodes to encourage more bonding.
   • If Over-bonded, rewards shift toward LPs to encourage more liquidity.

Locking Mechanism

THORChain employs several locking and bonding requirements to maintain network integrity:

• Node Bonding: To qualify as an active validator, a node must bond a significant amount of RUNE. As of early 2024, the minimum bond was approximately 538,600 RUNE, with a median bond near 953,200 RUNE.
• Liquidity Provisioning: LPs "lock" their RUNE and paired assets in continuous liquidity pools (CLPs). While they can withdraw at any time, the protocol provides Impermanent Loss Protection (ILP) that scales linearly over 100 days, incentivizing long-term provisioning.
• Module Holdings: Large portions of the supply are held in functional modules, such as the Bond Module (~21.06% of supply) and the Reserve Module (~16.49% of supply), which automate the distribution of rewards and security collateral.

Unlocking Time

The majority of RUNE's initial allocations have completed their vesting schedules:

• Team and Advisors: The 50 million RUNE allocation was reported as fully vested as of February 14, 2024.
• Seed Investors: Tokens allocated to seed investors (approximately 26 million RUNE) were scheduled to vest over the four months following the THORChain mainnet launch.
• Circulating Supply Trends: Data from 2024 to early 2025 shows a gradual increase in circulating supply, moving from 335.5 million in Q1 2024 to 351.7 million by Q1 2025, reflecting the ongoing distribution of emission rewards rather than large-scale cliff unlocks.