Here is the expected sequence for bringing Rujira back online after the THORChain v3.21 upgrade.
The @THORChain upgrade | Hanami
Here is the expected sequence for bringing Rujira back online after the THORChain v3.21 upgrade.
The @THORChain upgrade is currently estimated to take place in around four hours, at approximately 3 PM UTC today. The block height determines the actual timing.
Once the THORChain upgrade completes successfully:
1. We will ask Node Operators to keep the Credit Account contract paused for an additional 24 hours. Two loan positions are currently above 100% LTV, so this grace period would give affected borrowers time to repay debt and manage positions before liquidations resume.
2. Once this measure is in place, we will ask Node Operators to unhalt the CosmWasm contract. This will bring most Rujira products and activity back up and running, except for any individual contracts that remain paused.
3. At the same time, we will ask to resume the bRUNE contract. We will then crank the contract to get the accumulated rewards distributed and might small mint cap raise to allow auto-compounding rewards to be processed.
4. Over the following days, we will upgrade and relaunch the Virtualization Strategy so it can resume transmitting liquidity between Base Layer and App Layer liquidity. Before that, we will settle the outstanding Virtualization Strategy debt using team’s treasury funds.
Most Rujira products can therefore return shortly after a successful v3.21 upgrade. bRUNE staking and the Virtualization Strategy will follow in stages.
All timing remains subject to the upgrade completing successfully and the required Node Operator actions. We will keep you updated as each step is completed.
Follow the THORChain upgrade here: https://t.co/zIddiPu459
Retweeted by @THORChain from @RujiraNetwork