THORChain: Network Recovery Enters Final Phase, Funds to be Transferred to New Treasury

BlockBeats News, June 20th, THORChain released an event update stating that the network is entering the final stage of recovery. Currently, the integrity of each node's keyshare is being validated through the new KeyVerify protocol. This step is to ensure each vault is in a secure state before churn begins. If the validation is successful, the next major step will be churn, where the network will transfer all funds to new vaults.

THORChain has indicated that the churn time is the current key variable, which could take anywhere from hours to days. After the churn is completed, subsequent steps are expected to progress rapidly, including re-enabling Secured and Trade assets, LP operations, and finally restoring trading. This network recovery has taken longer than anticipated due to the team consistently prioritizing security and stability, and further updates will be shared in the future.