TCY THORChain Yield Rank #636

THORChain Yield (TCY) is a yield-bearing token native to the THORChain ecosystem, a decentralized cross-chain liquidity network. TCY was created to address a debt situation that arose after THORChain's combined Lending and Savers features, known as THORFi, defaulted in January 2025. Each dollar of outstanding debt was converted into one TCY token, resulting in a total supply of 210 million tokens. This mechanism allowed creditors to receive a claim on future network activity rather than absorbing a total loss. TCY holders must stake their tokens to access a pro rata share of a revenue stream, which is permanently set at ten percent of all revenue generated on THORChain. Because THORChain does not issue block rewards, this revenue is sourced entirely from real user activity rather than token issuance, making the yield non-inflationary. Distributions to staked TCY holders are paid in RUNE, THORChain's primary network token. The design aligns the interests of former THORFi creditors with the long-term performance of the protocol, providing them with ongoing exposure to network revenue while supporting the broader stability of the THORChain ecosystem.