THORChain Yield (TCY)

.@THORChain's POL just crossed 3M $TCY.

The engine:
→ TCY/RUNE pool fees buy TCY
→ Yield from unclaimed TCY buys TCY
→ POL's own yield buys more TCY

Constant buy pressure. Self-funded. Steady accumulation. https://t.co/bUdV2go4hq

I think the current value is signaling discounted cash flows

Anything significantly higher would signal premium cash flows

This is how companies like AAPL trade at multiples of earnings

The market is tough on @THORChain right now but what happens as it continues to innovate + grow volume? Anti-fragility of the protocol + growing cash flows will = TCY trading at a multiple on TC cash flows

What that multiple might be is tougher to say. In crypto, cash flows are more heavily discounted because of uncertainty

I think 3-5x cash flows is a fair valuation. Where this puts it relative to RUNE is tougher to say

One engine isn’t enough for permissionless, decentralized money. Redundancy between chains is what keeps everything alive and trustless.⚡️

@khalkaz and @AaluxxMyth take that idea further with a deep dive into TCY. The full journey, Proposal 6, and why cross-chain resilience matters.
Worth a listen if you care about TCY. 🎧✨ https://t.co/ZIF6vnBV5c