Pharo

Aug 27, 2021

2 min read

Wisdom of the Thorchain Crowd

If you’re part of the Thorchain crowd, or following recent headlines, you may have heard about this unique cross-chain bifrost getting hacked. Since then, EVERY insurance/cover protocol has been scrambling to service this market; Thorchain is a necessary utility 🧰 and we don’t believe this is the end of cross-chain exchanges.. Polkadot kinda has it built in already. Thing is, NO ONE KNOWS the real failure rate, no one KNOWS when the next hack is coming, forcing the nexus mutuals of the world to be understandably conservative.

This leaves a real gap in the market.

So what is the Thorchain hack rate? Thorchain addressed the hack in detail and are of course taking steps to close the loopholes, but any system built by people can be broken by people; Loki is burdened with glorious purpose after all.⚡️

So what to do? 🤔

There has to be a system that can accommodate new information, that rewards people for taking positions outside the “sacred timeline” while maintaining some minimum stability. Pharo aims to build this system, and we’d like to reward 💵 you for testing it with us.

Towards that end we announced in Monday’s 8/23/21 AMA an airdrop with a twist: Provide your best guess when Thorchain will be hacked next, and be eligible for the MUCH LARGER Thorchain $PHRO airdrop. Everyone in the Pharo discord that signs up will receive one-thousand (1K) $PHRO. To participate in the Thorchain $PHRO airdrop, stake your $PHRO in our vault, receive your $gPHRO, and provide your Thorchain hack estimate.

The Thorchain airdrop will be 👀 100K $PHRO. If everyone were to guess the exact same rate, then the 100K would be evenly distributed.. 😒 If one person guesses correctly, and is separated from “the pack”, they will earn the lion’s share of the rewards 💥 .. but if they guess incorrectly… you get the idea 🤓