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THORChain: Network recovery enters final stage, funds will be transferred to the new vault
BlockBeats News, June 20th, THORChain released an incident update stating that the network is entering the final stage of recovery. Currently, the integrity of each node’s keyshare is being verified using the new KeyVerify protocol. This step is used to confirm that each vault is in a secure state before the churn begins. If the verification passes, the next major step will be the churn, where the network transfers all funds to new vaults.
THORChain stated that the churn time is the current main variable and may take anywhere from several hours to several days. After the churn is completed, subsequent steps are expected to proceed quickly, including re-enabling Secured and Trade assets, LP operations, and finally restoring trading. The network recovery took longer than expected because the team prioritized security and stability at all times. They will continue to share more updates later.