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|Legacy
BTCBTC
💲71724.02
+
1.59%
ETHETH
💲2108.75
+
1.66%
SOLSOL
💲88.63
+
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0.25%

Erik Voorhees
Erik Voorhees|May 22, 2025 17:59
Bitfinex, after it's hack in 2016, and Thorchain, after its Thorfi lending mechanism blew up earlier this year, both pursued a novel path that is only possible in crypto. They issued a token, granted to creditors, which was imbued with a share of future profits. This allowed creditors to either instantly get a material portion of their lost funds back, or hold the token for some time and potentially earn *more* than they lost. See below chart of LEO since the hack... 1 debt token has risen by 8x in less than a decade. As an alternative to a normal bankruptcy proceeding, it is far superior. Compare Bitfinex's result to Gox. This method of using a crypto token deserves further study and exploration. Earnest financial innovation, purely market based, among self-interested parties who don't know or trust each other.
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Timeline

Jun 21, 15:35【Launching tokens and purchasing options】
Jun 21, 14:30【Thailand releases public feedback on new regulations】
Jun 21, 14:01【Baillie Gifford launches UK's first tokenized fund】
Jun 21, 13:20【Launched tokens with a market value of 8 million】
Jun 21, 12:48【The potential impact of stablecoin explosion on the financial system】
Jun 21, 12:32【Hong Kong will become a cross-border asset management center within 2-3 years】
Jun 21, 11:36【The Wildcard team AMA has rich content, focusing on token and game releases】
Jun 21, 10:59【Free use of FishBit tokens for automatic farming】
Jun 21, 10:30【Hacken suspends HAI bridging transactions between Ethereum and BNB chains】
Jun 21, 09:14【The new generation of DEX CoinSwap has been launched on the mainnet and IDO has been activated】

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