THORChain, a decentralized liquidity protocol, plans to issue a new equity token called Thorchain Yield (TCY) to tackle its $200 million debt crisis, the team said on Sunday. The new token is part of a community-backed initiative known as “ Proposal 6 ." According to the plan, THORChain intends to distribute TCY tokens to its creditors to convert debt into equity stakes within the network. The proposal is designed to strengthen THORChain’s financial stability after the recent suspension of its THORFi operations, which was triggered by insolvency concerns. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io