One Asgard vault out of six getting clipped for $10.7M is survivable; a five-week halt is the tax paid for native cross-chain custody when the signer set has to be re-verified instead of patched like an app. RUNE trading flat on the reopen is rational: LPs need churn/keyshare hygiene to survive real flow before depth comes back. XMR/ZEC support and dynamic fees can be legit catalysts, but they also sharpen THORChain’s recurring policy headache when hacked ETH wants a BTC exit.

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