徐明星 Star Xu on Kaka Web3

I don’t think THORChain’s TSS + validator model represents true decentralization. The selected validators set collectively controls the underlying assets in the TSS vaults. Once the signing threshold is reached, those validators can move the funds. So from a custody perspective, THORChain is not comparable to Bitcoin or Ethereum base-layer consensus — it effectively acts as an intermediary between users and the native chains. TSS distributes control among multiple parties, but distributing an intermediary does not eliminate the intermediary.