Thorchain: Everything You Need to Know About it

What exactly is THORChain (RUNE)?

THORCHain is a decentralized liquidity protocol that allows users to easily trade bitcoin assets across multiple networks while maintaining full custody of their holdings.

THORChain users can effortlessly swap one asset for another in a permissionless framework, eliminating the need to rely on order books for liquidity. Instead, the ratio of assets in a pool maintains market prices (see automated market maker).

RUNE is the native utility coin of the THORChain platform. Since THORChain nodes must pledge a minimum of 1 million RUNE to participate in its rotating consensus process, RUNE is used as the base currency of the THORChain ecosystem, as well as for platform governance and security. as part of THORChain’s Sybil resistance capabilities.

THORChain received funding through an initial DEX offering (IDO), which appeared on the Binance DEX in July 2019. Its mainnet was scheduled to launch in January 2021, however, a multi-chain upgrade was pushed back to 2021.

Who are the founders of THORChain?

The platform does not have a CEO, founder or director, according to an official THORChain spokesperson. Gitlab is instead used to organize the future development of the platform.

Additionally, the people currently working on the project are mostly anonymous. Again, a THORChain official claims that this is done to “protect the project and ensure its decentralization”.

A tweet from the project, as seen below, explains why a project with an unknown team is continuing:

Developers contribute to nodes by providing code that increases the value of the system.
Nodes help stakers by protecting assets and staying online.
The stakers bring in money, which is then made available to the swappers in the market.
Swingers pay a fee, which results in economic activity.

coinpedia.org

What exactly is THORChain (RUNE)?

THORCHain is a decentralized liquidity protocol that allows users to easily trade bitcoin assets across multiple networks while maintaining full custody of their holdings.

THORChain users can effortlessly swap one asset for another in a permissionless framework, eliminating the need to rely on order books for liquidity. Instead, the ratio of assets in a pool maintains market prices (see automated market maker).

RUNE is the native utility coin of the THORChain platform. Since THORChain nodes must pledge a minimum of 1 million RUNE to participate in its rotating consensus process, RUNE is used as the base currency of the THORChain ecosystem, as well as for platform governance and security. as part of THORChain’s Sybil resistance capabilities.

THORChain received funding through an initial DEX offering (IDO), which appeared on the Binance DEX in July 2019. Its mainnet was scheduled to launch in January 2021, however, a multi-chain upgrade was pushed back to 2021.

Who are the founders of THORChain?

The platform does not have a CEO, founder or director, according to an official THORChain spokesperson. Gitlab is instead used to organize the future development of the platform.

Additionally, the people currently working on the project are mostly anonymous. Again, a THORChain official claims that this is done to “protect the project and ensure its decentralization”.

A tweet from the project, as seen below, explains why a project with an unknown team is continuing:

Developers contribute to nodes by providing code that increases the value of the system.
Nodes help stakers by protecting assets and staying online.
The stakers bring in money, which is then made available to the swappers in the market.
Swingers pay a fee, which results in economic activity.

What exactly is THORChain (RUNE)?

THORCHain is a decentralized liquidity protocol that allows users to easily trade bitcoin assets across multiple networks while maintaining full custody of their holdings.

THORChain users can effortlessly swap one asset for another in a permissionless framework, eliminating the need to rely on order books for liquidity. Instead, the ratio of assets in a pool maintains market prices (see automated market maker).

RUNE is the native utility coin of the THORChain platform. Since THORChain nodes must pledge a minimum of 1 million RUNE to participate in its rotating consensus process, RUNE is used as the base currency of the THORChain ecosystem, as well as for platform governance and security. as part of THORChain’s Sybil resistance capabilities.

THORChain received funding through an initial DEX offering (IDO), which appeared on the Binance DEX in July 2019. Its mainnet was scheduled to launch in January 2021, however, a multi-chain upgrade was pushed back to 2021.

Who are the founders of THORChain?

The platform does not have a CEO, founder or director, according to an official THORChain spokesperson. Gitlab is instead used to organize the future development of the platform.

Additionally, the people currently working on the project are mostly anonymous. Again, a THORChain official claims that this is done to “protect the project and ensure its decentralization”.

A tweet from the project, as seen below, explains why a project with an unknown team is continuing:

Developers contribute to nodes by providing code that increases the value of the system.
Nodes help stakers by protecting assets and staying online.
The stakers bring in money, which is then made available to the swappers in the market.
Swingers pay a fee, which results in economic activity.

What exactly is THORChain (RUNE)?

THORCHain is a decentralized liquidity protocol that allows users to easily trade bitcoin assets across multiple networks while maintaining full custody of their holdings.

THORChain users can effortlessly swap one asset for another in a permissionless framework, eliminating the need to rely on order books for liquidity. Instead, the ratio of assets in a pool maintains market prices (see automated market maker).

RUNE is the native utility coin of the THORChain platform. Since THORChain nodes must pledge a minimum of 1 million RUNE to participate in its rotating consensus process, RUNE is used as the base currency of the THORChain ecosystem, as well as for platform governance and security. as part of THORChain’s Sybil resistance capabilities.

THORChain received funding through an initial DEX offering (IDO), which appeared on the Binance DEX in July 2019. Its mainnet was scheduled to launch in January 2021, however, a multi-chain upgrade was pushed back to 2021.

Who are the founders of THORChain?

The platform does not have a CEO, founder or director, according to an official THORChain spokesperson. Gitlab is instead used to organize the future development of the platform.

Additionally, the people currently working on the project are mostly anonymous. Again, a THORChain official claims that this is done to “protect the project and ensure its decentralization”.

A tweet from the project, as seen below, explains why a project with an unknown team is continuing:

Developers contribute to nodes by providing code that increases the value of the system.
Nodes help stakers by protecting assets and staying online.
The stakers bring in money, which is then made available to the swappers in the market.
Swingers pay a fee, which results in economic activity.

However, THORChain, like its Norse-God namesake, has amazing power that few other protocols can match. Instead of summoning huge lightning bolts at will, THORChain can do something far more impressive: it can enable cross-chain transactions.

According to Barraford, users can “move freely from one chain to another, from one asset to another” using THORChain. This requires communicating with real money rather than wrapped coins or other imitations on a decentralized AMM exchange, similar to many other popular DEXs.

From Chain to Chain Assault in THORChain THORChain is a three-year-old automated market maker that was first featured in a white paper.

However, THORChain, like its Norse-God namesake, has amazing power that few other protocols can match.

According to Barraford, users can “move freely from one chain to another, from one asset to another” using THORChain. This requires communicating with real money rather than wrapped coins or other imitations on a decentralized AMM exchange, similar to many other popular DEXs.

In the days leading up to the launch of THORChain on April 13, RUNE was selling for around $12. The debut of the protocol has sparked a lot of speculation, with the price rising around $20.80 on May 18 before plummeting during the current market volatility. At the time of this writing, it was trading around $10.

Is your permanent loss disappearing?

However, cross-chain transactions are not the only capability of THORChain. It also tackles two longstanding issues that have plagued exchanges and the liquidity providers that enable them: slippage and temporary loss.

THORCHain and RUNE have reduced slippage by allowing users to upload an equal amount of any token accepted by the platform and immediately start earning trading fees. This encourages more liquidity providers to join the pool and participate in the system, thereby reducing price volatility.

Barraford told CoinDesk that the THORChain network “offers impermanent loss protection” provided you stay there for 90 days.

A particular THORWallet emerges.

THORCHAIN ​​took to Twitter on July 15 to announce the launch of THORWallet, ushering in a new storm.

What is THORWallet? According to the team’s statement, it is a non-custodial wallet that “allows the exchange of Layer 1 tokens in a decentralized manner without an intermediary”. More importantly, it allows the trading of real assets and tokens as opposed to wrapped objects.
THORWallet also allows users to earn money by investing in liquidity pools or a soon to be launched multi-chain savings account, which will allow them to earn yield in Bitcoin.

The mission of the THORCHAIN ​​team is to provide “people the ability to engage with the DeFi environment in the easiest way possible, right from your mobile phone”.

THORCHAIN ​​HAS BEEN BREACHED BUT PROMISES TO MAKE USERS FULL AGAIN.
Just days after the decentralized exchange witnessed a multi-million dollar leak, THORWallet customers had to check their wallets.

According to preliminary calculations, the exploit could have taken up to 13,000 ETH. THORCHAIN, on the other hand, dismissed this report, alleging that around 4,000 ETH – nearly $6 million – had been taken. He also said that a “recovery plan is in the works” and that it would ensure that anyone affected would be compensated and that the network would be “stronger and more resilient”.

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