Thorchain – the native cross-chain decentralized exchange – goes live soon, support Bitcoin, Ethereum, and Binance Coin
ShapeShift CEO Erik Voorhees has hinted that the Thorchain launch is arguably the biggest event in crypto this week.
Thorchain goes live tomorrow. Native cross-chain decentralized exchange. Never been done before ?
Arguably the biggest event in crypto this week, though it may not be obvious for a year or two 😉
Join us on Clubhouse tomorrow to discuss!#bitcoin #ethereum #litecoin #DEX https://t.co/Y7yCNEfM51
— Erik Voorhees (@ErikVoorhees) April 12, 2021
A first DEX cross-chain combination coming soon – Thorchain
The launch of Thorchain is scheduled for Tuesday, April 13, and will mark the first time tokens can be traded on DEX through a single Blockchain without the need for intermediary technologies or wrapping tokens.
In a tweet on April 12, Voorhees confirmed that the launch of a decentralized cross-chain exchange (DEX) will create a new platform for cryptocurrencies. The DEX will initially hold pairs for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Binance Coin pairs, with plans to support other crypto assets in the future.
Thorchain works like other automated market makers like Uniswap, but the key difference being that it allows for the trading and swapping of crypto assets from completely different blockchains and networks. Thorchain is based on the Tendermint consensus protocol which is also linked to the Cosmos ecosystem. The exchange is backed by the native token RUNE, which acts as collateral to facilitate transactions.
The assets supported by the protocol when the blockchains are added to the Thorchain cross-chain network are called a “chaosnet”. Chaosnet allows asset swaps without relying on a third-party intermediary, such as the custodian of wrapped BTC versions. Thorchain is also developing a native wallet called Asgard X that will be built to interact directly with the “chaosnet”, allowing tokens of single blockchains to be held by a single wallet.
RUNE/USD 4-hour chart | Source: TradingView
The platform’s native token, RUNE, has risen recently, up 13% over the past 24 hours to hit an all-time high of $ 12.65.
Read more:
- Lucian Blaga University Has Said It Will Allow Students To Pay For Their Admission Fees In Crypto
- Top 5 NFT Gems For April 2021, According To Crypto KOL Jessica Walker