NIsha JainWhat Is THORChain (RUNE) Exactly?
THORCHain is a decentralized liquidity protocol that lets users easily swap bitcoin assets across several networks while keeping full custody of their holdings.
THORChain users can effortlessly swap one asset for another in a permissionless framework, removing the need to rely on order books for liquidity. Instead, the asset ratio in a pool maintains market prices (see automated market maker).
RUNE is the native utility coin of the THORChain platform. Because THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process, RUNE is utilized as the THORChain ecosystem’s base currency, 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 supposed to launch in January 2021, however, a multi-chain upgrade has been pushed back to 2021.
Who Are the Founders of the THORChain?
The platform does not have a CEO, founder, or director, according to a THORChain official spokesperson. Gitlab is instead utilized to organize the platform’s future development.
Furthermore, the persons who are now working on the project are mostly anonymous. Again, a THORChain official claims that this is done to “protect the project and guarantee its decentralization.”
A tweet from the project, as indicated below, sheds some light on why a project with an unknown team is being continued:
Developers contribute to the Nodes by delivering code that increases the value of the system.
Nodes assist Stakers by safeguarding assets and remaining online.
Stakers bring monies, which are subsequently made available to Swappers on the market.
Swappers pay fees, resulting in economic activity.”
coinpedia.org
What Is THORChain (RUNE) Exactly?
THORCHain is a decentralized liquidity protocol that lets users easily swap bitcoin assets across several networks while keeping full custody of their holdings.
THORChain users can effortlessly swap one asset for another in a permissionless framework, removing the need to rely on order books for liquidity. Instead, the asset ratio in a pool maintains market prices (see automated market maker).
RUNE is the native utility coin of the THORChain platform. Because THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process, RUNE is utilized as the THORChain ecosystem’s base currency, 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 supposed to launch in January 2021, however, a multi-chain upgrade has been pushed back to 2021.
Who Are the Founders of the THORChain?
The platform does not have a CEO, founder, or director, according to a THORChain official spokesperson. Gitlab is instead utilized to organize the platform’s future development.
Furthermore, the persons who are now working on the project are mostly anonymous. Again, a THORChain official claims that this is done to “protect the project and guarantee its decentralization.”
A tweet from the project, as indicated below, sheds some light on why a project with an unknown team is being continued:
Developers contribute to the Nodes by delivering code that increases the value of the system.
Nodes assist Stakers by safeguarding assets and remaining online.
Stakers bring monies, which are subsequently made available to Swappers on the market.
Swappers pay fees, resulting in economic activity.”
What Is THORChain (RUNE) Exactly?
THORCHain is a decentralized liquidity protocol that lets users easily swap bitcoin assets across several networks while keeping full custody of their holdings.
THORChain users can effortlessly swap one asset for another in a permissionless framework, removing the need to rely on order books for liquidity. Instead, the asset ratio in a pool maintains market prices (see automated market maker).
RUNE is the native utility coin of the THORChain platform. Because THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process, RUNE is utilized as the THORChain ecosystem’s base currency, 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 supposed to launch in January 2021, however, a multi-chain upgrade has been pushed back to 2021.
Who Are the Founders of the THORChain?
The platform does not have a CEO, founder, or director, according to a THORChain official spokesperson. Gitlab is instead utilized to organize the platform’s future development.
Furthermore, the persons who are now working on the project are mostly anonymous. Again, a THORChain official claims that this is done to “protect the project and guarantee its decentralization.”
A tweet from the project, as indicated below, sheds some light on why a project with an unknown team is being continued:
Developers contribute to the Nodes by delivering code that increases the value of the system.
Nodes assist Stakers by safeguarding assets and remaining online.
Stakers bring monies, which are subsequently made available to Swappers on the market.
Swappers pay fees, resulting in economic activity.”
What Is THORChain (RUNE) Exactly?
THORCHain is a decentralized liquidity protocol that lets users easily swap bitcoin assets across several networks while keeping full custody of their holdings.
THORChain users can effortlessly swap one asset for another in a permissionless framework, removing the need to rely on order books for liquidity. Instead, the asset ratio in a pool maintains market prices (see automated market maker).
RUNE is the native utility coin of the THORChain platform. Because THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process, RUNE is utilized as the THORChain ecosystem’s base currency, 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 supposed to launch in January 2021, however, a multi-chain upgrade has been pushed back to 2021.
Who Are the Founders of the THORChain?
The platform does not have a CEO, founder, or director, according to a THORChain official spokesperson. Gitlab is instead utilized to organize the platform’s future development.
Furthermore, the persons who are now working on the project are mostly anonymous. Again, a THORChain official claims that this is done to “protect the project and guarantee its decentralization.”
A tweet from the project, as indicated below, sheds some light on why a project with an unknown team is being continued:
Developers contribute to the Nodes by delivering code that increases the value of the system.
Nodes assist Stakers by safeguarding assets and remaining online.
Stakers bring monies, which are subsequently made available to Swappers on the market.
Swappers pay fees, resulting in economic activity.”
However, THORChain, like its Norse-God namesake, has a stunning power that few other protocols can match. Instead of summoning enormous bolts of lightning at will, THORChain can do something far more impressive: it can allow for cross-chain transactions.
According to Barraford, users can “transition freely from one chain to another, one asset to another” using THORChain. This requires communicating with real money rather than wrapped coins or other imitations over a decentralized AMM exchange, similar to many other popular DEXes.
Storming From Chain to Chain in THORChain THORChain is a three-year-old automated market maker that was first presented in a white paper.
However, THORChain, like its Norse-God namesake, has a stunning power that few other protocols can match.
According to Barraford, users can “transition freely from one chain to another, one asset to another” using THORChain. This requires communicating with real money rather than wrapped coins or other imitations over a decentralized AMM exchange, similar to many other popular DEXes.
In the days building up to the April 13 launch of THORChain, RUNE was selling for roughly $12. The protocol’s debut has aroused considerable speculation, with the price rising at roughly $20.80 on May 18 before falling during the current market volatility. At the time of writing, it was trading about $10.
Is Your Permanent Loss Disappearing?
However, cross-chain trades aren’t THORChain’s only capability. It also tackles two long-standing 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 begin earning trading fees. This encourages more liquidity providers to join the pool and participate in the system, hence lowering price volatility.
Barraford told CoinDesk that the THORChain network “provides impermanent loss protection” provided you stay in it for 90 days.
A peculiar THORWallet emerges.
THORCHAIN took to Twitter on July 15 to announce the launch of THORWallet, ushering in a new storm.
What exactly is THORWallet? According to the team’s release, it’s a non-custodial wallet that “enables swaps of Layer 1 tokens in a decentralized fashion with no middleman.” Most crucially, it enables the trade of real assets and tokens as opposed to wrapped items.
THORWallet also allows users to earn money by investing in liquidity pools or a soon-to-be-released multi-chain savings account, which will allow them to earn Bitcoin yield.
The THORCHAIN team’s mission is to provide “people with the chance to engage in the DeFi environment in the simplest way possible, directly from your mobile phone.”
THORCHAIN WAS BREACHED, BUT IT PROMISES TO MAKE USERS WHOLE AGAIN.
Just a few days after the decentralized exchange witnessed a multimillion-dollar leak, THORWallet customers were left checking their wallets.
According to preliminary calculations, the exploit may have taken up to 13,000 ETH. THORCHAIN, on the other side, rejected this report, alleging that approximately 4000 ETH — almost $6 million — was taken. It also indicated that a “recovery plan is in the works,” and that it would ensure that anyone affected was compensated and that the network will be “stronger and more resilient.”