- Nearly $3.8 billion in native on-chain swaps are available.
- The protocol’s smart contracts currently have a total value locked (TVL) of about $302.9 million.
After nearly four years of development, on Thursday, THORChain developers announced that the native blockchain went live on seven supported networks.
Developers said that Currently, the protocol allows for trades between seven major cryptocurrencies, Bitcoin (BTC), Ether (ETH), Rune (RUNE), Dogecoin (DOGE), litecoin (LTC), and Binance coins (BNB). Support for Cosmos (ATOM) and Avalanche (AVAX) is forthcoming.
THORChain currently supports swaps between 7 major ecosystems: BTC, ETH (+ERC-20), BNB (+BEP2), DOGE, LTC, BCH, and RUNE. Support for ATOM, AVAX, and other economically significant chains will be added periodically. Cc: @ninerealms_cap (5/8)— THORChain (@THORChain) June 22, 2022
Bridges are protocols that allow users to trade currency from several blockchains by using smart contracts. Without the use of bridges or wrapped assets, users of THORChain can exchange bitcoin (BTC) for any other accepted asset.
The protocol’s focus will be on connecting with more decentralized exchanges (DEX) and exchange aggregators. On THORChain’s decentralized autonomous organization (DAO), community members can suggest new features.
The previous network ChaosNet saw a trading volume of $9.2 billion over 3.4 million swaps from 71,000 different traders. The largest trade on that platform, for $1.33 million, resulted in fees of close to $80 million for the firm.