After nearly four years of development, THORChain’s native blockchain went live on seven supported networks, developers announced in a post on Thursday. Without using bridges or wrapped assets, users of THORChain can exchange bitcoin (BTC) for any other supported asset. Bridges are protocols allowing users to trade currency from several blockchains using smart contracts. THORChain has committed a total of $1 million in RUNE to Binance users through a 14-days promotional campaign from June 23rd to July 7th, 2022.
Currently, the protocol allows for trades between the following seven significant ecosystems: bitcoin, ether (ETH), rune, Dogecoin (DOGE), Litecoin (LTC), and Binance coins (BNB) (RUNE). According to developers, support for Cosmos (ATOM) and Avalanche (AVAX) is imminent.
According to its developers, the protocol will focus on connecting with more decentralized exchanges (DEX) and exchange aggregators after the mainnet deployment. On THORChain’s decentralized autonomous organization (DAO), community members can suggest new features, but node operators ultimately decide which features will go live. According to engineers, the previous network, ChaosNet, saw a trading volume of $9.2 billion over 3.4 million swaps from 71,000 dealers. The most excellent trade on that platform was for $1.33 million, bringing in fees close to $80 million for the company. Even while the overall crypto market stayed constant, THORChain’s native rune (RUNE) coin increased by around 40% in just over 48 hours.