ShapeShift CEO and Crypto Eric Voorhees suggested that the launch of Thorchain is undoubtedly the biggest event in the crypto industry this week.
And given that all cryptocurrency interest is focused on the direct listing of the major US stock exchange Coinbase on the Nasdaq on Wednesday – with a potential valuation of $ 140 billion according to the FTX derivatives exchange – that’s a pretty big request.
Thorchain is scheduled to launch on Tuesday, April 13, and it will be the first time that native cryptocurrencies can be traded in the DEX through unique blockchain chains without the need for bridging technology or tokens for packaging.
In a tweet on April 12, Voorhees stated that the launch of Decentralized Crossed Exchange (DEX) will open new crypto opportunities.
“Torchain has no bridges. It has no packaging. These are original assets, which were exchanged along the chains in a decentralized manner for the first time in history,” Voorhees said.
Thorchain is hosting a launch event on the social platform Clubhouse on Tuesday at 6 PM EST. The event will feature some of the biggest names in cryptography, including Voorhees and several executives at ShapeShift, Multicoin Capital CEO Tushar Jain, co-founder of Delphi Digital, Ian Lieberman, and a few others.
DEX will initially host Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Binance Coin connections with plans to support other cryptocurrencies in the future.
Thorchain works in the same way as other automated market makers like Uniswap, but with the important difference that allows you to trade and exchange crypto assets from completely different blockchains and networks.
Thorchain is based on the Tendermint consensus protocol, which is also linked to the Cosmo ecosystem. The exchange is backed by the original RUNE token, which acts as a security to facilitate trading.
The assets are supported by the protocol when blockchains are added to the Thorchain network via a chain called “chaos”. Chaosnet allows an asset exchange without reliance, for example, on third-party brokers such as BTC issuance managers.
For example, to exchange BTC for ETH, exchanges are BTC for RUNE, which is then exchanged for ETH. All this is done at high speed so that the user is not affected by the average trade.
Demand increased for cross-chain solutions, especially from the DeFi sector. On April 8, Cointelegraph reported that ChainSwap Asset Bridging and Application Center closed a $ 3 million strategic funding round led by Alameda Research.
Thorchain is also developing its own wallet called Asgard X, which will be created to interact directly with the ‘Chaos Network’ so that unique blockchains tokens can be stored in a single wallet.
According to Coingecko, the platform’s original token, RUNE, has recently caught fire, rising 13% in the past 24 hours and reaching a steady high of $ 12.65.