It appears that the THORSwap Decentralized Exchange (DEX) is on the cusp of rebuilding after large companies cut the THORSchain network just three months after its secure launch.
The universe-based network aims to support decentralized transactions made on various blockchain networks such as Bitcoin (BTC) and Ethereum (ETH). According to a progress report released on October 12, the team behind the THORSwap decentralized exchange project has restored the functionality of four of the five networks it supported prior to its collapse in July.
The update states that THORSwap has resumed the feature to power the Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC), and Binance Smart Chain networks, adding that the team is currently working on restoring support for Ethereum.
THORSwap added that it boosted its support for the stable Terra network and decentralized financial hub Cosmos Gaia. Additional integrations with other cryptocurrencies are also being developed, including Dogecoin (DOGE), Decred, Haven, and Monero (XMR).
The team is also working on improving the performance of network nodes.
The heavily guarded chaos network THORSwap was launched in part in April following the launch of the first THORChain systems in July 2020.
Despite the apparent early success, THORChain will suffer three hacks in June and July, forcing it to shut down some offline services.
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THORChain was originally used in June. But the team downplayed the incident at the time, noting that the initial exploitation attempt was limited to $140,000, “a small amount compared to other companies.”
On July 16, the network was again exploited for $7.6 million in Ethereum after a hacker discovered a vulnerability that halted the operation. THORChain was attacked for the third time on July 23, when a hacker used an Ethereum network router to steal $8 million ETH.
“The past few months have been tough times for THORChain, but the fundamentals have never changed,” said the THORSwap team.