Eric Voorhees, CEO of ShapeShift and cryptocurrency specialist, suggested that the launch of ThorChain was the largest cryptocurrency event this week.
With all the cryptocurrency focus on the direct listing of Coinbase’s flagship US coin on the Nasdaq on Wednesday – with a potential valuation of $ 140 billion from the derivatives exchange FTX – it’s a pretty big requirement.
ThorChain launches on Tuesday, and it will be the first time that native cryptoassets can be traded on a decentralized exchange through unique blockchain chains without the need for bridge technology or token encapsulation.
In a tweet on Monday, Voorhees confirmed that the local DEX launch across chains would open up new opportunities for cryptocurrencies.
“Thorchain has no bridges. There is no envelope. These are original assets that are being decentralized through chains for the first time, Voorhees said.
ThorChain will host a launch event on the clubhouse’s social platform on Tuesday at 18.00 EST. The event will feature some of the biggest names in the crypto space, including Voorhees and several ShapeShift executives, Managing Partner of Multicoin Capital, Tushar Jane, Delphi Digital Co-Founder, Ian Lieberman and many more.
DEX will initially list Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Binance Coin (BNB) pairs with plans to support other cryptocurrencies in the future.
ThorChain works in the same way as other automated market makers like Uniswap, but with an important difference that allows you to trade and exchange cryptoassets from completely different blockages and networks.
ThorChain is based on the Tendermint Consensus Protocol, which is also linked to Cosmos’ ecosystem. The exchange is supported by the original RUNE symbol, which acts as a security to facilitate transactions.
Assets are supported by the protocol when blockchains are added to ThorChain’s multi-chain network, called “chaos”. Chaosnet allows the exchange of assets without relying on, for example, third-party intermediaries as managers of encapsulated BTC issuance.
For example, to exchange BTC for ETH, the exchange exchanges BTC for RUNE, which is then exchanged for ETH. This is done at high speed to ensure that the intermediary does not affect the user.
Demand for cross-chain solutions has been increasing, especially from the decentralized financial sector. Cointelegraph reported on Thursday that the Cross-Chain Asset Bridge and ChainSwap App Center have completed a $ 3 million strategic funding round led by Alameda Research.
ThorChain is also developing an original wallet called AsgardEx, which will be built to interact directly with the chaos network, so that unique blockchain tokens can be stored in a single wallet.
The platform’s original symbol, RUNE, has caught fire, accumulating 13% over the past 24 hours, reaching a full-time high of $ 12.65, according to CoinGecko.