Crypto revolution: THORChain enables cross-chain swaps for the first time

THORChain (RUNE) wants to take the crypto space to the next level and starts the Multichain Chaosnet. For the very first time, it is now possible to trade cryptocurrencies across blockchain on a decentralized exchange (DEX).

THORChain is an independent blockchain for decentralized trading in cryptocurrencies. The DEX from THORChain works similarly to other decentralized exchanges in the field of Decentralized Finance (DeFi). In contrast to DEX ‘such as UniSwap, SushiSwap or Bancor, THORChain also enables cross-blockchain token transfers – so-called cross chain swaps. This makes it possible, for example, to exchange Bitcoin for Ethereum without the need for a central exchange. In addition, THORChain is not built on top of Ethereum, but instead uses Tendermint, a consensus protocol connected to the Cosmos ecosystem.

Now the team of the crypto project has made the start of the Corss Chain Swaps public on Twitter:

From now on it is possible to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and BNB from Binance ASGARDEX to act. In addition, many more tokens are to be released for trading in the near future. In addition to some ERC-20 tokens, Dogecoin (DOGE) is also said to be about to be released for cross-blockchain trading on THORChain. Under the following link you can see which tokens will be approved for trading on ASGARDEX in the future.

THORChain’s decentralized exchange uses a mechanism very similar to Bancor’s. Every token that can be traded is RUNE token with the same value covered. RUNE is the native token of THORChain, which is at the center of the entire platform. For example, if a user swaps BTC for ETH, there are several trades in the background executed. First, the BTC is traded for RUNE and only then exchanged for ETH.

With this mechanism and a special wallet, RUNE enables various assets to be traded across the blockchain. With this function, THORChain clearly stands out from UniSwap and other Ethereum-DEX and is currently unique in the crypto space with its cross-chain swap function.

Cross chain swaps with THORChain more important than Coinbase listing?

If ShapeShift CEO Erik Voorhees has his way, THORChain’s new Cross Chain Swaps are this week’s biggest event in the crypto space:

Voorhees believes that cross chain swaps span the entire crypto space revolutionize become. In addition, he thinks it is likely that many will not understand the importance of this new technology for a few years. At the time of going to press, RUNE is trading at $ 15.37 and in the last 30 days alone it has risen by over 170 percent.