- Category: Decentralized Finance
- Coin Launched: April, 2014
- Resources: White Paper
- Official Website: THORChain
- Reddit: THORChain
THORCHAIN History / Information / Buying / Staking
The THORChain project was founded in 2018 under the premise that the use of centralized exchanges to transfer cryptoassets between different blockchains was flawed. Non-custodial exchanges, otherwise known as decentralized exchanges (DEXs), were the long-term solution. Therefore, the THORChain team set out to build an independent blockchain that could bridge to external networks and thus facilitate cross-chain transfers, functioning similarly to a DEX.
HOW THORCHAIN WORKS
Thorchain is a blockchain protocol built on Cosmos, the so-called "Internet of blockchains," that aims to make all of crypto liquid. It seeks to do this by enabling the trading of non-native crypto assets, such as trading Bitcoin for Ethereum, but in a completely decentralized way.
BENEFITS OF USING THORCHAIN
Some of the benefits of using Thorchain are:
THORChain provides the user a decentralized platform that enables easy swaps of tokens in their native form (no wrapping or pegging required).
Marketplace liquidity is fostered by the availability of cross-chain bridges providing easy access to the THORChain blockchain.
Liquidity is provided by stakers who earn fees on swaps, turning their unproductive assets into productive assets in a non-custodial manner.
CAN YOU STAKE THORCHAIN
Thorchain (RUNE) is a decentralized network which makes it possible for people to swap digital assets across chains. Currently assets are Bitcoin, Ethereum, Litecoin, Monero, Bitcoin Cash, Binance coin. Thorechain enables you to stake those assets via its decentralized network.
COINS SIMILAR TO THORCHAIN
Direct competition to Thorchain which are considered similar coins are: