1. THORChain 101: The ultimate multi-chain DEX ⚡️
Here’s your everything guide to #THORChain and its native token $RUNE. THORChain is a cross-chain DEX that allows users to trade assets across chains in a frictionless, decentralized manner.
A thread 🧵👇(1/15)
Here’s your everything guide to #THORChain and its native token $RUNE. THORChain is a cross-chain DEX that allows users to trade assets across chains in a frictionless, decentralized manner.
A thread 🧵👇(1/15)
2. #THORChain is an Immutable, cross-chain DEX. It’s like a multi-chain version of Uniswap. #THORChain allows anyone to trade one digital asset on one chain with another digital asset on another chain. There are no custodians, and these trades are accomplished without wrapping.
3. #THORChain is revolutionary. There are many DEXs and some like Uniswap have achieved impressive scale. But most DEX trading is only possible between $ETH and ERC-20 assets (tokens that exist on the #Ethereum blockchain).
4. It hasn’t been possible to trade real #bitcoin at scale in a decentralized way. The closest we’ve seen so far are “atomic swaps” but these haven’t scaled and “wrapped” $BTC trading. But wrapped $BTC is not the same as real $BTC. decentralized manner.
5. #THORChain is the first to direct transfers of native tokens on the native chains. THORChain brings new possibilities to the world of cross-chain trading. Suddenly it’s possible to trade $BTC for $ETH in a decentralized manner.
6. Most blockchains have two main user groups: liquidity providers and traders. Liquidity providers deposit assets (like $BTC or $ETH) into liquidity pools. In return for depositing their assets, they earn yield (from trading fees). Traders exchange one asset for another.
7. To work across chains, however, #THORChain adds a third user group: ThorChain Nodes (THORnodes). This is the main difference between THORChain and other DEXs like Uniswap. Node Operators run THORnodes, and a node for each supported chain (#Bitcoin nodes, #Ethereum nodes, etc).
8. The $RUNE token is baked into both the liquidity and provisioning of the protocol. It underpins the economic security model that allows the system to function. For each $1 of non-$RUNE assets tied up in pools, $3 of $RUNE will be bonded alongside it.
9. $RUNE is the asset to which LPs must pair every deposit. It is recommended that an LP depositing $100k in $BTC also deposit $100k in $RUNE. If they don’t, half the assets will be swapped for $RUNE under the hood. The rest of the $RUNE is deposited by THORnodes.
10. #THORChain’s model is extremely secure. It relies on proof-of-bond. By posting bond, validating #THORChain Nodes are kept honest. THORnodes are penalized harshly for misbehavior.
10. THORnodes are also strongly incentivized to post an amount of RUNE as bond that approaches 2x the value of all native assets in the liquidity pools.
11. The #THORChain ecosystem is growing rapidly. There are some great Dapps available on #THORChain already:
• @BrokkrFinance introduces THORassets or synths.
• @thorswap is a Cross-Chain DEX aggregator
• @BrokkrFinance introduces THORassets or synths.
• @thorswap is a Cross-Chain DEX aggregator
12.
• @thorstarter democratizies access to uncapped upside. It’s a multichain IDO (initial dex offering) platform.
• @xdefi_wallet is the browser extension wallet of the future. It's multi-chain, with integrated swaps and staking functionality.
• @thorstarter democratizies access to uncapped upside. It’s a multichain IDO (initial dex offering) platform.
• @xdefi_wallet is the browser extension wallet of the future. It's multi-chain, with integrated swaps and staking functionality.
13. #THORChain has so much potential. It’s built around the functionality of swapping assets across L1s, but THORChain is capable of so much more. @Jatinkkalra wrote a great thread on #THORChain’s potential:
14. #THORChain provides users a ton of value. It’s changing the way we think about L1s and allows so many more uses for assets like $BTC. There are so many reasons to be bullish.
15. #THORChain accounts to follow:
@crypto_stevie @ChadThoreau @ConwellsClub @JaneDButterfly @THORmaximalist @THORChain @AkuRypto @itsloganshippy @RuneMaxi @GrassRootsio @crypto_magix @BitStern @THORWalletDEX @Mastermined710 @THORChadsDAO @0xSmith
RT would mean a lot!
@crypto_stevie @ChadThoreau @ConwellsClub @JaneDButterfly @THORmaximalist @THORChain @AkuRypto @itsloganshippy @RuneMaxi @GrassRootsio @crypto_magix @BitStern @THORWalletDEX @Mastermined710 @THORChadsDAO @0xSmith
RT would mean a lot!
More #THORChain accounts to follow:
@TheRuneRanger @CBarraford @CryptoVillain_ @Bull_Sander @Asian0xV @TehSlaw @NicolasFlamelX @crypto_magix @RimaSabila @THORChainLPU @Jatinkkalra @THORNOOBs @runebase_org @thorstarter @m0nkey_space @Cryptofriendlyy
RT would mean a lot!
@TheRuneRanger @CBarraford @CryptoVillain_ @Bull_Sander @Asian0xV @TehSlaw @NicolasFlamelX @crypto_magix @RimaSabila @THORChainLPU @Jatinkkalra @THORNOOBs @runebase_org @thorstarter @m0nkey_space @Cryptofriendlyy
RT would mean a lot!
More #THORChain accounts to follow:
@CryptoYodaGuru @Fakk2 @Jonbros01 @flyacro @CosmoGandalf @THORSwap @TusharJain_ @SpencerApplebau @DCA_Cryptoz @CryptosBatman @youssef_amrani @youssef_amrani @runebase_org @THORChainLPU @ninerealms_cap @0xSaigon
RT would mean a lot!
@CryptoYodaGuru @Fakk2 @Jonbros01 @flyacro @CosmoGandalf @THORSwap @TusharJain_ @SpencerApplebau @DCA_Cryptoz @CryptosBatman @youssef_amrani @youssef_amrani @runebase_org @THORChainLPU @ninerealms_cap @0xSaigon
RT would mean a lot!
Hope this was insightful. I spent a lot of time writing this so a like and RT would mean a lot!
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