The THORChain blockchain has announced plans to go live on Tuesday, which is set to add to the overwhelming global $2 trillion crypto market.
THORChain (RUNE) has been in development for the past three years, but the developers have waited until now to launch the much-anticipated protocol. It functions like other automated market makers (AMMs) such as Uniswap and Bancor, although there is a major difference.
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The platform is unique because it ensures the trading of real crypto assets from completely different blockchains, and not synthetic or wrapped versions.
Thorchain will enable trading without intermediaries
.As the first project of a sort in the industry, it has received a lot of attention from investors. Once launched, it will enable swaps, trading, cross-chain, and multi-asset without using bridging technology like other projects.
Thorchain decentralized exchange (DEX) will run on the Tendermint consensus protocol. It is billed to provide token swaps and trustless trading for Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Binance Coin (BNB), and Bitcoin Cash (BCH). The project will also support other blockchains and crypto assets in the future.
For example, a user who wants to exchange ETH for BNB will conclude his trade using the RUNE token. This performs the role of an intermediary on the high-speed blockchain, according to the announcement.
This approach ensures that one asset can be efficiently traded for another in a decentralized manner. Observers feel the project will win lots of support because of its efficiency and elimination of intermediaries.
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RUNE price surges
The decentralized finance (DeFi) sector has seen tremendous growth within the past few months. But with the launch of THORChain, the DeFi space may even go to extreme miles.
The THORChain has been under development since 2018. Its launch is expected to bring great improvements to the rapidly evolving DEX space.
It has already impacted the price of RUNE, the platform’s native token. The asset climbed to an all-time high of $12.66 barely 24 hours after the announcement. Although it has contracted to $12 at the time of writing, it’s still 24% higher than its value the previous week.