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THORchain achieves mainnet status as ‘fully functional, feature-rich protocol’

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The cross-chain liquidity protocol THORchain (RUNE) has finally achieved mainnet status after four years of development.

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The network boasts of being “the first and so far the only protocol to facilitate the exchange of assets between chains in a permissionless, trustless and jail free environment.” The THORchain team announced,

“From its inception in 2018 until now, THORChain has been primarily a research project. Mainnet brings change to a full featured, feature rich protocol with a large ecosystem and a strong community.”

What does THORchain main network mean?

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Speaking to the team, mainnet means over 6 months of “no bugs, loss of funds, or network instability.” Also, it’s “just a purpose” and not a network upgrade. The launch of the mainnet symbolizes the evolution of THORchain into a “fully functional” network.

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THORChain now supports “8 major ecosystems: BTC, ETH, BNB, DOGE, LTC, BCH, ATOM and RUNE.” They also promise that AVAX support will appear on the horizon. The possibilities offered by THORchain are undeniably impressive;

  • Network access via web, mobile or desktop. See full details here.
  • Wallets, DEXs, and aggregators can integrate THORChain to offer users their own cross-chain swaps.
  • Exchange between Tier 1 assets, including Bitcoin and Ethereum.
  • Park your non-productive assets to generate income

In regards to the launch, Cryptooshala recently spoke to THORchainMaximalist, a network validator who told us, “I think dexes will replace CEXES. And the CEX category is worth over 100 billion even in a bear market… Less at level 0/stargate/wormhole, it’s a security nightmare.” THORchainMaximalist continued,

“I am optimistic about THORchain because it is a decentralized custodian/dex/financial services network with multiple chains. Everything else now has flaws and points of failure. About the spectrum of decentralization [THORchain] while far ahead of everything else, I am also investing in other competing projects.”

Obstacles to climb and risks of difficulty

The validator issued a caveat, stating that THORchain may have difficulty building momentum due to the size of the competition, but this appears to be preventing the core team from developing new features. For those interested in a full breakdown of THORchain features, THORchainMaximalist has a series of threads available on their Link tree. Amid concerns from THORchainMaximalist, the THORchain message previously obtained by Cryptooshala says.

Don’t be alarmed if LP’s trading or activity stops unexpectedly.
THORChain will never compromise on security, stability and decentralization. These are the most necessary requirements to fulfill the white paper – to enable trading of digital assets without a central organizing company at fair market prices in a way that is resistant to attacks.”

Any security risks come from the fact that “ the complexity of the project is almost unprecedented,” says the THORchain team. With native coins, cross-chain exchange, and no need for wrapped tokens, it’s hard to argue that THORchain is exceptionally complex.

An interview with Tyler, Head of Communications at Nine Realms Team Building with THORchain, is coming soon to Cryptooshala, so stay tuned for a deep dive into what makes THORchain different from other DEXs.





Credit : cryptoslate.com

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