Launch day has arrived and Thorchain looks ready to unleash it's cross-chain swap protocol on the world!
It's Launch Day!
For those tracking the progress of Thorchain and it's RUNE token over the past number of years, well the moment of truth has arrived.
Personally I only really started to dig into Thorchain late last year as I started to take a growing interest in projects that are building cross chain protocols or those promoting interoperability.
Thorchain seems set to launch it's L1 to L1 cross chain swap protocol today, April 13, 2021.
Decentralized Liquidity Protocols
With the rising popularity of DeFi and it's so far successful platforms, we have mainly seen swap protocols in the form of AMM's (automated market maker) such as Uniswap or Pancakeswap and their forks.
These decentralized swapping platforms execute a swap with the use of liquidity pools and a process known as wrapping a coin. This process "mints" a new asset on the new chain in place of the original.
Thorchain is looking to build on this by creating bridges to other networks, starting with Bitcoin, and the use of it's protocol to create "continues liquidity" in an effort to solve liquidity issues and reduce slippage.
Thorchain is purpose built for cross chain swaps.
One Token To Rule Them All
RUNE is currently trading at 12.37, and I can see it making a run up to $15 this week.
unfortunately I'm not able to hold any right now but I was able to add some to my hypothetical "Moon Shot Bag" for just under $5 only a few weeks ago.
That chart is on fire! Which is to be expected when a project of this magnitude approaches a launch day years in the making.
This is revolutionary tech, and not just a win for token holders, but a win for the crypto space as a whole.
Platforms and protocols that are built with interoperability in mind should be in a good position to well in the later half of the bull cycle.