Bitcoin

Thorswap Is Restarting Cross Chain Trading In Four Out of Five Networks

Cross-chain decentralized exchange (DEX) THORSwap appears to be on the way to recovery after the THORChain network was taken offline after massive mining pools just three months after its protected launch.

The network provided by Cosmos aims to support decentralized transactions carried out on various blockchain networks such as Bitcoin (BTC) and Ethereum (ETH). 12, the team behind the decentralized exchange of the THORSwap project has so far restored the functionality of four of the five networks it supported before its closure in July.

The update states that THORSwap has resumed swap functionality on the Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC) and Binance Smart Chain networks, and adds that the team is currently in the process of reestablishing support for Ethereum.

https://twitter.com/THORSwap/status/1447721425545146376?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

THORSwap adds that it is working on integrating support for the Terra Stablecoin network and Cosmos’ decentralized financial hub, Gaia. Further integrations with other crypto assets, including Dogecoin (DOGE), Decred, Haven, and Monero (XMR), are also in development.

The team is also working to improve the performance of the network nodes.

The highly protected “Chaotic Network” of THORSwap was partially launched in April, after the introduction of the first THORChain systems in July 2020.

Despite the apparent initial success, the THORChain network is hit three times in June and July, forcing it to take some services offline.

Related: ‘White Hat Hackers’ can mine THORChain for $ 8 million, 10% bonus proposal

THORChain was originally dismantled in June. However, the team downplayed the incident at the time, clear up that the first mining attempt is limited to US $ 140,000, “that is a small amount compared to other mines”.

That network was mined again on July 16 with a much larger value of $ 7.6 million in Ethereum after a hacker discovered a vulnerability that led to a failure. THORChain was hit for the third time on July 23 when a hacker exploited the network’s Ethereum router to steal $ 8 million worth of ETH.

“It’s been a tough time for THORChain the last few months, but the basics have never changed,” said the THORSwap team.

Annie

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