Usually, if a user wants to convert BTC in their wallet to ETH, the first step is to exchange the BTC native coin ⇒ xBTC (BTC in ERC-20 standard), and then swap xBTC ⇒ ETH; this process takes 2 swap transactions and costs twice as much swap fees. It is a common problem among separate blockchains like Ethereum, Solana or Avalanche.
THORChain is a decentralized cross-chain liquidity protocol built on Tendermint & Cosmos-SDK, which provides a liquidity solution, and an instant swap of crypto assets between networks. In this article, I will provide you with THORswap, including the following information:
- What are THORswap and the RUNE token? How does THORswap work?
- Specific details about RUNE token and it’s tokenomics including its up-to-date price, key metrics, distribution and use cases.
- How to get RUNE? Where to store it?
- Roadmap & information about team, investors and partners.
What is THORswap?
THORswap is a cross-chain DEX built by THORchain, utilizing THORchain’s features to provide instant liquidity and swapping of crypto assets within the network. THORswap allows users to directly swap native tokens on different blockchains with one click, removing the barrier of token standards.
What is RUNE token?
RUNE is THORchain’s native token, which has a role in managing liquidity, security, governance and incentives.
What makes THORswap different?
Continuous Liquidity Pool: Normal liquidity pools are asset pairs (eg, BTC:ETH), but the liquidity pool at THORchain will include 1 token and the RUNE token (eg, BTC:RUNE, ETH:RUNE). RUNE functions as a liquidity connector between two types of assets.
The value stability of liquidity pools is stabilized by arbitrage traders. When swap transactions are performed, the token ratio in the pools will change, which leads to a difference in the exchange rate in the pool.
At this time, abitrage traders will enter the trade to make a profit from the difference in the price in the pool compared to the outside market. This process is repeated at high frequency. Over time, price information propagates and THORChain settles with external markets.
Impermanent Loss insurance: THORChain has implemented an impermanent loss insurance formula similar to Bancor for LPs that stake for >100 days.
Detailed information about RUNE
RUNE Price Today
Currently, you can track the price of RUNE on Coin98 Markets.
Coin98 Markets is a website that helps users get updates of the real-time prices and view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.
RUNE Token Metrics
- Token Name: RUNE.
- Ticker: RUNE.
- Blockchain: THORChain.
- Token Standard: BEP-2.
- Contract: 0x3155ba85d5f96b2d030a4966af206230e46849cb
- Token Type: Utility, Governance.
- Total Supply: 500,000,000 RUNE.
- Circulating Supply: 262,741,793 RUNE.
RUNE Token Allocation
RUNE Token Sale
RUNE Token Release Schedule
When researching, the writer found a positive point when THORchain publicly released a detailed release schedule, which shows that the project has carefully prepared for future steps.
In the release schedule, from 2021, the segment of operation, incentives and reward have the most apparent growth, which means that the project will reach the stage of expanding the customer base and developing its position in the market.
RUNE Token Use Case
RUNE is the project’s Token and has the following Utilities:
- Liquidity (as a settlement asset).
- Incentives (paying out rewards, charging fees, subsidizing gas).
- Security (as a sybil-resistant mechanism and a means for driving economic behavior).
How to get RUNE Token
You can get RUNE by becoming a Node, Staking RUNE, or by buying RUNE from CEXs (Binance, Gate,…) or from DEXs (Uniswap, SushiSwap,…).
How to buy RUNE Token
You can buy RUNE through Coin98 Exchange by performing the following steps at: exchange.coin98.com
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap
Step 3: Choose the trading pair:
- Search RUNE.
- If the result does not come up, you can paste the contract of RUNE into the search box: 0x3155BA85D5F96b2d030a4966AF206230e46849cb
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to store RUNE Token
RUNE can be stored on Coin98 Wallet through the following steps:
Step 1: Open Coin98 Wallet and click Receive.
Step 2: Enter RUNE in the search box.
Step 3: Copy the RUNE wallet address and send RUNE token to this address.
Currently, THORchain is still operating the Chaosnet version, enabling cross-chain swaps between Bitcoin, Ethereum, Bitcoin Cash, Litecoin & Binance Chain networks.
As planned, by the beginning of 2022, THORchain will launch on mainnet, which means that THORswap will have the opportunity to grow, attract more liquidity and expand the amount of swappable tokens.
Team, Investors, and Partners
- Delphi digital.
- Zee Prime capital.
THORswap is currently the first DEX to support users to swap crypto assets from one standard token to another with just 1 swap.
Is THORswap a good investment?
I hope that you have understood what THORswap is with the information mentioned above. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment and be responsible for your own fund.
However, Coin98 will provide some notable points about the project to give you the best overview to make your own decisions:
THORswap makes it easy to transfer assets between blockchains and saves swap costs, which is a big step forward for activities in the crypto space to attract new users. The potential of THORswap and THORchain is enormous because at present, linking blockchains together is still a big obstacle, which is a barrier for user to access crypto applications
Since the operation period from the beginning of the year until now, THORswap has had a positive record in terms of transaction volume, number of swap transactions, which is a signal that people have received the application of THORswap.
This is also reflected in RUNE’s steadily growing TVL, which has increased 10 times since the beginning of the year. This is a very promising sign for THORswap and THORchain because it means the idea is effectively attracting users.
On the other hand, the problem is that the practical application needs to be well developed. Currently, THORswap’s list of swappable native tokens includes BTC, ETH, LTC, BNB and some ERC-20 tokens. If the project cannot expand its swap capacity with blockchains with a huge number of users such as Avalanche, Polygon, Solana or NEAR, the practical application is limited.
In June 2021 THORchain suffered constant cyber-attacks which have cost millions of dollars. For blockchain applications, network security is a prerequisite for users to leave their funds on Dapps in decentralized finance. THORchain’s failure to protect the network from hackers represented a considerable risk when investing in this project. However, this is a factor that can be overcome in the future.
THORswap is a cross-chain DEX built by THORchain that allows users to convert assets between blockchains without the presence of wrapped tokens; with just one action, the assets in the user’s wallet will be converted. . The project promises to bring great convenience to all users in the crypto space if it can continue to expand swap capabilities with other prominent blockchains in the market.
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