If you’ve been keeping up with my cryptocurrency portfolio in my weekly newsletter, you’ll know I’ve been HODLing RUNE for quite some time.
Thorchain is one of my favorite cryptocurrency projects, and this might come as a surprise if the only thing you know about it is the two hacks that happened in July.
Thorchain is a decentralised exchange that’s trying to replace centralised exchanges. In contrast to DEXes like Uniswap, Thorchain lets you swap between cryptocurrencies on different blockchains natively. Think Uniswap but cross-chain, and way more complex. All cryptocurrencies on Thorchain are pooled with RUNE, and this is what gives it value.
Thorchain hasn’t even been around for a year (at least not in its multi chain form), and it has already attracted a lot of attention from other crypto companies like Shapeshift and crypto VCs like Delphi Digital. Some Thorchain projects are starting to see funding of their own too, namely Thorswap which is probably Thorchain’s most popular front-end interface.
Thorchain has also attracted a lot of attention from hackers who noticed that the Thorchain team was a bit quick to rush out their protocol. There have actually been multiple hacks and exploits since April, but the two in July are the only ones that made the news because of the millions that were drained from Thorchain’s vaults.
Interestingly, the anonymous individual who hacked Thorchain left a message the second time around telling Thorchain’s devs that they could have stolen more but didn’t, and that they had also found a bunch of other exploits. The Thorchain protocol was subsequently shut down, and was fully revived on October 21st.
I’ve been waiting for a while to cover Thorchain, and now that it’s back online and RUNE is rallying, I reckon now is the right time.
I hope you all enjoy. Don’t underestimate this project, folks!
⛓️ 🔗 Useful Links 🔗 ⛓️
► Thorchain Old Website: https://thorchain.org/
► Thorchain New Website: https://www.thorchain.com/
► Thorchain Old Blog: https://medium.com/thorchain
► Thorchain New Blog: https://www.runebase.org/
► Thorchain Documentation: https://docs.thorchain.org/technology
► Thorchain Explorer: https://thorchain.net/#/
► Thorswap DEX: https://app.thorswap.finance/
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.