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Thorchain: Why RUNE is RALLYING!! More Potential? 🎢

Thorchain: Why RUNE is RALLYING!! More Potential?

By Guy

👨‍🏫What Is ThorChain?👨‍🏫

ThorChain is a protocol that makes it possible to instantly swap cryptocurrencies between blockchains. It is designed to function as the back end to the next generation of cross chain decentralized exchanges. The multi-chain Chaosnet went live earlier this month, making it possible to swap between Bitcoin, Ethereum, Litecoin, and half a dozen other cryptocurrencies in their native form without wrapping. This can be done using the ThorSwap web interface, the Asagardex web interface, and the Asagardex desktop client which act as the front-end to ThorChain’s multi-chain Chaosnet protocol.

⛓How ThorChain Works⛓

ThorChain validator nodes are responsible for witnessing transactions occurring on other blockchains, as well as sending and receiving cryptocurrencies stored in various wallets that they collectively custody. Sending any cryptocurrency out of these so called ThorChain vaults requires the consensus of two thirds of all active validator nodes. Validators also face harsh slashing penalties if they try to steal from the cryptocurrency vaults they custody.

💱How ThorChain Actually Works💱

In contrast to other decentralized exchange protocols, all cryptocurrencies supported by ThorChain trade against the RUNE coin. As with other AMM style DEX protocols, arbitrage traders are incentivized to ensure the ratio of RUNE and the other cryptocurrency in the pool remains accurate in terms of dollar value. This reliance on arbitrage traders means ThorChain based DEXes do not need price oracles to function. Instead, the protocol references the price of RUNE in relation to other trading pairs in the protocol.

👩‍💻ThorChain Asgardex Tutorial👩‍💻

The web version of the Asgardex does not require a browser wallet extension like Metamask to use. All you need is some RUNE. Since only BEP2 RUNE can be bought on Binance, you’ll need some BNB to convert it to native RUNE. Once you’ve created a wallet on the DEX, you’ll automatically have a wallet for every connected chain. Swapping against any cryptocurrency requires you to have a minimum of 3 RUNE in your wallet and the amount being swapped must always be larger than 3 RUNE plus the fee being paid for the swap.

💸RUNE Tokenomics & Analysis💸

Were it not for the generous team and private sale allocations, RUNE would probably have the best tokenomics of any cryptocurrency on the market. This is because at any given time, ThorChain validators must be staking RUNE that is worth twice the total value locked by liquidity providers. The fact that DEX users need RUNE to trade on ThorChain-based DEXes gives RUNE a similar economic profile to ETH which is used to pay for fees on Ethereum.

📅ThorChain Roadmap📅

Most of ThorChain’s meaty milestones are hidden in the team’s weekly updates, and these include things like: Integration with the Cosmos IBC. Support for privacy coin blockchains like Zcash, Monero, and Haven. Support for smart contract chains like Cardano, Polkadot, Avalanche, and Ziliqua. And even support for same chain transactions, like ETH and other ERC-20 tokens. This could make ThorChain a competitor to both centralized and decentralized exchanges on all chains.

~~~~~

📜 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.

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