Thorchain has launched the first cross-chain DEX, with native assets on 6 different chains all able to be pooled or swapped. This event has been years in the making, and the first moments of activity seem to be running very smoothly. The network actually started a few days ago, in a "closed" manner for the team to test and slowly get things started, and just opened up to the wider community.
Launch Party.
Currently, there is a launch party underway on Clubhouse and YouTube.
You will note that high profile people on the launch panel include 3 Shapeshift panel members. Shapeshift have already implemented Thorchain, and are moving their business from being a swap Cex, to being a interface to DEX's, with Thorchain at the forefront of its new business model. C.E.O. Erik Voorhees stated that he has been looking for a while at finding a way to move away from being a Cex, with KYC and all the regulatory restrictions, to being a Dex, and had the same feeling when he learned about Thorchain that he got when he first learned about Bitcoin.
It works:
Aside from Shapeshift there is also currently 2 interfaces launched to manage your Multi-chain Chaosnet activity. The above image is from Asgardex, and there is also Thorswap which has a very familiar feel for anyone that has used Bepswap previously.
Initially, there are liquidity caps in place, and the rewards are quite low for LP's and nodes. These will scale up over the coming weeks as the network stabilizes, and any potential bugs are ironed out. It is not urgent to move your liquidity from Bepswap over, incentives will slowly increase for native Rune and the MCCN network, and gradually decrease for Bepswap LP's. No rush.
Is it too late to start?
Short answer is: NO.
Long answer is: HELL NO.
Thorchain is just getting started, Multichain has only just launched, and for the first time, native Bitcoin now has access to a truly decentralized DeFi protocol, and there is so much more still to come from Thorchain.
There is not really much more to say, Multichain Thorchain is alive, launched and running smoothly. It will gradually scale up over time. In my opinion, this is the biggest event in crypto for quite a while, and will reshape the landscape for years to come. RUNE is around $13 at the moment. Many are asking if it will sell off now on a "buy the rumor, sell the news" type sell off. I think it most definitely will not, MCCN is hugely bullish for RUNE and I fully expect it to be a $100 token at some stage this year. Long term, RUNE will be a top 5 crypto, maybe this year, maybe not.
If you need more info about Thorchain, check this feed and scroll back along all the Thorchain related content that has been created on LeoFinance.
Thanks for reading, congrats to everyone that has invested in Thorchain and RUNE, and here is to a decentralized, cross chain future.
Cheers,
JK.
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Do you know, how to connect Thorswap to Trustwallet?
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I don't think you can just yet. For now the only wallet I can see supported is a Keystore file. I have set one up but never used it, so don't really know how it works. Trustwallet, ledger and other support is coming, and also a cross-chain metamask style extension called XDeFi.
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I heard that Sifchain is doing sth similar and its model follows Thorchain.
Any comments about this project?
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Sifchain is interesting. I've been watching it without saying much, because I'm just not sure yet. They are airdropping tokens, and I have qualified for a bunch. Was waiting to play with it a bit before sharing my experience, but the airdrop (and several other developments) have been repeatedly delayed.
Long story short is that they have set up similar to Thorchain, with a broadly similar tokenomics structure. The key difference is that they are using pegged assets rather than native. You peg your asset (through the Cosmos eco-system's peg zone) and then can access the Sifchain DEX and pools and so on.
Once I get the airdrop (eventually) and have a play around, I'll have more to say. Not sold yet, definitely think Thorchain is a superior solution, but Sifchain could find a place in the Cosmos.
Watching for now.
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Looking forward to your guidance. 😉
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I am listening to the Multichain Chaosnet Launch Discussion right now. Super interested!
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It's a fascinating discussion, and super informative.
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Hey @jk6276, great to say this day arrive. I have a bunch of RUNE waiting for this day. They are currently sitting on my Trust Wallet as BEP2 (?) tokens, as far as I know. I still have to work out exactly what steps to take, to get them moved to the mainnet. And, from there, decide which LPs to tip toe into, as the little bit I have had time to read so far and, as you state in your post, there is no hurry.
I wrote a post awhile ago, with my background, about my lack of enthusiasm for "wrapped" tokens. It is very exciting to see this day when that is no longer necessary. It will be very exciting to see where RUNE and THORChain go from here! 🚀
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No rush. I'd definitely take my time swapping over to native rune from your Bep2. I'll have another post soon about a great place to learn lots of LP strategies, but the basics are to work out your time horizon and goals, and pool your Rune with something you are happy to have more of.
Native tokens are a big win, but particularly with ETH (and ERC20's) and BTC come with much higher fees so planning ahead to minimise transactions is important.
RUNE over $15 is such a nice feeling.
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Very good @jk6276. Thanks for the input! Ideally, I would like to wait until Asgardex has a Ledger-backed option, as I have never been excited about having my RUNE in the Trust Wallet. But ... Not too excited to "jump from the frying pan into the fire" either! 😉
Absolutely! HODLing has been fun for months now. It will be a lot more fun from here on out I suspect! 👍🚀
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Yes, it will be better once Ledger support comes along.
The option now is a keystore, which I've never used before. Not sure I like it TBH, but maybe its just unfamiliar.
I'll probably wait for ledger, that's what I have been using for Bepswap, and it feels much safer.
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We're definitely like-minded on this! 👍 The only thing which might change it is some urgent "call-to-action" re: a RUNE <=> LEO liquidity pool. We'll see ...
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The other option, coming soon, will be a web browser extension (like Metamask) called XDeFi. It was funded by the Thorchain treasury to be a cross-chain version of Metamask to access Thorchain. Also coming soon.
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Good to know @jk6276! I actually "tip-toed" into ThorSwap today with some BNB, LTC, and RUNE. I experienced how the Asgardex wallet handled the "upgrade" to native RUNE and it went just fine.
So ...
All excited to get a little bit of LTC <=> RUNE in that liquidity pool, I was stopped by a message saying it was "full!" 😏🤷♀️
Guess the RUNE team is really trying to control a slow, but steady "ramp up," which is fine with me. I want to see them have great long-term success, so I'll be patient. Since I "jumped the gun" a bit with these few funds, I'll probably have to end up moving them into a new Ledger-backed account, once that opportunity is made available to us.
Or this one, you are mentioning now. Onward and upward.
Thanks again and take care! 👋
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This will be the first time that native crypto assets can be traded on a decentralized exchange across unique blockchains without bridging technology or wrapping tokens. So you could do crosschain swaps of ETH to BTC, BTC to LTC, etc but on a DEX like UNISWAP.
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You are right, native to native assets, across chains with no wrapping or trusted entities involved. A cross chain DEX like uniswap, with many more features coming as the year progresses.
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This article perpetuates a common false belief. This is not the first technology to perform atomic swaps natively across chains in a DEX fashion. Blocknet came out with their BlockDX many years ago and now Xlite wallet. Their problem is liquidity. Now, Thorchain comes along with different approach to solve the liquidity problem.
Thorchain is not atomic swaps. It uses cross chain bridges instead.
Semantics, maybe, but there is a difference, and there seems to be issues around the scalability of Atomic swaps.
Here is an article (really old from when Thorchain was in its infancy) outlining the different approach.
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Freakin love the name! I've heard of this one and a lot of people here on LEO ended up getting in early I'm still kind of in that I feel like I missed out phase but shouldn't!
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Chaos is to be expected in chaosnet. Apparently someone tried to steal $10 million already out of the Thorchain system and failed. They are smart to slowly build it up, rather than try to launch all guns blazing.
In a couple years, even $15 will look incredibly cheap.
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Question is do I use Rune to pool or hodl on as tight as I can. Dont want to lose my precious Rune... not enough as it is.
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Good question. For now I'd hodl tight, I think RUNE will keep running for a while and IL will hurt if pooling currently. I'm still adding to pools on Bepswap with the Bep2 RUNE, going to wait till all is stable and shift over in one hit to avoid lots of transactions.
My move for a while is to accumulate BTC and ETH and asymmetrically pool it. RUNE will likely outperform for a while, so this way I don't experience IL.
Everyone will have their own strategy, finding what works for you is the trick.
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Thanks for the update. This is surely going to be explosive.
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RUNE to the MOON, soon.
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TLDR: BUY?
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Haha - yep, RUNE = good, numbers go up.
Not Financial Advice, DYOR
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hey this sounds really interesting. I keep hearing about thorchain and Im tempted to get started. I only recently got involved with Cubdefi and I wrapped my Eth in there but I was holding off on my BTC and this sounds like it could be the right place for it. Will I have to match my BTC with Thor like in liquidity pools?
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You can match your BTC with RUNE if you wish. Or you can just add the BTC to the pool. The pool effectively sells half your BTC to RUNE for you. In the short run, it means you decrease BTC exposure, and increase RUNE.
This strategy can work well if you think RUNE will outperform, as what is actually happening is the pool is automatically selling some of your RUNE for BTC as RUNE increases.
Here is an example of how that can work. Each day I have been adding $50 - $100 (roughly) worth of BTC into the pool. (This is Bep2 version btw, not native). I did put a tiny amount of RUNE in, but mostly it has all been BTC. As RUNE has outperformed BTC over the time period, I have gained back a portion of the BTC initially swapped to RUNE when depositing.
Just one example of how it is never too late.
Earning better than a couple percent on blockfi or whatever, without having to wrap your BTC (once the multichain scales up a bit) will be a gamechanger.
There is no rush, now is the time to plan your strategy and prepare.
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thankyou for your in depth reply :)
I always like advice that reminds me not to rush.
I will keep my eye on it and prepare a game plan
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Leo finance and cubdefi will also take this path and be just as successful.
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Just wait till Cubdefi get's linked to Thorchain...
Soontm
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That really will change the face of crypto world! Which are the chains currently supported by this multichain DEX?
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Currently supported are BTC, ETH (and ERC20's), Binance chain (Bep2 - not BSC/Bep20 yet), LTC and BCH. numerous more under development or close to release.
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Thanks! Is RUNE needed to have access to multichain chaosnet and later the mainnet? Same as with ETH and BSC, it's used to pay swap fees and it's the governance token?
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It is entirely possible to interact in every way with Thorchain (swap, add to pools etc.) without ever touching or holding RUNE in your wallet. Asymmetric pooling is available (and my preferred strategy personally) and fees are payed in whatever coins you use. You can also withdraw from pools asymmetric. Behind the scenes, when you pool asymmetric, it auto swaps half your addition into RUNE, so you do have RUNE price exposure, but they also have Impermanent Loss protection, another key feature.
Thorchain has very little governance built in, by design, so you can't really consider RUNE as a governance token.
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aped in, didn't get the disclaimer. Lost money.
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Still loosing? - (RUNE is up 57% in the last 7 days).
Impermanent loss is definitely something to watch out for, no doubt.
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the wallet had a bug in it where it downloaded 2 keystore files. I only got one download and browser logged into the other keystore file. after refreshing my bnb address changed. Afer that I tried adding busd liquidity and busd got transferred out of my wallet without adding liquidity. total losses 100 rune, 2bnb and 375 busd
I've seen they have had some issues with pooling, and bug fixes are in the works. Have you reached out to the team, or added an issue on Github to try to retrieve your funds? The Keystore access is an unknown for me, I have not used it and don't know much about it.
G.L, hope you can get those funds back, I'd definitely hit them up as that's real money there. They seem to want people to submit issues like yours via github, so that would be my approach.
Let us know how this turns out for you.
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I must say, this has been pne of the best investments I have made to date, no small thanks you yourselves and the stuff I read from Khal and the best is yet to come by the looks of it! Cheers!
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Glad it has been working out well for you. Lots to come for Thorchain, once the basics get stabilized they have a huge suit of add-ons planned as the year progresses.
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They have done incredibly well. It is one I actually think has the legs for the future!
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HODLing rune has been fun for months now)
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Sure has. Best bit is I think it has a long way still to go.
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@jk6276 Do you know if you can connect a hard wallet like a Ledger on ThorSwap? Any resources you recommend checking aside from the ThorChain thread on Leo
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Not yet for Ledger, but coming soontm
A great place to learn more, particularly about LP strategies is a Thorchain community run "LP University" set up on discord. link here Plenty of legit Thorchain knowledge in there, plus help for newbie's.
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Appreciate it @jk6276! I'll check it out
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Valhalla
reminds mo of some good series. hahahahah
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I'm mad I didn't get in earlier, but like that you say there is still a ton of time to get involved. I will be doing my best to begin accumulating soon!
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I think Thorchain will be a top 5 crypto project over time. Even today is still early.
Buying BNB at $20 seemed like a lot at the time, doesn't look so bad today. Same thing applies right now for RUNE I think.
not financial advice.
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I believe it, the concept is incredible
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I got in at $3 I’m so glad...I’m still super bullish about Rune and I’m totally in sync with what thorchain is doing...q2 being a more interesting part of the year is not a lie at all....congrats to every thorchad out there, this is a huge win for crypto
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Nice, $3 is going to look like a genius entry point down the track.
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