Erik Voorhees, CEO of ShapeShift and a supporter of the cryptocurrency industry, said the Thorchain launch is arguably the biggest cryptocurrency event this week.
Erik Voorhees: Coinbase IPO isn’t the Biggest Crypto Event this Week
Given that the eyes of all cryptocurrencies are on the direct listing of the main US exchange Coinbase on the Nasdaq on Wednesday, which is valued at $140 billion based on the FTX derivatives exchange, this is a high standing.
The Thorchain release time is scheduled for April 13th (Tuesday). This is the first time native crypto assets in DEX can be traded over a unique blockchain without the use of technology or packaging tokens.
In a tweet on April 12, Voorhees stated that the launch of the local Cross-Chain Decentralized Exchange (DEX) will open new horizons for crypto technology.
Voorhees said, “Thorchain has no bridges. It has no wrapping. It is native assets, swapped across chains in a decentralized way, for the first time ever.”
Thorchain will host a press conference on the Clubhouse social platform on Tuesday at 11:00 p.m. GMT+1. Several well-known figures in the cryptocurrency space will attend the event, including Voorhees and several executives from ShapeShift, the managing partner of Multicoin Capital, Tushar Jain, the co-founder of Delphi Digital, Yan Liberman, and others.
DEX will initially use custody of the pairing of Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Binance Coin and plans to support more crypto assets in the future.
Thorchain works just like other automated market makers like Uniswap. The main difference, however, is that the transaction and the exchange of crypto assets can be realized in completely different blockchains and networks.
Thorchain is based on the Tendermint Consensus Protocol, which is also related to the Cosmos ecosystem. The exchange is supported by its local token, RUNE, which is used as collateral to facilitate transactions.
The protocol supports assets when the blockchain is added to Thorchain’s cross-chain network called “Chaos Net”. Chaosnet allows assets to be swapped without relying on third-party intermediaries such as the custodians of wrapped versions of BTC, for example.
For example, to exchange BTC for ETH, the exchange exchanges BTC for RUNE and then RUNE for ETH. All of this is happening at high speed to ensure that users are not affected by intermediate transactions.
Thorchain is also developing a local wallet called Asgard X, which is designed to interact directly with “Chaosnet” and allows a single wallet to store tokens from a unique blockchain.
Coingecko said the platform’s local token, RUNE, was recently hit by a fire that rose 13% in the past 24 hours to a record high of $12.65.