THORChain is a decentralized exchange (DEX) established in 2018. THORChain is the world's first decentralized exchange to support native BTC for ETH cross-chain trading. The exchange is a community project with no founder, CEO, or director. The project operates in a decentralized manner and hence has no headquarters.
Overall, THORChain acts as a settlement layer for the facilitation of swaps between 8 chains – Ethereum, Binance Chain, CosmosHub, Dogecoin, Litecoin, Bitcoin, Avalanche, and Bitcoin Cash. THORChain (BTC) acts as a settlement layer for Bitcoin. The Bifröst Protocol, a cross-chain bridge system, is a feature that links various chains together.
THORChain (BTC) does not require KYC verification. Users only need to connect their wallets to begin trading. Therefore, some countries with strict crypto regulations may prohibit the use of THORChain products. Users should conduct their own research to determine whether the laws and regulations in their countries permit the use of the exchange's products.
Markets
There is no THORChain (BTC) spot in a traditional sense, as well as no leverage or margin trading. Instead, the exchange supports more than 5,000 tokens across eight chains. THORChain (BTC) uses an automatic market maker (AMM) to pool liquidity from the users and apply a mathematical formula to price assets. THORChain (BTC) trading pairs include crypto-to-crypto markets.
The platform has a native token, RUNE, which serves as a settlement asset. RUNE provides network security to the THORChain cryptocurrency exchange. It is also a governance token, enabling users to vote on the proposals to define the future of the project. Besides, RUNE supports incentive programs on the THORChain (BTC) network. You can view the THORChain (BTC) crypto price on the live chart here.
THORChain (BTC) cryptocurrency exchange does not depend on oracles and weighted averages to price crypto assets as many DEXs do. The pricing model depends on liquidity pool design and arbitrageurs. Whenever pools are imbalanced, arbitrage bots trade to rebalance them. THORChain gathers the exchange rates between external asset pairs thanks to RUNE, which binds all pools together. Unbalanced pools create a profit opportunity for arbitrage traders. They trade to rebalance the pool, ensuring the prices accurately reflect the market value. The pool-balancing traders work around the clock using arbitrage bots that communicate directly with the Thorchain API.
The platform offers deep liquidity to enable on-chain cryptocurrency swaps. The cross-chain liquidity feature effectively supports the increasing THORChain trade volume. THORChain (BTC) volume for various markets is displayed above.
Moreover, keep in mind that THORChain (BTC) is a leaderless vault manager that keeps track of incoming user deposits and prepares the necessary transaction steps for a variety of actions like trading crypto assets and adding and withdrawing liquidity. Furthermore, it executes outbound transactions.
THORChain (BTC) exchange fees include fixed Outbound Fees and dynamic Liquidity Fees. For the dynamic fee, a user is charged an amount that is three times the stored gas cost for each chain. The fee system enables the pool and the reserve to earn a margin. The network fee is collected in RUNE and sent to Protocol Reserve. Conceptually, THORChain (BTC) crypto fees are both value-capture, access control, and resource-subsidization. The platform does not charge deposit or withdrawal fees.
Other Services
THORChain (BTC) offers users other opportunities to earn income besides cryptocurrency trading. Liquidity pools allow users to deposit their funds and earn interest for providing liquidity for the network.
THORChain (BTC) crypto exchange community has also developed a variety of provider tools to enable users to identify new opportunities and verify their THORChain pooling position. This includes LP Calculator, LP University, DecentralFi, THORYield, THORChain Analytics, and THOR Infobots. Additionally, the community has developed a variety of wallets, each supported by various THORChain interfaces.
Moreover, THORChain's (BTC) insurance program provided by Nexus Mutual offers thorough cross-chain security. The insurance covers a variety of risks, such as severe oracle failure, economic design failure, governance attacks, asset protection for Layer 2 solutions, and protection for smart contracts that are not Ethereum-based.
The THORChain community has also developed a variety of NFT collections. This includes THORChain Collectibles, THORGuards, PixelTHOR, THORChain Punks, and ROON. Additionally, THORChain has a funding program that helps new launch projects.
Finally, THORChain (BTC) offers a composable user-friendly Partner API on top of the cross-chain liquidity protocol. The API follows two product paths: a user-friendly DEX aggregator interface and a gateway to all THORChain functionality.
About the Company
After three years of development, the THORChain (BTC) cryptocurrency exchange was formed in 2018 and launched in 2021. Information regarding the platform's founder is absent. As mentioned before, there is also no director, CEO, or headquarters for the project because it is a community-based project. It organizes its development using Gitlab.
