Seven Networks Launches THORChain Mainnet; RUNE Goes Up
- With no bridges or wrapped assets required, users of THORChain may exchange Bitcoin (BTC) for any other asset that is supported.
- Bridges are protocols that enable the transfer of currency between users from various blockchains via smart contracts.
- The protocol’s focus, according to its developers, will be on connecting with more Decentralized Exchanges (DEX) and exchange aggregators following the mainnet deployment.
The long-awaited THORChain mainnet went live on seven networks today after nearly four years of development. The network will enable users to exchange assets across different blockchains without the need for a centralized exchange. This will allow users to swap assets in a trustless and decentralized manner, with near-instantaneous settlements.
RUNE, the native asset of the THORChain network, spiked following the news of the launch. RUNE is used to stake assets on the network and earn staking rewards. With the launch of mainnet, RUNE holders will now be able to start earning staking rewards.
The THORChain mainnet launch is a major milestone for the project and marks a new chapter in its journey. The team behind THORChain has worked tirelessly over the past few years to bring their vision to life. With mainnet now live, we can expect to see more adoption of the platform as users utilize it to trade assets in a trustless and decentralized manner.
While the protocol currently only supports swaps between seven major ecosystems, developers say they expect support for Cosmos (ATOM) and Avalanche (AVAX) to be available shortly. This would allow users to more easily trade between a wider variety of different cryptocurrencies.
The protocol is designed to be trustless and decentralized, meaning that no single entity can control it or reverse transactions. This could potentially make it more secure and transparent than traditional centralized exchanges.
So far, the protocol has been tested on Ethereum’s Rinkeby testnet and is now live on mainnet. The team says they are working on adding more features and expanding supported assets in the future.
On THORChain’s Decentralized Autonomous Organization (DAO), community members can suggest new features, but node operators ultimately decide which innovations are made live.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
