THORSwap closes investment round as cross-chain DEXs take centre stage. In other words, THORSwap, a cross-chain decentralised exchange supported by major blockchain startup firms, has completed a $3.75 million private token sale, demonstrating that investors are eager to finance market-ready DeFi platforms.
In fact, THORSwap will utilise the funds to expand its research and operational resources. Including the launch of additional products based on THORChain, the exchange’s decentralised liquidity network. True Ventures, Sanctor Capital, Nine Realms, Proof Group, 0xVentures, Qi Capital, THORChain, and others participated in the private token sale. Which organised by IDEO CoLab Ventures.
Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), Binance Coin (BNB), and ERC-20 and BEP-20 standard tokens are all supported by THORSwap.
The site also revealed that the THOR cryptocurrency’s native token creation event will take place later this month.
Watershed event in the sector
The cryptocurrency world praised THORChain’s April debut, with ShapeShift CEO Erik Voorhees hailing it as a watershed event in the sector. “There are no bridges between Thorchain and the rest of the world. It isn’t packaged. For the first time ever, native assets are being traded between chains in a decentralised manner,” he explained.
Decentralized exchanges have been a significant driving force behind DeFi’s meteoric rise in the last year. DEXs accounted for 13% of bitcoin trading volumes in June, compared to just 6% in February. Between January and May, DEX trading volume quadrupled, hitting a high of $300 billion. Uniswap and 1inch both reported 2.5 million and 600,000 unique users, respectively, as DeFi usage continued to rise.
However, skilled attackers and hackers have targeted DEXs and other DeFi protocols as a major target. During the summer, THORChain was the victim of a sophisticated assault that led to the theft of $8 million in Ether. Fortunately, the attacker was just looking for a 10% reward for exposing the security weakness.
Meanwhile, a flash loan assault in August drained $19 million from the DeFi lending protocol Cream Finance. Cream Finance has been able to retrieve the majority of the cash stolen by enlisting the help of a DeFi security platform.