Swapping on several blockchains has resumed following the 3.21.1 update. Trading blockchains: AVAX, BASE, BCH, BTC, DOGE, ETH, LTC, RUNE, TRON, XRPL, ZEC Halted blockchains: ATOM, BSC, SOL 14 active nodes still haven’t updated to 3.21.1. All active nodes need to update to 3.21.1 to fix performance issues with swapping. The 3.21.1 update also gets THORChain one step closer to launching Monero.
THORChain is the world's first cross chain decentralized exchange. It's been operating for over 5 years now. Before, the only scalable way to trade between Bitcoin and Ethereum was going through a centralized exchange. Atomic swaps were available, however they can't scale. Bridges and wrapped tokens were used, but they introduced counterparty risk. There wasn't a proper DEX to swap Bitcoin in a self custody wallet for Ethereum in a self custody wallet. Vitalik Buterin highlighted this problem back in March 2020, expressing his frustration that there wasn't an easy way to move between Bitcoin and Ethereum without relying on centralized exchanges. THORChain was built to solve this problem. THORChain was designed like Bitcoin and Ethereum, to be permissionless, censorship-resistant, and public. All transactions on THORChain are transparent, there is no obfuscation. When Monero starts trading, XMR swaps will have all the same public data as BTC and ETH swaps. It remains the closest example of a decentralized BTC-to-ETH exchange described by Vitalik. We believe THORChain is one of the most decentralized blockchains in crypto. According to a Raynalytics dashboard, the network has 111 active nodes operated by 56 unique node operators. 20 operators control just over two-thirds of the active nodes. There is no single developer or entity in control of THORChain. Core developers can make recommendations and write code to update the protocol, but nodes ultimately decide whether to adopt those changes. Protocol upgrades depend on sufficient support from the validator set, meaning developers cannot unilaterally impose changes on the network. The decentralization and product market fit of THORChain make it a core piece of DeFi.
⚡ Saturday November 7 on the THORChain Podcast | Ecosystem & Community Spotlight at 11AM EST / 4PM UTC. @KentonC137 and @patriotsounds are sitting down with the @Eidex_official team. Jump on stage and ask your questions live: https://t.co/phkxsU6sdy https://t.co/dsUtRWow6N
⚡ This Saturday on the THORChain Podcast | Ecosystem & Community Spotlight at 10AM EDT / 2PM UTC. @zeymermoca and @EricOnchain from @mocadotapp join @KentonC137 and @patriotsounds. Want to pay with crypto in real life? Bring your questions. See you there. Jump on stage and ask your questions live: https://t.co/AUD5BPli7X
On October 21, someone swapped 32 $BTC for $2.65M of USDT on TRON, through @TrustWallet, powered by @SwapKitPowered. The USDT pool on THORChain held $248K. In one shot, that trade would have emptied the pool. The math gives about $25K out for $2.65M in. THORChain streamed it instead: 10,708 sub-swaps over 10 hours and 53 minutes, each one paying the minimum slip. Between sub-swaps, arbitrageurs refilled the pool. It never held more than $251K of USDT, and its price held at $1.00 from the first sub-swap to the last. THORChain's fee on the whole trade: 0.25%. Trust Wallet's interface fee: 0.70%. A deeper pool would have made it faster. It wouldn't have made it cheaper. https://t.co/6IUfPB7RhA
⚡THORChain Podcast | Protocol Update with Co-Founder @Cbarraford is today at 2PM EDT / 6PM UTC. Hosted by @KentonC137 and @patriotsounds. Jump on stage and ask your questions live: https://t.co/phkxsU6sdy https://t.co/Ji4gm3ut1r
One of the biggest $ZEC swaps on THORChain so far: 0.365 $BTC for 24.7 $ZEC, about $29.6K. The $ZEC pool held 22.9 $ZEC when the swap started. The swapper received more than the pool held. THORChain streamed it: 1,300 sub-swaps over 1h58, with arbitrageurs refilling the pool between them. The pool never dropped below 22.2 $ZEC. THORChain's fee came to about 0.22%, and the app the swapper used added 1.25%. About 15% of the deposit came back. The swapper had set a price limit, and midway through $ZEC got 5% more expensive in the pool. Streaming checks that limit on every sub-swap. 197 of them would have delivered less $ZEC than the limit allowed, so THORChain skipped them and refunded 0.065 $BTC instead of filling at a worse price. Once the price came back, the rest of the swap went through. $ZEC is still in a progressive rollout. The pool is kept small while the integration is tested on mainnet, and liquidity deepens once that goes well. With streaming, a thin pool means a longer wait, not a worse price. https://t.co/K8S2FEtqTY
⚡ This Saturday on the THORChain Podcast | Ecosystem & Community Spotlight. @zeymermoca and @EricOnchain from @mocadotapp join @KentonC137 and @patriotsounds live at 10AM EDT / 2PM UTC. On the table: bringing crypto payments to everyday shoppers and merchants. Jump on stage and ask your questions live: https://t.co/AUD5BPli7X
