THORChain announced on April 13 that the long awaited and highly anticipated Bring The Chaos Multi-chain mainnet deployment is now complete. The full fledged Multi-chain Chaosnet marks the beginning of protocols having the ability to execute direct cross-chain swaps, without relying on pegged or wrapped assets. It’s important because true decentralization and absolute non-custody is guaranteed in this manner.
For the initial part, the blockchains supported are Ethereum, Bitcoin, Bitcoin Cash, Litecoin and Binance Chain. The users can now add liquidity and swap assets across chains, after three years of THORChain project running and finally coming to fruition. Currently, the assets supported are BTC, ETH, USDT, BNB, BCH, BUSD and LTC.
THORChain is the first protocol to offer this functionality with transparency, logic verification, wide node distribution, permissionless and unrestricted access to liquidity, hardened price oracles, incentive driven mechanism, non custodial staking and direct asset swaps.
The platform is being considered by many analysts, to be the safest and most decentralized way to earn yield on their assets for providing liquidity. It’s managed by the node operators, who oversee the whole process. According to the press release, the initial Chaosnet comes with certain safeguards on liquidity and swap limits. These will be removed once the network has been tested thoroughly.
THORChain Future Plans
The Multi-chain Chaosnet isn’t the end of the journey for THORChain. In the future, besides the limits and caps lifting over time, a couple of other features will be introduced. These include synthetics (price-tracking representative assets), composite mixed assets, decentralized finance (DeFi) loans, introduction of more chains and assets etc.
RUNE tokens are expected to get a big boost in price, as the network usage increases and more assets are bonded to the network in liquidity pools. It’s price is deterministic and calculated by the formula (3 * Non-RUNE TVL) / RUNE Circulating Supply. This allows for price estimation of the RUNE token, at all times.