THORSwap launches cross-chain swaps for Ethereum tokens.
THORSwap announced on August 23 that it had integrated the Ethereum aggregator DEX into its platform. Trading thousands of ERC-20 tokens over eight Layer 1 blockchains has never been simpler.
With the addition of support for these assets, as well as the complete liquidity of DEXes like Uniswap and SushiSwap, users will be able to exchange digital assets directly on THORSwap without the usage of third-party bridges. Users may select which tokens to transfer; THORSwap supports Bitcoin, Ethereum, BNB, Dogecoin, and others. The protocol currently has a total value of around $361 million locked in (TVL).
Cross-chain swaps allow users to transfer tokens from one blockchain to another. This procedure can be performed with a single protocol or several protocols (such as a combination of decentralized exchanges and blockchain bridges). In this situation, THORSwap runs only on THORChain.
THORSwap is much more than a DEX or aggregator. In addition to this significant milestone, they have been working on providing their own API and SDK kits for third-party dApps and developers. THORSwap created a safe solution to remove technical barriers for trading any assets across any chain.
They attempt to create a developer-friendly layer that extends past THORChain’s fundamental functionalities. They ensure users obtain the best possible rate. It is done by sourcing multiple liquidity protocols and calculating slippage and chain gas costs. The pathfinder resolves the most efficient asset swap routes. It uses the combined innovation of current aggregators. The goal is to split transactions between multiple protocols and pools in the minimum time possible.
In the picture below you can see a comparison of THORSwap with competing projects.
THORChain (RUNE) is a decentralized cross-chain protocol. It is built mostly on Tendermint and Cosmos-SDK with the goal of increasing crypto asset liquidity. In 2021, THORChain exploded in July, resulting in a loss of $7.8 million due to Bifrost. Although the platform recovered quickly.
The main interface for all THORChain services is THORSwap. It is a multi-chain DEX aggregator on THORChain’s cross-chain liquidity protocol. Users can perform permissionless cross-chain swaps directly from their own self-custodied wallet.
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