THORSwap closes funding spherical as cross-chain DEXs take middle stage
Cross-chain decentralized exchange THORSwap has concluded a $3.75 million non-public token sale backed by main enterprise funds throughout the blockchain business, providing additional proof that traders are eager to again market-ready DeFi platforms.
The funding shall be utilized by THORSwap to proceed constructing its growth and operational assets, together with the launch of latest merchandise on high of THORChain, the decentralized liquidity community powering the exchange. The non-public token sale was led by IDEO CoLab Ventures with participation from True Ventures, Sanctor Capital, Nine Realms, Proof Group, 0xVentures, Qi Capital, THORChain and others.
THORSwap at present helps Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), Binance Coin (BNB) and ERC-20 and BEP-20 commonplace tokens.
The platform additionally introduced that its token era occasion for the native THOR cryptocurrency is scheduled for later this month.
THORChain’s April launch was considered favorably by the cryptocurrency neighborhood, with ShapeShift CEO Erik Voorhees describing it as a seminal second for the business. “Thorchain has no bridges. It has no wrapping. It is native assets, swapped across chains in a decentralized way, for the first time ever,” he mentioned.
Decentralized exchanges have been a significant catalyst for DeFi’s explosive development over the previous yr. By June, DEXs accounted for 13% of cryptocurrency commerce volumes, up from simply 6% in February. As Cointelegraph reported, DEX commerce quantity tripled between January and May, reaching a excessive of $300 billion. At the identical time, DeFi adoption continued to surge, with Uniswap and 1inch registering 2.5 million and 600,000 distinctive customers, respectively.
That being mentioned, DEXs and different DeFi protocols have been a main goal of refined attackers and cybercriminals. As Cointelegraph reported, THORChain skilled a complicated assault through the summer season that resulted within the lack of $8 million value of Ether. Luckily, the attacker solely needed to reveal the safety flaw in exchange for a ten% bounty fee.
Related: SEC reportedly investigates decentralized exchange Uniswap
Meanwhile, in August, DeFi lending protocol Cream Finance was drained of $19 million in a flash mortgage assault. By recruiting the help of a DeFi safety platform, Cream Finance has been capable of get well many of the misplaced funds.