Well, I bet a lot of you have being called "noob" while playing video games with friends. To avoid being agglomerated in the nocoiners category and being called noobs also by the crypto community, here is a short post on THORChain, the project that in my opinion sums up the true spirit of DeFi better than any other right now.
THORChain is an independent blockchain that makes it possible to exchange tokens between chains of different Layer 1s in a completely decentralized way without custody of user funds.
THORChain is the backend for many user interfaces such as the most famous THORSwap, but also THORWallet, Defispot, etc.
The main strengths of THORChain are:
- The ability to exchange Layer 1 tokens between different blockchains (for example, you can directly exchange your $BTC for $ETH, as if you were using a CEX. The funds will exit your Bitcoin wallet to end up directly in your Ethereum wallet) ;
- The possibility of obtaining a passive income ) by providing liquidity in the pools as a Liquidity Provider (LP);
- Unlike CEXs, it is not necessary to KYC, no need to be sharing your personal data and it can be used by anyone, accessed by anywhere;
- No wrapped assets: unlike other protocols in which the swaps between tokens of different chains are made possible by the use of wrapped versions of the native tokens of the chain on which the protocol is built on (for example $WBTC on Ethereum), all THORChain assets are traded between their native chains (cross-chain
The swaps on THORChain are made possible by a network of nodes (THORNodes) that communicate and operate in a coordinated manner. The operator nodes send a significant amount of to the network as "bond" which are retained by the network and used as leverage, in order to guarantee the security of the transactions.
Summarizing the above in one sentence:
THORChain's key objective is to be free from any form of centralization, while enabling cross-chain liquidity.
It is time to free your crypto from the hands of stinky custodians such as Binance, FTX, CRYPTO.COM etc. and to discover or rediscover the beauty of being the owner of your own keys and precious tokens. All this, thanks to THORChain.
Now your friends will never you newbie again!
"NEVER ENOUGH HOPIUM"
mifu (@ mifune0x)
https://thorchain.com
https://www.runebase.org/guides/what-is-thorchain/
https://docs.thorchain.org/learn/understanding-thorchain
https://docs.thorchain.org/thornodes/overview
https://www.thorwallet.org/
https://www.defispot.com/
https://en.wiktionary.org/wiki/nabbo
