What is Rune used for THORChain?

RUNE is the asset which powers the THORChain ecosystem and provides the economic incentives required to secure the network.

What is THORChain used for?

THORChain observes incoming user deposits to vaults, executes business logic (swap, add/remove liquidity), and processes outbound transactions. THORChain is primarily a leaderless vault manager, ensuring that every stage of the process is byzantine-fault-tolerant.

Why is THORChain important?

Ultimately, from the perspective of a Bitcoiner, what’s important about THORChain is that it extends Bitcoin’s key attribute of immutability from the money layer to the exchange layer. This is groundbreaking. This means no more wrapped tokens on Ethereum-based DEXs. This means no censorship of transactions.

Is THORChain a defi?

“[Thorchain] remains one of the most important projects in crypto/defi,” Erik Vorhees, founder of crypto exchange ShapeShift, wrote in a recent tweet. After a difficult mid-year, @Thorchain is fully back online, audited and hardened.

Is THORChain and Rune the same?

THORChain plays the role of the backend for the next generation of cross-chain DEXes. It uses an automated market maker (AMM) model similar to Bancor (BNT) or Uniswap, with THORChain’s native token RUNE acting as the base pair. RUNE is a utility token used for governance, staking, bonding, rewards and trading.

What is THORChain coin?

THORCHain is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. Instead, market prices are maintained through the ratio of assets in a pool (see automated market maker).

Is THORChain built on Ethereum?

Thorchain is a blockchain protocol built on Cosmos, the so-called “Internet of blockchains,” that aims to make all of crypto liquid. It seeks to do this by enabling the trading of non-native crypto assets, such as trading Bitcoin for Ethereum, but in a completely decentralized way.

Is THORChain built on Binance?

It has also launched an AMM on Binance Chain called BEPSwap.

Is THORChain an AMM?

THORChain is an independent blockchain built using the Cosmos SDK that will serve as a cross-chain decentralized exchange (DEX). It uses an automated market maker (AMM) model that resembles the first iterations of Bancor (BNT) or Uniswap where THORChain’s native token (RUNE) will be the base swap pair.