DEX Platform THORSwap Resumes Cross-Chain Trading on Four Networks

Shumaila  |  Oct 12, 2021

Cross-chain decentralized exchange (DEX) THORSwap has resumed cross-chain trading on its four networks while the users can now transact on the networks of Bitcoin, Litecoin, Binance Smart Chain, and Bitcoin Cash.

DEX Platform THORSwap Recovers its Cross-Chain Trading on Four Networks

After the THORChain network was brought offline three months after its cautious launch due to serious exploits, the cross-chain decentralized exchange (DEX) THORSwap appears to be on the mend.

The Cosmos-powered network seeks to facilitate decentralized trading across a variety of blockchain networks, including Bitcoin (BTC) and Ethereum (ETH). The team behind the project's decentralized exchange THORSwap has so far restored functionality for four of the five networks it supported prior to being down in July, according to a progress report released on Oct. 12.

THORSwap has resumed swap functionality across the Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC), and Binance Smart Chain networks, according to the update, and the team is also working to restore Ethereum support.

The team behind THORSwap has stated that support for the Terra stablecoin network and Gaia, the Cosmos' decentralized finance hub, is in the works. More connections with other cryptocurrencies are in the works, including Dogecoin (DOGE), Decred, Haven, and Monero (XMR). The team is also working to increase network node performance.

THORChain was Exploited in June

Following the launch of THORChain's initial systems in July 2020, THORSwap's highly guarded "chaosnet" was partially launched in April.

Despite its early success, the THORChain network was hacked three times in June and July, causing it to shut down portions of its services.

"It's been a tough time for THORChain during the last few months, but fundamentals never changed," said the THORSwap team.

It should be noted that the first-ever exploit that happened on THORChain was in June this year.

The team, however, downplayed the incident at the time, claiming that the initial exploit attempt was limited to 

$140,000, "a small amount compared to other exploits."

On July 16, after hacker uncovered vulnerability, the network was once again abused for considerably greater $7.6 million in Ethereum, resulting in the suspension of operations. 

On July 23, hacker accessed the network's Ethereum router to steal $8 million in ETH, making it the third time THORChain has been targeted.

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