THORChain (RUNE) Announces Layer1 Unwrapped Bitcoin (BTC) with Ether (ETH) Swaps

Native token swaps between layer-1 unwrapped Bitcoin with layer-1 unwrapped Ethereum are now possible via THORChain. The process will enable BTC and ETH trading, although it has taken four years to finally allow this cross-protocol swap.

What’s THORChain?

Thorchain is a blockchain system based on Cosmos, the so-called “Internet of Blockchains,” or bridge between blockchains.  It helps make all cryptocurrencies liquid. It aims to achieve this by allowing an entirely decentralized exchange of non-native crypto assets, such as Bitcoin for Ethereum. Typically, it performs many functions as Coinbase and Binance, but with no third-party handling the funds. THORChain is a layer-1 blockchain protocol that provides cross-chain liquidity without using a peg or oracles. It greases the wheel of crypto to crypto trading. It was constructed utilizing the Cosmos SDK. Users can earn a return by depositing local assets into liquidity pools. The network is completely autonomous and decentralized, with minimal governance provided by nodes.

THORChain Chaosnet Multichain

Multichain Chaosnet brings THORChain’s vision of cross-chain incentivized liquidity to fruition after more than three years in the making. THORChain is the first and only protocol that allows for asset swaps between chains in a permissionless, trustless, and non-custodial environment, without pegged or representative assets. Thorchain, unlike Bancor or Uniswap, can trade real assets from various disconnected blockchains, not just representations of them.

What are Wrapped Cryptos?

A wrapped token is a token that symbolizes and is worth the same as a coin from another blockchain or token standard. Unlike the initial cryptocurrency, the wrapped token can be utilized on non-native blockchains and then redeemed for the original coin. These wrapped tokens are comparable to stablecoins because they derive their value from another asset. In the case of a stablecoin, this is usually fiat cash. In the case of a wrapped token, it’s usually an asset that lives on another blockchain. Wrapped tokens in crypto allow one network to use the coin of another network to perform new and useful tasks. Ethereum, for example, has smart contracts, whereas Bitcoin does not, making it difficult to transact with them. You can, however, use a wrapped Bitcoin to communicate with Ethereum’s smart contracts.

THORChain’s Native Token $RUNE Price Action

Thorchain’s native asset is RUNE. It’s what makes Thorchain work—utilized for governance, staking, bonding, rewards, and trading. RUNE is exchanged against other assets in every pool on Thorchain. Therefore, assets from various blockchains can interact easily. The current RUNE price is $8.93, according to Coinmarketcap. The native token shows one of the strongest price actions, and its also among the top 100 list of the largest cryptos with over 10,000 cryptocurrencies in the market. Its price action triggered a huge trading volume spike of upto 500%. Synthetic assets, essentially derivative copies of cryptocurrencies like BTC and ETH, are most likely responsible for the abrupt price surge. Since their launch on March 10th, the asset has grown almost 90%. The new upgrade may make $RUNE’s price to increase further making it a viable investment choice.