THORSwap relaunches cross-chain trading on four of the five networks

The decentralized cross-chain exchange (DEX) THORSwap appears to be on the road to recovery after the THORChain network was taken offline...



The decentralized cross-chain exchange (DEX) THORSwap appears to be on the road to recovery after the THORChain network was taken offline following major exploits just three months after its monitored launch.

The Network powered by Cosmos aims to support decentralized transactions executed on different blockchain networks such as Bitcoin (BTC) and Ethereum (ETH). According to an October 12 progress report, the team behind the project’s decentralized exchange, THORSwap, has so far restored functionality to four of the five networks it supported before falling into breakdown in July.

The update states that THORSwap has taken over the functionality of trading on Bitcoin, Bitcoin Cash (BCH), Litecoin (SLD) and Binance Smart Chain networks, adding that the team is currently in the process of restoring support for Ethereum.

THORSwap added that it is working to integrate support for the Terra stablecoin network and the decentralized financial center of Cosmos, Gaia. Other integrations with other crypto assets, including Dogecoin (DOGE), Decred, Haven and Monero (XMR), are also under development.

The team is also working to improve the performance of network nodes.

THORSwap’s highly guarded “chaosnet” was partially launched in April, following the launch of the first THORChain systems in July 2020.

Despite apparent early success, the THORChain network reportedly suffered three hacks in June and July, forcing it to take some services offline.

Related: Possible “White Hat Hacker” Exploits THORChain for $ 8 Million, Offers 10% Bounty

THORChain was initially operated in June. However, the team played down the incident at the time, declaring that the first exploit attempt was limited to $ 140,000, “which is a small amount compared to other exploits.”

The network was operated again for a much larger $ 7.6 million in Ethereum July 16 after a hacker discovered a vulnerability leading to suspension of operations. THORChain was attacked for the third time on July 23 when a hacker exploited the network’s Ethereum router to steal $ 8 million worth of ETH.

“It’s been a tough time for THORChain over the past few months, but the fundamentals have never changed,” said the THORSwap team.