CRYPTO

THORSwap closes investment scholarship as cross-chain DEXs take center stage

Cross-chain decentralized exchange THORSwap has ended $ 3.75 million in private token sales backed by blockchain industry-leading venture funds, further proving that investors are keen to back up DFI platforms ready for the market.

THORSwap’s funding will be used to continue its development and operational resource building, including the introduction of new products on top of THORChain, empowering decentralized liquidity network exchanges. Private Token Sales is led by IDEO Colab Ventures with the participation of True Ventures, Sanctuary Capital, Nine Realms, Proof Group, 0xVentures, Qi Capital, THORChain and others.

THORSwap currently supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), Binance Coin (BNB) and ERC-20 and BEP-20 standard tokens.

The platform has also announced that a token generation event for its local Tor cryptocurrency is scheduled for later this month.

The cryptocurrency community saw THORChain’s April launch favorably, with Eric Vurhis, CEO of Shapeshift, describing it as an important moment for the industry. “Thorchain has no bridges. It has no wrapper. This is a domestic resource, which for the first time has been exchanged across the chain in a decentralized way, ”he said.

Decentralized exchange has been a major catalyst for DFI’s explosive growth over the past year. As of June, DEXs accounted for 13% of cryptocurrency trade volume, up from just 6% in February. As Cointelegraph reports, DEX trade volume tripled between January and May, reaching $ 300 billion. At the same time, Defi adoption continues, with Uniswap and 1 Inch registering 2.5 million and 600,000 unique users, respectively.

That being said, DEX and other DFI protocols were the primary targets of sophisticated attackers and cyber criminals. As Cointelegraph reported, THORChain suffered a sophisticated attack during the summer that resulted in ক্ষতি 8 million worth of ether damage. Fortunately, the attacker only wanted to reveal a security flaw in exchange for a 10% reward.

Related: The SEC is said to be investigating the decentralized exchange Uniswap

Meanwhile, in August, ডি 19 million was withdrawn in a DFI nnding protocol cream finance flash loan attack. By hiring with the help of a DFI security platform, Cream Finance has been able to recover most of the lost funds.