Cross-chain Decentralized Exchange (DEX) THORSwap appears to be undergoing regeneration. Only three months after the THORChain network was offline from attack at launch
The Cosmos-powered The network aims to support decentralized trading. It operates through different blockchain networks such as Bitcoin (BTC) and Ethereum (ETH). According to a progress report on Oct. 12, the team behind DEX project THORSwap has restored the functionality of cryptocurrencies. It worked for four of the five networks that were supported before it stopped service in July.
The update states that THORSwap has resumed operations on the Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC) and Binance Smart Chain networks, adding that the team is currently in the process of supporting Ethereum.
15 summaries about @THORChain
1. $BTC, $ETH, $BNB, $LTC, $BCH – 5 economic significant blockchains are integrated.
2. Got exploited but hardened and became stronger than ever.
3. Recovered 4 chains and is in the process of recovering the last chain – Ethereum.
1/7
— THORSwap
(@THORSwap) October 12, 2021
THORSwap added that it is working to consolidate support for the Terra Stablecoin network and Cosmos decentralized financial hub Gaia, in addition to allowing integration with other crypto assets, including Dogecoin (DOGE), Decred, Haven and. Monero ( XMR ) is also under development.
THORSwap athave beenThe highly-protected “Chaosnet” was partially launched in April. This was followed by the initial release of THORChain in July 2020.
Despite its initial success, the THORChain network suffered three hacks. During June and July As a result, some services have to be offline.
THORChain was first attacked in June. But the team overlooked the events that happened at that time byspecifyIt said the initial exploit was limited to $140,000, “a very small amount compared to other attacks.”
But the network was hit again with $7.6 million worth of Ethereum on July 16, after hackers discovered a vulnerability that resulted in a suspension of operations. THORChain was then hit for a third time. On July 23, a hacker accessed the network’s Ethereum router to steal $8 million worth of ETH.
“It was a difficult time for THORChain during the past month. But the fundamentals never change,” said the THORSwap team.
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