ThorSwap to restore cross-chain trading on four networks

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 12, 2021
  • Decentralized Exchange THORSwap has relaunched four of its five networks.
  • The launch is coming few months after it suffered three rounds of exploits.
  • The THORSwap platform recently raised $3.7 million in a private token sale round.

Cross-chain decentralized alternative (DEX), THORSwap, is gradually getting back on its feet after announcing its relaunch on four of five of its networks. The platform was attacked three months after its launch, going completely offline as a result.

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 However, the developers are picking up pace, restoring the performance of most of the networks it supported before the July hacking exploit.

The relaunch means THORSwap users can now transact across Bitcoin (BTC/USD), Bitcoin Cash (BCH/USD), Binance Smart Chain, and Litecoin (LTC/USD) networks. “It’s been a tough time for THORChain during the last few months, but fundamentals never changed,” the THORSwap team stated when announcing the relaunch.

The Platform Plans To Add An Ethereum Network Soon 

The network will be supporting decentralized trades after the resumption of swap functionality. The developers behind the project added that the team is in the process of reinstating its support for Ethereum, the 5th network.

THORSwap also noted that it is looking to assist the Cosmos’ decentralized finance hub and the Terra stablecoin community. It’s also looking to integrate other networks and cryptos such as Monero (XMR) and Dogecoin (DOGE).

THORChain launched its preliminary programs in July last year. However, the platform has suffered three hacks from June to July this year, prompting the developers to take some providers offline.

THORswap To Release More Features For Its Network 

Last week, the decentralized exchange raised $3.75 million in a private token sale round., with IDEO CoLab Ventures leading the round. 

THORSwap says it is seriously working on releasing more features for its network. Already, there has been a plan to release THorWiki, which will be an open-source Wikipedia for NFT and ThorChain trophies.

When it was first exploited in June, the team failed to revealed details of the incident at the time, explaining that the network lost about $140,000 in the hack. However, the second exploit on July 16 was far worse, as about $7.6 million in Ethereum was stolen.

After the hack, THORChain had no other choice than to suspend operations. The third attack was on July 23 after a threat actor stole $8 million worth of Ethereum by exploiting the network’s Ethereum router. Users lost confidence in the platform, as it was blamed for not putting a solid security in place after the first attack.

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