What Is THORChain?

About THORChain (RUNE)

THORChain is a distributed exchange service. The main aim of the project is to decentralize cryptocurrency liquidity via a network of public nodes and the THORChain ecosystem. One of the key ideas of this exchange is access to cross-chain liquidity pools that should be available to anyone, including institutions. Another interesting feature that is a work in progress at the moment is a non-custodial, distributed, and connected way to exchange any type of digital assets. The THORChain ecosystem builds a strong foundation for the project. It is community-driven and gives participants a number of valuable tools to feel comfortable with, such as Arbitrageur tools and insurance.

RUNE is a native token of THORChain. It has several functions, such as providing liquidity, security, governance, and being used for incentives and emissions. The more token owners provide liquidity the more fast-growing and stable THORChain becomes. So by the amount of tokens permanently locked in the system, newcomers can evaluate the trust participants have in the platform. RUNE was initially issued on Binance blockchain (BNB.RUNE), later ETH.RUNE appeared on the Ethereum blockchain. Now native THOR.RUNE is available. It was issued on its own chain.

Where did ThorChain (RUNE) come from?

The idea of the THORChain project appeared in 2018. The mainnet launch happened in 2021. The team behind the projects remains anonymous, which is supposed to be a sign of true decentralization. And this is one of the key factors to drive the future success of THORChain.

What are the advantages of THORChain (RUNE)?

1. Easy to use
   
   This platform provides an easy to use exchange service. Assets’ swaps are non-custodial in nature. High and constant liquidity eliminates the necessity to look for buyers and sellers.
2. Available cross-chain bridges
   
   THORChain provides cross-chain bridges, which push the development of marketplace liquidity.
3. Liquidity pools
   
   THORChain developed unique liquidity pools; over 80% of RUNE tokens are locked in the pools, which provides high efficiency of the network.
4. Tendermint-based network
   
   Tendermint allows users to create customized blockchains and applications.
5. Security
   
   To avoid attacks and failures the THORChain network uses Byzantine Fault Tolerance consensus and a Proof-of-Stake algorithm.

What are the disadvantages of THORChain (RUNE)?

1. Young project
   
   Since there is no long history behind the project, it may seem to be unreliable. At the same time, the team is aiming to create something absolutely unique. These things combined may bring to a certain level of instability.
2. No management team
   
   The “no management team” idea was announced by the developers as a key to the success of the project. However, by some users, it may be seen as a significant disadvantage.

How to buy RUNE?

In case you got interested in the THORChain project and would like to purchase RUNE tokens, SimpleSwap is happy to help you. Please, follow the instructions below:

1. Choose the currency you want to exchange (e.g. BTC). Enter the amount you would like to swap.
2. Select RUNE in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. RUNE will be sent to this address. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to RUNE exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.