A cross chain DEX supporting trading of cryptos from different blockchains with each other
I would have imagined this to be a sci-fi fantasy in the Blockchain world, but this is for real. Now, there is a Dex which can facilitate trustless cross chain transfer of different crypto assets, meaning this DEX allows for transfer and swapping of assets from different Blockchains across supported Blockchain!! … WOW!!
The Blockchain I am alluding to is Thorchain whose native token Rune has just been skyrocketing since November of last year, its up by 5000% since then.
Rune's skyrocketing price action - Tradingview graph
Cross chain crypto trading possible without bridges between real cryptos
These crypto assets can be swapped with each other in https://app.thorswap.finance/
Nowadays, we hear many blockchains working on interoperability by building bridges to another blockchain. However, Thorchain can facilitate swapping and trading of assets from different Blockchains without bridges.
Generally, Dexs support another Blockchain’s Native asset, in their wrapped form or synthetic copy form, but Thorchain is a DEX that can enable transfer of real native assets of different blockchains across Blockchains.
So, there is no need for acquiring a wrapped version of an asset like WBTC, wrapped BTC for which custody of the asset has to be given to a trusted third party intermediary.
Complications of locking crypto assets to produce a synthetic copy of it is also not needed, as the original asset can be swapped and transferred to a different blockchain.
Thorchain’s chaosnet integrated with Asgard X wallet for decentralised trading of multiple Blockchain assets
Thorchain's swapping and trading DEX interfaces - https://thorchain.org/
Thorchain DEX’s multichain ‘chaosnet’is the interface that supports this decentralised trading of cryptos between different Blockchains.
Thorchain has the Asgard X wallet which interacts with the chaosnet and the multiple blockchains supported by the network. Assets of these different supported Blockchains are stored in this wallet.
Therefore, now in Thorchain, you can swap BTC for LTC or ETH or vice versa. Now, the networks supported in Thorchain’s dex are - BTC, ETH, BCH, LTC, BNB but later more blockchains will be added into Thorchain’s chausnet to be supported.
DEX alternatives to CEX that can be used when an Exchange experiences downtime
Well… this sounds so incredible to me. Looks like it may be possible to trade cryptos in DEXs now, rather than using centralised exchanges, as DEXs like Thorchain enable easy swapping, and I checked its user interface, its user friendly!!.
I also checked out Orion Protocol, a Blockchain aggregator that aggregates liquidity of DEXs of supported blockchains and major CEXs in one platform, so one can trade cryptos with good liquidity there.
All this is pretty cool, so perhaps if my go to CEX, Binance Exchange, experiences an outrage I have these DEXs where I can go and convert my crypto holdings into USDT at least for the time being.
Later I can liquidate it and book profits, which is reassuring.
Thorchain is a project built using Cosmos Blockchain’s Tendermint protocol.
Disclaimer - Yup, I have my views on these crypto projects discussed, but you should form your views and make your own investment decisions based on your own research and understanding.