ThorChain recently announced that it had integrated an Ethereum DEX aggregator on its swap platform, ThorSwap. Users can now swap thousands of ERC-20 tokens from their non-custodial wallets.
The ThorSwap aggregator has been described as a next-generation swap platform. ThorChain powers Thorswap, and users can perform cross-chain transactions without bridges.
Over 4800 cryptocurrencies can be swapped on the platform, and up to nine layer-one blockchain tokens are supported.
All supported tokens on the swap platform were sourced from reputable crypto platforms like Zapper Finance and Coingecko to protect users from exposing their wallets to harmful contracts.
Additionally, the DEX has deep liquidity, giving users an easy experience, like that experienced on centralized exchanges. The deep liquidity on the platform will further enable users to enjoy low transaction fees.
The trading interface is also like that on famous DeFi platforms like Uniswap and Sushiswap, making the swap experience seamless for users.
ThorChain added liquidity from Uniswap versions two and three and SushiSwap. ThorChain is focused on delivering the best cross-chain trading experience without giving us decentralization. The decentralized protocol was conceptualized in 2018 and has been facilitating asset conversion without wrapping. This gives users a higher level of security.
Liquidity providers on the protocol get incentivized for staking blue-chip cryptocurrencies. Further, ThorChain offers protection from impermanent loss for liquidity providers when their assets have been staked for more than 100 days.
The ThorChain network supports users, node operators, and liquidity providers. Node operators do not need to be registered. They can remain anonymous and earn incentives as they secure the network.
Undoubtedly, the future of DeFi is multichain. ThorSwap, which has cross-chain functionalities, is already a few steps ahead of other competing protocols lagging in adopting a suitable cross-chain model. Further, ThorChain will be looking to add support for more layer-one protocol tokens as more users adopt ThorSwap.