The transition to the mainnet was recently announced by Thorchain. Since its debut in 2018, the independent blockchain has mainly been used as a research project. The launch of the mainnet heralds the completion of a feature-rich, fully functional protocol with a strong community and a diverse ecosystem.
The mainnet is a much-anticipated project, and community members cannot hide their excitement about this landmark achievement. Most community members have remained active on Thorchain’s community channels for new updates.
Thorchain was the first and only protocol to permit asset swaps between blockchains without a third party.
The community has witnessed immense network growth, protocol hardening, and development since MCCN’s inception in 2021.
Since Thorchain is transitioning to the mainnet, users are implored to upgrade their IOU tokens. The blockchain recently stated that IOU tokens will depreciate following the mainnet launch.
The redemption rate will gradually decline from 1.0 to 0.0 within the span of a year. This will be made possible through the activation of a killswitch.
After one year, the upgrade code will be eliminated, and IOU tokens will not be in use. IOU tokens can be upgraded in two ways, depending on where a user’s tokens are stored. It can be done either automatically through a centralized exchange or manually through a Thorchain wallet.
Once tokens are kept on a centralized exchange, it will automatically switch users’ tokens to Native RUNE.
If tokens are kept in a wallet, a Thorchain wallet can be created. Then clicking on the upgrade button will upgrade users’ assets.
Thorchain has recorded a 12.16% price increase in the past 24 hours. The coin has attracted many buyers as users think it has a great future in the market. The new development delivers improved security, stability, and interoperability as the coin is currently available on multiple blockchains.
