THORChain Achieves $10B Monthly Volume with Bitcoin Maximalists Debating Safety

user avatar

by Giorgi Kostiuk

3 years ago

Made with AI

The decentralized liquidity protocol THORChain has surpassed $10 billion in total monthly trading volume for the first time. Despite this milestone, Bitcoin maximalists are split on whether the platform offers sufficient safety for potential borrowers.

In a recent announcement from THORChain's official account, it was revealed that the protocol has reached $10.26 billion in trading volume for the month. This achievement sparked a debate among Bitcoin maximalists regarding THORChain's security and the risks involved in taking interest-free loans against BTC on the platform.

Mathematician and Bitcoin investor Fred Krueger expressed confidence in THORChain's safety, while Bitcoin analyst Dylan Le Clair raised concerns about the risks involved in collateralized loans dependent on altcoin exchange rates.

THORChain facilitates native asset swaps across blockchains and provides interest-free loans against major cryptocurrencies like Bitcoin and Ether. The protocol does not enforce liquidations or fixed expiry dates, making it an attractive option for many users.

Collateral requirements for Bitcoin and Ether were recently reduced from 400% to 200%, allowing users to borrow up to half of the total asset value. Despite interesting features like the no-liquidation lending model, THORChain has faced challenges such as security vulnerabilities and protocol halts in the past.

The debate among Bitcoin maximalists continues as THORChain's trading volume reaches new heights.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Aave Labs Expands Fixed-Rate Lending Capabilities with Avon Acquisition

Aave Labs announced its acquisition of Avon to enhance fixed-rate lending capabilities.

user avatarLi Weicheng

Investigation into Binance Theft Reveals Complexities in Cryptocurrency Tracing

Elliptic's investigation into the October Binance theft reveals complexities in tracing stolen cryptocurrency assets, highlighting challenges in identifying recipients and the need for compliance.

user avatarTenzin Dorje

Elliptic Reports $124 Million in Stolen Assets Converted to Bitcoin

Elliptic reports that approximately $124 million of stolen assets from the October Binance breach have been converted into Bitcoin.

user avatarAisha Farooq

Coinbase Launches Integrated Services for Token Issuers

On November 5, Coinbase launched a new integrated platform for token issuers, offering services from sales to custody, aiming to streamline operations and reduce reliance on multiple providers.

user avatarBayarjavkhlan Ganbaatar

Canary Staked INJ ETF Now Trading on Nasdaq

The Canary Staked INJ ETF began trading on Nasdaq under the ticker INJC on November 5, offering exposure to the Injective token and staking rewards.

user avatarMohamed Farouk

Nigeria's Central Bank Unveils New Regulations for Virtual Assets

On November 5, 2023, Nigeria's Central Bank announced a new licensing framework for non-security virtual assets, including stablecoins, aimed at enhancing consumer protection and financial system integrity.

user avatarElias Mukuru

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.