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What is THORChain?
What is THORchain?
In simple terms THORChain is a decentralised cross chain liquidity protocol but let’s break that down a bit to really look at what value and utility it brings.
So it’s decentralised?
Yes, the protocol is designed to be self maintaining with no central entity managing users funds or enforcing changes. Like Haven it is a community led open source project that allows anyone to build additional products and utility on top of the core features. It utilises economic incentives to ensure saftey and security of all assets hels in the protocol.
…and you can provide liquidity to their network?
Absolutely, there are two primary parts to the protocol: Cross-chain swaps and liquidity provision. It is possible to stake supported cryptocurrencies into the Thorchain LPs (Liquidity Pools) and earn a yield in return for providing liquidity. This liquidity is what powers the cross-chain swaps and allows anyone to to exchange actual supported underlying assets rather than the more common ‘wrapped’ assets found in many other DeFi networks.