THORSwap, a cross-chain decentralized exchange, has completed $3.75 million private token sales sponsored by top blockchain venture firms, the funds will be used to expand its development and operational resources.
THORSwap will use the funds to expand its development and operational resources, including the launch of additional products on top of THORChain, the exchange’s decentralized liquidity network.
IDEO CoLab Ventures organized the private token sale, which included True Ventures, Sanctor Capital, Nine Realms, Proof Group, 0xVentures, Qi Capital, THORChain, and others.
Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), Binance Coin (BNB), and ERC-20 and BEP-20 standard tokens are presently supported by THORSwap.
The platform also revealed that the native THOR cryptocurrency’s token generation event will take place later this month.
The cryptocurrency community praised THORChain’s April launch, with ShapeShift CEO Erik Voorhees calling it a watershed moment for the sector.
“There are no bridges on Thorchain. It is not wrapped. For the first time ever, native assets are transferred across chains in a decentralized manner,” he explained.
Decentralized exchanges have been a major driving force behind DeFi’s meteoric rise over the last year. DEXs accounted for 13% of bitcoin trade volumes in June, compared to only 6% in February.
DEX trading volume tripled between January and May, reaching a high of $300 billion, according to Cointelegraph. At the same time, DeFi adoption continued to grow, with 2.5 million and 600,000 unique users registered on Uniswap and 1inch, respectively.
DEXs and other DeFi protocols, on the other hand, have been a key target of skilled attackers and cybercriminals. THORChain was the victim of a sophisticated attack last summer, which led to the theft of $8 million in Ether. Fortunately, the attacker only requested a 10% prize in exchange for exposing the security weakness.
Meanwhile, Cream Finance, a DeFi lending protocol, was robbed of $19 million in a flash loan attack in August. Cream Finance was able to recover the majority of the monies lost by enlisting the help of a DeFi security platform.
