Coin of the Week  – THORChain

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  • March 18, 2022
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18 March 2022.

THORChain price is currently trading at today is $7.83, THORChain price is down 0.7% in the last 24 hours, making it our coin of the week!

What is THORChain?

ThorChain is a decentralized liquidity network with an interoperable blockchain that allows cross-chain token swaps in a non-custodial manner. It does not peg or wrap assets but simply allows users to swap tokens across various Layer 1 blockchains. So, traders on ThorChain can seamlessly move from Bitcoin to Ethereum, to Polkadot and etc. without having to register for an exchange or go through KYC, like on CEXs. Hence, users are minimally exposed to custody and counterparty risks.

ThorChain’s consensus is proof-of-stake and built on Tendermint (Cosmos), with network validators (nodes) required to bond their native token, RUNE.

RUNE has a token model that increases in value as the utilization of the network grows. This means that the more liquidity is deposited into ThorChain liquidity pools, the more valuable RUNE gets.

RUNE serves these five purposes

1. Liquidity: as a settlement asset 
2. Security: As a Sybil-resistant security measure and a means for driving economic behavior 
3. Governance: To signal priority on-chain
4. Incentive: as part of the incentive mechanism, RUNE is used to pay out rewards, charge fees, and subsidize gas
5. Amplifier: to elevate assets that are on ThorChain

ThorChain can be purchased from cryptocurrency exchanges such as KuCoin or Huobi

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