THORSwap Relaunches Cross-Chain Trading On Four Out Of Five Networks

THORSwap

Cross-chain decentralized exchange (DEX) THORSwap looks to be making its way to recovery after the THORChain network was shut down barely three months after its memorable launch.

The Cosmos-powered network is looking to accept decentralized trades and transactions, carried out across different blockchain networks such as Ethereum (ETH) and Bitcoin (BTC). According to a progress report released by the team earlier today, THORSwap has so far restored functionality to at least four, out of the five networks that it was supporting before it went offline in July.

From the update, THORSwap confirms that it has fully resumed swap functionality across the Bitcoin, Binance Smart Chain, Litecoin (LTC), and Bitcoin Cash (BCH) networks. Whereas, support for Ethereum is not yet back as the team is actively working to reinstate that too.

THORSwap will be adding more supports and integrations, however For instance, it revealed its plans to integrate support for the Cosmos’ decentralized finance hub, Gaia and the Terra stablecoin network. Meanwhile, many more integrations with other crypto assets, including Dogecoin (DOGE), Monero (MXR), Decred, and Haven are reportedly also underway.

Recall that THORSwap’s highly protected “chaosnet” was partly launched in April 2021, following the successful launch of THORChain’s initial systems in July 2020. But despite the early successful strides, the THORChain network would go on to suffer three major cyber attacks in the months of June and July 2021, forcing it to go offline.

THORChain was first hacked in June. The team downplayed the incident at the time though, claiming it was just a measly $140,000, a reasonably small amount when compared to other attacks around.

By July 16 however, the network was hacked yet again, but this time to the tune of $7.6 million in Ethereum by a hacker who saw another weakness in their systems. THORChain would be attacked for a third time on July 23 by a hacker who exploited the network’s Ethereum router, stealing $8 million worth of ETH.