1.
Day 1/30 of @THORChain threads
Today : What is @THORChain ?
@VitalikButerin once said that a multichain DEX would be the holy grail of DEFI.
Against all odds, the team delivered a working ecosystem based on extensive game theory and incentives.
Here's the overview :
Day 1/30 of @THORChain threads
Today : What is @THORChain ?
@VitalikButerin once said that a multichain DEX would be the holy grail of DEFI.
Against all odds, the team delivered a working ecosystem based on extensive game theory and incentives.
Here's the overview :
2.
I will write at least 30 threads in a row of easily digestible content on the @THORChain ecosystem.
I will randomly give away a @ThorGuards NFT everyday to theses who retweet the first tweet of the thread.
Today's Thorguard will be this one :
I will write at least 30 threads in a row of easily digestible content on the @THORChain ecosystem.
I will randomly give away a @ThorGuards NFT everyday to theses who retweet the first tweet of the thread.
Today's Thorguard will be this one :
3.
What is @THORChain :
@THORChain is the only decentralized exchange where you can directly do L1 to L1. It's not a bridge and there are no wrapped assets. The design has no externalities like price oracles.
What is @THORChain :
@THORChain is the only decentralized exchange where you can directly do L1 to L1. It's not a bridge and there are no wrapped assets. The design has no externalities like price oracles.
4.
It supports legacy UXTO chains like #bitcoin. It doesn't wrap tokens. It's not a bridge. The anonymous nodes always have more to lose than to win, even if they collude together.
It supports legacy UXTO chains like #bitcoin. It doesn't wrap tokens. It's not a bridge. The anonymous nodes always have more to lose than to win, even if they collude together.
5.
It's decentralized, censorship resistant and permissionless. @THORChain runs behind the scenes, imbedded in various protocols.
It has no face, there is no official interface.
Anybody can build on top of it's continuous liquidity pools and connect to the API.
It's decentralized, censorship resistant and permissionless. @THORChain runs behind the scenes, imbedded in various protocols.
It has no face, there is no official interface.
Anybody can build on top of it's continuous liquidity pools and connect to the API.
6.
It's completely agnostic. There's no blacklist. There is no way for the protocol to comply with any entity. It just exists.
Centralized exchanges might use the liquidity pools for their liquidations, others will build an orderbook interface on top or complex derivatives.
It's completely agnostic. There's no blacklist. There is no way for the protocol to comply with any entity. It just exists.
Centralized exchanges might use the liquidity pools for their liquidations, others will build an orderbook interface on top or complex derivatives.
7.
There's over a dozen teams that have integrated @THORChain under the hood of their interfaces.
That means 100s devs and team members working to strengthen, integrate, create new utility and promote it.
There's over a dozen teams that have integrated @THORChain under the hood of their interfaces.
That means 100s devs and team members working to strengthen, integrate, create new utility and promote it.
8.
It's also the first DEFI 3.0 protocol where you are going to have a full vertical integration of many different features. Each feature would traditionally be considered a standalone protocol. They will all use $rune.
It's also the first DEFI 3.0 protocol where you are going to have a full vertical integration of many different features. Each feature would traditionally be considered a standalone protocol. They will all use $rune.
9.
Here are some key features :
- Multi chains yield liquidity pools with 100% impermanent loss protection
- Borrowing and lending
- A novel algorithmic stablecoin design that captures more value and continuously bid at the peg.
- Decentralized synthetic wrapped assets
Here are some key features :
- Multi chains yield liquidity pools with 100% impermanent loss protection
- Borrowing and lending
- A novel algorithmic stablecoin design that captures more value and continuously bid at the peg.
- Decentralized synthetic wrapped assets
10.
It currently supports $btc, $eth, $ltc, $bep2, $doge, $bch.
$luna integration is coming very soon, along with @HavenXHV, @monero, @Dashpay and others. All of theses are ready and getting audited.
It currently supports $btc, $eth, $ltc, $bep2, $doge, $bch.
$luna integration is coming very soon, along with @HavenXHV, @monero, @Dashpay and others. All of theses are ready and getting audited.
11.
Thorchain is built to have deep liquidity pools of the main tokens. The interfaces will aggregate to other DEXes and allow to connect all DEFI assets on every chain in a single interface. It will be done in a single transaction. @THORSwap is launching this feature very soon.
Thorchain is built to have deep liquidity pools of the main tokens. The interfaces will aggregate to other DEXes and allow to connect all DEFI assets on every chain in a single interface. It will be done in a single transaction. @THORSwap is launching this feature very soon.
12.
The custody if multiple chain wallets is as strong as the network of nodes and it's incentives. It's always the main problem when you try to build multichain infrastructure.
The custody if multiple chain wallets is as strong as the network of nodes and it's incentives. It's always the main problem when you try to build multichain infrastructure.
13.
TC has the only overcollaterized design.
The nodes always have to post more $rune collateral then there is in liquidity pools. If they steal, they lose $1.5 for each $1 of capital they're able to get away with. There is no rational behaviour where they can steal the money.
TC has the only overcollaterized design.
The nodes always have to post more $rune collateral then there is in liquidity pools. If they steal, they lose $1.5 for each $1 of capital they're able to get away with. There is no rational behaviour where they can steal the money.
14.
Each node operator has to run a validator on every blockchain. It takes advanced sysadmin and crypto knowledge as well as millions of dollars in collateral in order to operate a node. The lowest bond to churn in this week was above $600 000 $rune tokens.
Each node operator has to run a validator on every blockchain. It takes advanced sysadmin and crypto knowledge as well as millions of dollars in collateral in order to operate a node. The lowest bond to churn in this week was above $600 000 $rune tokens.
15.
The yield comes from the swapping fees and emissions.
It's split between liquidity providers are nodes through a novel incentive pendulum mechanism. If there is room in the liquidity pools, nodes get less rewards. If the LPs are full, nodes get more.
The yield comes from the swapping fees and emissions.
It's split between liquidity providers are nodes through a novel incentive pendulum mechanism. If there is room in the liquidity pools, nodes get less rewards. If the LPs are full, nodes get more.
16.
Nodes are the main governance system of the blockchain. At this moment devs are still hands on, once we reach 1 year of stability in mainnet they will take a backseat and hand it over. The team is anonymous, except for @CBarraford, the lead tech.
Nodes are the main governance system of the blockchain. At this moment devs are still hands on, once we reach 1 year of stability in mainnet they will take a backseat and hand it over. The team is anonymous, except for @CBarraford, the lead tech.
17.
Thorchain was previously hacked during an early BETA, while unaudited. It has since been audited by two firms and an internal fulltime security team has been put into place. I will cover the details of that during a twitter thread.
Thorchain was previously hacked during an early BETA, while unaudited. It has since been audited by two firms and an internal fulltime security team has been put into place. I will cover the details of that during a twitter thread.
18.
One of the most interesting feature of the design is the value capture. A byproduct of the design creates a deterministic value.
Nowhere in crypto does a token capture more value than $rune. I have written a thread about this :
One of the most interesting feature of the design is the value capture. A byproduct of the design creates a deterministic value.
Nowhere in crypto does a token capture more value than $rune. I have written a thread about this :
https://twitter.com/THORmaximalist/status/1503438975561875467?s=20&t=gzSICQiEJ3T8DMP_lAaFjA
19.
I now refrain from making predictions but we will explore the various price scenarios in a thread about this toward the end.
CEXes are worth 100s of billions of dollars and @THORChain is here to replace them. $rune also captures more value then traditional P&E valuations.
I now refrain from making predictions but we will explore the various price scenarios in a thread about this toward the end.
CEXes are worth 100s of billions of dollars and @THORChain is here to replace them. $rune also captures more value then traditional P&E valuations.
20.
This thread is just a simple overview, we will dig in deeper in each feature and intricacies of the design.
@THORChain has the most beautiful usage of incentives and game theory I've ever seen. It takes a lot to fully understand the innerworkings.
This thread is just a simple overview, we will dig in deeper in each feature and intricacies of the design.
@THORChain has the most beautiful usage of incentives and game theory I've ever seen. It takes a lot to fully understand the innerworkings.
21.
This thread will self destruct in 30 days, as do all my tweets. Share it and spread the knowledge, save it if you need to get back to it.
You can use any content you see here as your own.
This thread will self destruct in 30 days, as do all my tweets. Share it and spread the knowledge, save it if you need to get back to it.
You can use any content you see here as your own.
22.
If you have any questions, feel free to ask them I will try to answer all of them.
If you have any questions, feel free to ask them I will try to answer all of them.
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