We are on the eve of. the $luna integration. It's the first Cosmo tokens listed on @THORChain.
A custom bifrost design has been created for this effect. It will be reused to integrate other @cosmos chains.
2/7
After the core team has created the BiFrost, it's then audited by ThorSEC (the internal adversarial security team), Halborn / Trailsofbit security firms and is in the hands of TerraSCV for a final audit along with bug bounty
Integrating cosmos assets will now be faster.
3/7
A @THORChain hardfork is needed to integrate $luna. It has been done successfully on the stagenet (Thorchain's live testnet).
It should go live on mainnet (still chaosnet beta) within hours/days.
4/7
Different chains 'talk' differently and have different liabilities & vulnerabilities that need to be accounted for.
$eth, tendermint, BNB, tron and avalanche use Solidity
$sol, $dot and $near use Rust
$kda is developing PACT
etc.
5/7
An easy way to integrate other cosmos asset would be to use IBC. This will be done from the interface aggregating way before we see a $atom pool on @THORChain, in theory we'll see every IBC assets connected very soon.
6/7
You will not be able to create native liquidity pools with IBC assets. Thorchain's security design is free from relying on externalities like price oracles. In this case IBC would be another weak point / attack vector on TC.
IBC akin to a benevolant wrapped assets standard
7/7
This is one of the reason why it takes so long to integrate new assets on Thorchain.
The interfaces will soon compensate to that with their aggregator. They will use other dexes and bridges and connect all of DEFI tokens together in a seemless experience.
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Today : Value capture. Why utility and tokens price don't always go hand in hand and why this benefits $rune
TDRL : We have no comparables for tokens that capture value as a core feature of their mechanism like $luna and $rune
2.
I will randomly give away a @ThorGuards NFT from my vaults among everyone who retweet the first part of the thread.
(This is a random one, one given might be different)
3.
In real free market capitalism, the most efficient industry has an economic profit that equals zero.
DEFI is the most efficient free market I have witnessed. Almost everything is open source and can be forked almost immediately. This pushes competition and innovation.
Here's simple math why I think @THORSwap is undervalued.
The mechanism to to buyback with 75% of fees and redistribute to $vTHOR stakers will be enabled with the launch of V2.
Fees generated could by the protocol could be 3.375m next month, with the standard 0.3% DEX fees.
2/5
That buyback alone represents 20%+ slippage in the pool in a month alone. $thor isn't denominated in $usd, it's denominated in $rune. It trades against it and the ratio of $rune VS $thor represents the value.
If $rune goes up, $thor follows.
It's a leveraged bet.
3/5
My theory includes the launch of the $eth DEX aggregator and the launch of $luna / $ust. I'm doubling today's volume.
Thorswaps accounts for roughly 25% of all TXs on @THORChain. The rest is arb bots and other interfaces. It might be a little lower because of synths.
Wild prediction : $thor will outperform $rune for the next few weeks, at least until the release of @THORSwap V2, the DEFI aggregator interface and $vthor.
Why?
2.
- $thor is denominated in $rune. If $rune goes up, $thor goes up. The liquidity is in a pool on Thorchain.
- $thor is highly undervalued right now. It has a bigger TAM than any frontend DEX and it's trading at $20m circulating supply.
3.
- $thor staking offers close to 100% APY. That's part of overperforming. The fully diluted valuation is not imprtant because staking overperforms all other token holders. Staking grows your percentage of ownership of the protocol because not everyone is.
@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.