Crypto News

Thorchain DeFi Project Comes Back Online, RUNE Rises By 18%


The Thorchain DeFi project came back online as its native token RUNE surged to a 6-week high after surpassing the issues with the series of hack attacks earlier this year so let’s read more about it in today’s altcoin news.

Thorchain is is a cross-chain decentralized exchange and the defi project got back online after the team spent a few weeks making the network even more secure and resistant to malicious attacks. Built on the Cosmos SDK, the ThorChain Defi project is a protocol that aims to offer cross-chain liquidity by enabling the non-custodial trading of crypto across different kinds of blockchains. The cross-chain feature is called Chaosnet and was released on the mainnet in April. It allows the users to swap BTC for ETH as the two non-compatible blockchains without a centralized entity such as Coinbase.

Despite its promise, the launch of Chaosnet led to a two-multi million-dollar hacking incident which resulted in RUNE’s price crashing below $4. Thorchain was in a sleep mode since then with most of the work happening behind the scenes but now as it goes back online, and conducted a few security audits, the token’s coin joined in on the party and increased by 18%. Erik Vorhees founder of Shapeshift said:

“[Thorchain] remains one of the most important projects in crypto/defi.”

Boosted by the news, RUNE increased 18% over the past day and the coin hit a local high of $11.28 before the correction to $10.53. Thorchain announced the release of the two new critical features for the node operators on the network. The feature will allow the node operators to pause the network for a period of one hour if an attack occurs and this will halt the incoming as well as the outgoing liquidity into the protocol and trap attack transactions as per Thorchain.

The second feature is dubbed Make Relay and will serve as a broadcasting service for the validator nodes which will be used to signal support, alert network attacks, and explain the reason behind the pause. THORSwap is a multichain DEX powered by THORchain and it managed to secure $.75 million in funding. The new funds will be used to scale the development of the project but also to launch new projects.

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