Cross-Chain Made Easy: THORSwap Integrates Chainflip Liquidity Network 🔄

Enhanced Decentralized Trading Experience for Native Bitcoin, Ethereum, Polkadot, $USDC and $FLIP

5 min readMar 1, 2024

In a significant move for decentralized finance (DeFi), THORSwap is pleased to announce an integration with Chainflip, a cutting-edge cross-chain liquidity protocol. Following past successful integrations of numerous leading DEXs and Aggregators, Chainflip represents the first new cross-chain protocol supported on THORSwap since inception.

This integration marks a monumental milestone in THORSwap’s journey towards becoming the ultimate one-stop DeFi platform. The addition of a brand new liquidity network further addresses the liquidity and interoperability challenges that have long plagued Crypto.

Simon Harman, Founder and CEO of Chainflip, states:
“We are super excited to have one of the leading native BTC swapping interfaces supporting Chainflip, both through the frontend and for third party integrators using Swapkit. We hope that we can increase route diversity and asset coverage for all THORSwap users!”

Through Chainflip, THORSwap users now have new additional liquidity routes to native Bitcoin, Ethereum, $USDC (ERC20), $FLIP (ERC20) and a brand new Layer 1 blockchain — Polkadot ($DOT).

All this is made possible by SwapKit — athe powerful SDK suite of APIs and cross-chain tools powering THORSwap and many DeFi protocols. Learn more at swapkit.dev.

Swap via Chainflip today at: https://app.thorswap.finance/

What Makes Chainflip Integration Unique?

Chainflip brings to the table an innovative approach to cross-chain liquidity that eliminates the need for wrapped tokens, custodial bridges, or centralized intermediaries. This ground-breaking technology allows for direct swaps between different blockchain assets, preserving the ethos of decentralization and security inherent to DeFi.

Key Features Include:

User-Friendly Experience: Continue to enjoy the simplicity and ease of use of THORSwap with added cross-chain capabilities, making it straightforward for newcomers and DeFi veterans alike.
Just-In-Time (JIT) Automated Market Maker (AMM): specially built to minimize slippage and offer great pricing for high-liquidity pairs.
Decentralised, permissionless, composable: powered by 150 independent validators.
Support for non-EVM chains: native support for Bitcoin, Ethereum and Polkadot (new!) with more application specific chains to come.
FROST-Enhanced Security: Utilizes the FROST Signature Scheme for improved security and efficiency in validator signing processes, streamlining secure cross-chain transactions.

How It Works

Chainflip’s protocol utilizes MPC (Multi-Party Computation), and in particular TSS (Threshold Signature Schemes) to create aggregate keys held by a permissionless network of 150 Validators. A key component ensuring the security and efficiency of these operations is the FROST (Flexible Round-Optimized Schnorr Threshold) Signature Scheme, which allows for more flexible and secure signing processes among the validators. This advanced cryptographic technique not only enhances the security of cross-chain swaps but also optimizes the protocol’s performance by facilitating faster and more reliable transactions.

Chainflip validators oversee secure vaults on various blockchains, creating a decentralized system for asset exchange. At the heart of Chainflip’s operation is its unique State Chain, which records transactions and balances, ensuring quick and safe swaps between blockchains. Additionally, Chainflip incorporates a novel Just In Time (JIT) Automated Market Maker (AMM) design, streamlining liquidity management and minimizing trading slippage, thus making cross-chain trades more efficient without relying on wrapped tokens or middlemen.

For a more detailed breakdown of Chainflip’s technology, please visit: https://docs.chainflip.io/concepts/system-overview

How to trade via Chainflip on THORSwap:

Step 1. Visit https://app.thorswap.finance/ and connect your Bitcoin, Ethereum or Polkadot Wallet.

Currently, users can connect Polkadot wallets using Keystore or Ledger hardware. More wallet interfaces to be supported soon.

Step 2. Select the asset you wish to exchange and quantity you wish to swap.

If the trade is a Chainflip supported swap pair, the route will automatically become available. If the quote offers the best price execution — it will be selected by default as the Optimal Swap Route

Cross-chain swaps via Chainflip are “approval-less”, as the protocol is always using send/transfer functions and requires no contract interaction. Therefore no Approval transactions are required.

NOTE: As of March 1st, 2024 — there is currently a max limit of $50K USD on the value of Chainflip swaps. This cap will be lifted soon.

Step 3. Check the swap rate, slip and fees. Then click “Swap” to confirm!

Chainflip Protocol does not support price limits. Quotes are estimates and your final output amount may vary. See docs to learn more.

Powered by SwapKit

The seamless integration of Chainflip network is made possible thanks to SwapKit — the powerful SDK suite of non-custodial, permissionless DeFi tools powering all THORSwap features.

SwapKit SDK is open-source and an easy gateway to the industry-leading cross-chain services provided by THORChain and Chainflip.

For all developers looking to power your platform with the best-in-class cross-chain infrastructure — reach out at https://swapkit.dev/contact/ to learn more or join the conversation on Swapkit’s Discord.

Expanding the DeFi Horizon

The integration of Chainflip with THORSwap is more than just a technical enhancement; it’s a step towards realizing a truly interconnected DeFi landscape. New routes for cross-chain swaps (in particular native $BTC) not only expand the range of assets available on THORSwap but also offer more competitive pricing, platform stability and further decentralization by removing single points of failure. In essence, making it easier for users to access and interact with Crypto through DeFi rather than Centralized platforms.

This integration marks the beginning of a new chapter for THORSwap as a true Multi-chain DEX. We are excited to offer DeFi users a broader range of trading possibilities, enhanced liquidity, and an even more seamless trading experience.

Thank you, everyone, for the continued support. Stay tuned for updates, guides, and more information on how to make the most of Chainflip.

Together, let’s unlock the full potential of decentralized finance 💪

About THORSwap

THORSwap is the leading multi-chain decentralized exchange (DEX) aggregator powered by THORChain. Perform cross-chain swaps in a permissionless, trustless, and non-custodial manner.