THORSwap Status, Response, and Next steps
TLDR; THORSwap halted trading due to the attacks on THORChain. New features and products continue to be built in the meantime.
About the THORChain attacks
No one ever said the road to Asgard would be easy.
Recent weeks have been tough for THORChads, as the THORChain protocol was the target of multiple attacks. This led to several halts, restarts, and as of now, trading on THORSwap is halted until THORChain operations are restored.
As always, THORChain provided fully transparent post-mortems:
THORChain’s 5 pronged recovery plan
Acknowledging problems and generating sensible solutions is the path towards recovery:
- Stop and Audit. Both Trail of Bits and Halborn Security are underway with two simultaneous audits.
- Commission a Bounty Program with Immunefi.
- Commission a 24/7 Red Team with Halborn Security.
- Automatic Solvency Checker, Node Operator Timeout, Outbound Throttling
- Insure the entire protocol
The plan is for the network to be brought online in stages once enough of the code is thoroughly checked. The above solutions are expected to be completed in 2–3 months.
Reference: THORChain Timeline
The larger THORChain community is rallying together to strengthen the protocol:
THORSec is born:
It’s during difficult times like these when community members prove their Chadness.
What was THORSwap’s response? We kept building!
While trading was halted on THORSwap, development was not affected and our core contributors continue to make progress:
- Security audit firms have been secured and will begin soon
- More than doubled the THORSwap core dev team (previously 5, now 10+)
- Added new contributors in security, infrastructure, design, etc.
- THORSwap’s $THOR token and IDO on Thorstarter continue full steam ahead
- Instituting a THORSwap Insurance Fund that adds additional utility and rewards to $THOR
- Improved features and brand new features are being added to the current app
- More wallet integrations
- THORSwap Desktop app is nearing release
- Building 5 new products on top of THORSwap
We’ve taken the lessons learned in stride and continue to build a way forward.
THORSwap will boost the development to release great products and features when the MCCN is brought back.
#BRINGBACKMCCN
THORSwap community has passed 12K members, go join!
Discord will be the 🥇 place for the THORSwap community. It is where the community meets to engage, prosper and innovate. It is our Valhalla.
In order for us to listen, you need to be heard — so join our⚡ DISCORD⚡.
We are fully committed to being community orientated. We are committed to continuously innovate THORSwap and improve our UX until it is seamless.
We also provide technical support, if you need support or have found a bug then create a ticket in⚡ DISCORD⚡ and our team will be happy to help!
THORSwap App: https://app.thorswap.finance
Website: https://thorswap.finance
FAQ: https://thorswap.finance/faq
Join the Community! Provide feedback and contribute!
Twitter: https://twitter.com/thorswap
Discord: https://discord.gg/thorswap
Telegram: https://t.me/thorswap_ann
