THORSwap — The Road Ahead

4 min readSep 15, 2021

How it started

THORChain is crucial to the decentralization of the entire crypto ecosystem. Being able to swap natively between multiple layer 1 blockchains in a permissionless, non-custodial and decentralised manner is revolutionary.

Previously, swapping L1 assets was only possible by using centralized exchanges or wrapped crypto assets using bridges. THORChain enables native token swaps, without pegged or wrapped assets.

THORSwap’s journey started in July 2020 when BEPSwap was launched on THORChain’s Single-Chain Chaos Net (SCCN).

During our journey we have:

Processed $5B+ trade volume across 70 liquidity pools on BEPSwap
Launched THORSwap on THORChain’s Multi-Chain Chaos Net (MCCN) in April 2021
Launched THORName in June 2021, with 10,000+ registrations to date
1st to launch ThorFi Synths in July 2021

How it’s going

THORSwap is the number #1 decentralised exchange for THORChain.

THORSwap currently supports 20+ different crypto assets across five blockchains (Bitcoin, Ethereum, Binance Chain, Bitcoin Cash, Litecoin) on THORChain’s MCCN.

Prior to the THORChain network pause, THORSwap saw daily trading volumes up to $50M, despite capped liquidity and THORChain MCCN being in beta.

During the network pause, THORSwap kept buidling. We believe the entire THORChain ecosystem has become stronger and much more resilient following these exploits.

What’s next

Currently, THORSwap is exclusively utilizing THORChain liquidity. Whilst the number of supported blockchains is increasing over time, however, THORChain is only designed to support short tail crypto assets.

THORSwap, the cross-chain DEX, is now ready to kick off the next crucial phase in its roadmap, evolving into a DEX aggregator in order to support long-tail assets across multiple blockchains like Ethereum, Binance Smart Chain, Cosmos IBC, and Polygon.

This is only the beginning. During our “expansion phase” THORSwap will add the most important liquidity sources across multiple blockchains. For example, when Cosmos is integrated with THORChain, THORSwap will support the most important Cosmos-based liquidity sources like Terraswap, Osmosis, or Kava.

THORSwap’s “Vision for the future”

THORSwap aims to become a world-class cross-chain aggregator, providing deep liquidity for traders and investors to instantly swap thousands of digital assets across multiple blockchains in a decentralized and non-custodial manner.

To fulfill this vision, THORSwap will offer four main services:

Best Interface for THORChain services — The most comprehensive access point for THORChain-specific products and services (e.g. THORNames, Synths, ThorFi)
DEX Aggregator — Swap thousands of crypto assets across multiple blockchains
Partner API — A composable API for partners to easily leverage THORSwap-integrated liquidity pools and functionality
THORChads Rewards Platform — Metaverse home to reward loyal THOR Chads

Trading Black Hole

These services will help THORSwap create the “trading black hole”:

More liquidity, apps, and rewards drive trading volume
Higher revenues
More value accrual to the community
More trading fees discounts
Repeat

As the #1 DEX on THORChain, THORSwap is best-positioned to create and grow this flywheel effect.

What We Believe In

THORSwap believes in:

A cross-chain world that is open and inclusive
Products and services that are provided in a decentralized, scalable, and secure manner
Treating our community and users (including traders, investors, liquidity providers, and node operators) as first-class citizens
Project tokenomics that is governed and majority-owned by the community

In Summary: “Why THORSwap?”

Decentralized and non-custodial, unlike centralized exchanges
Seamlessly swap across multiple blockchains, unlike other DEXes
Dedicated 24–7 customer support team
All-in-one access to all THORChain services
New products (Desktop app, THORChads), functionality (ThorFi Synths), and improvements are constantly being released
Summary video: https://www.youtube.com/watch?v=Cfu_Ye1en30

THORChain’s “liquidity black hole” combined with THORSwap’s “trading black hole” creates a powerful network.

We believe the future of finance is cross-chain. And as the #1 THORChain DEX, we are well-positioned for the growing multi-chain future.

Many new announcements are incoming. Please follow us to stay updated.