THORChain
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THORChain

THORChain launch multichain chaosnet

Multichain chaosnet is now live to the public, ASGARDEX released.

ASGARDEX Desktop Client

Overview

THORChain contributors are pleased to announce multichain chaosnet #MCCN is live enabling cross-chain swaps between Bitcoin, Ethereum, Bitcoin Cash, Litecoin & Binance Chain networks.

Liquidity can now be deposited on the network and swaps available for the five active chains. Access THORChain via one of the following interfaces:

Multichain Chaosnet

Multichain chaosnet realises THORChain’s vision for cross-chain incentivized liquidity three years in the making. THORChain is the first and only protocol to facilitate asset swaps between chains in a permissionless, trustless and non-custodial setting; and without pegged or representative assets.

The network is operated & secured by node operators who underwrite pooled liquidity which is provided by yield seeking asset holders. Cross-chain swaps are executed over liquidity pools based on THORChain’s liquidity sensitive AMM.

While THORChain is a decentralized network, the network is designated Chaosnet with several safeguards in place until the network has proven itself to be safe, secure & reliable; at which point the safeguards will be removed and the network immediately becomes mainnet. Liquidity caps will be in place from genesis and slowly increased over time as confidence grows.

Path to Mainnet

Over the coming weeks and months additional features will be added to the protocol:

  • Synthetics— secured base layer assets.
  • Composites — THOR.USD, THOR.DEFI etc.
  • Loans — Auto serviced debt from any capital.
  • More chains — including Haven Protocol ($XHV) and others.
  • Mimir purge — removal of network safeguards eg. liquidity caps.

In the meantime the protocol will be battle hardened & stablized with liquidity caps increasing regularly.

Native RUNE

RUNE is now native to THORChain and initially only supported using keystore on ASGARDEX desktop client, asgardex.exchange and thorswap. Exercise caution shifting large amounts of assets to this wallet format. Integration with ledger and other wallets is underway and support for THOR.RUNE is expected in late April and May.

All interfaces provide the ability to upgrade to native RUNE, however there is no immediate need to upgrade from BNB.RUNE or ETH.RUNE to THOR.RUNE during the early life of the network. The incentives on multichain chaosnet will initially be lower than single chain chaosnet until confidence in the network grows.

ASGARDEX Desktop Client — Upgrade functionality

Avoid rushing to upgrade to native RUNE until the liquidity caps have been increased and incentives turned on.

Interface Links

The following interfaces (entry points) are available on launch. Interfaces for THORChain are akin to browsers on the internet — The interface needs to speak the right language for the protocol. On THORChain, wallets & interfaces send specific instructions to the protocol using Bitcoin’s OP_RETURN code & Ethereum data among others. Wallet integration has commenced and it’s expected more mainstream wallet’s will support THORChain in the near future.

Swappers

Swap using any of the interfaces & wallets available above. You will need to create a new wallet in order to interact with the network. Avoid sending large amounts of assets to these wallets initially until after early life period of the network (a few weeks).

Swap Example

The execution you receive is a combination of the swap size over the depth of the pool based on THORChain’s CLP model and minus network gas costs. Keep this in mind when swapping very small amounts of assets as your output may be much less (or zero) than expected after consuming gas.

Liquidity Providers

Liquidity can be added using any of the interfaces, first you will need an ASGARDEX wallet (desktop client or web interface). Avoid sending large amounts of assets in the early life of the network out of caution.

Once you have funded your wallet with RUNE and external assets click manage and then follow the prompts to provide liquidity. You will need to upgrade RUNE first (discussed above) before you can provide liquidity symmetrically.

Interfaces will support asymmetric liquidity provision in the coming weeks although the protocol can already support it. Click on the wallet tab and navigate to shares to see your new pool shares, keeping in mind it may take some minutes for your shares to show.

Arbitraguers

The network will be profitable to arbitrage in the early life, manual arbitrage through the interface is recommended before deploying bots. Keep in mind the network fees in your calculations.

Transactions on THORChain MCCN

For those interested in building arbitrage bots join @thorchain_dev on telegram and checkout the xchainjs lib at https://xchainjs.org

Node Operators

The incentives and reserves are intentionally low on Multichain Chaosnet to avoid a mass exit of single-chain chaosnet which would cause significant disruption and increase the risk profile of the network launch. Accordingly there is no reason to rush across. Only ideologically aligned members of the community should consider operating a node.

The minimum bond is set to 300k RUNE and you should maintain careful separation between SCCN and MCCN nodes to avoid any issues. It is crucial THORNode operators on MCCN ensure they are available and actively monitoring the network & @thorchain_dev channel on telegram for any announcements.

It will take roughly 2–3 days to fully sync before you can bond and churn into the network. Refer to the docs @ https://docs.thorchain.org/thornodes/ for instructions. You should be intimately familiar with operating a THORNode on SCCN before joining MCCN.

Feedback during this time is appreciated and node operators who flag any serious issues will be rewarded accordingly.

Multichain Resources

Key Take Aways

  • THORChain is now live for cross-chain after almost 3 years!
  • Access the network via ASGARDEX desktop client or either of the two web interfaces
  • Swap between hard layer 1 assets including Bitcoin and Ether
  • Park your unproductive assets to earn yield
  • Chaosnet is a guarded launch, be aware of the risks
  • Don’t rush to upgrade to native RUNE, there is ample time.
  • Swap small amounts of assets; provide liquidity in small amounts
  • Node operators should be ideologically aligned and highly active
  • THORFi is coming…

Community

To keep up to date, please monitor community channels, particularly Telegram and Twitter:

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