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- THORChain has earlier launched its AMM called BEPSwap on Binance Chain. BEPSwap is its first liquidity pool platform
- After the successful implementation of RUNEVault, Public Testnet and ChaosNet, THORChain is all set to launch its MainNet on 25 December
- MainNet will be built for Bitcoin Ethereum Support. The system would be fully decentralized and will have unlimited staking
THORChain First Liquidity Pool Platform, BEPSwap
Similar to Uniswap (Uniswap is Ethereum’s DeFi dapps) for BinaceCoin, BEPSwap is THORChain’s first liquidity pool platform to go to market.
BEEPSwap was planned to be released in Q4 2019 and initially intended to be a centralized technology demonstrator for BEP2 asset swaps. The team planned to run 3-4 nodes to support it for 6-9 months, before decommissioning it for the THORChain mainnet in time. In 2020, THORChain and ASGARDEX, a cross-chain swapping platform, were planned to debut together with support for Ethereum and Bitcoin.
However, the team then targeted a decentralized launch.
Moving Towards A Decentralised Launch
To confront the challenges of the cross-chain environment, the team came up with advanced development. The first notable development was moving to purely on-chain assets from pegged assets and asynchronous liquidity delegation to solve for TSS signing speeds.
RUNE established an extensive and highly-engaged distribution after the success of RUNEVault, the team recognized the potential for the decentralized launch with cross-chain support.
The Release Of RUNEVault – To Stake And Earn
Before the launch of BEPSwap.com, the THORChain development team announced the launch of RUNEVault.
RuneVault was initially launched as a testing interface in July 2019. With RuneVault, the aim of the THORChain development team was to observe and study the user interactions that are connecting to and staking on Binance Chain. The observations helped the team in improving the staking user experience to prepare for the launch of BEPSwap and then eventually THORChain since it had to be frictionless.
The THORChain development team also conducted user research to understand the challenges associated with them:
- Ledger & Wallet Connect integration.
- Binance Chain integration within the browser.
- Staking information needs.
- Connecting Keystore files.
- General accessibility.
RUNEVault had a simple interface letting users stake their RUNE and earn token rewards and it engaged the team by their experience through staking, connecting their wallets, and being part of the campaign.
THORChain’s First Public Testnet
After the release of RuneVault, a Public Testnet was launched in early June 2020. It had the following characteristics:
- Various leaderless nodes who bound rune, earn Rune rewards, are slashed for breaking the protocol rules, and are churned from time to time.
- Implementation of Asgard TSS for ensuring the sovereignty of funds.
- For instant swaps, Asynchronous Liquidity Delegation.
40,000 RUNE were allocated to the Top 10 users who submitted Gitlab issues for UI and UX bugs and Top 10 wallets that interacted with the network.
Upgrade To ChaosNet
After the successful public testnet, THORChain released its chaosnet on Apr 13th.
Until the THORChain network has proven itself to be reliable, secure & safe, the network is appointed Chaosnet with multiple safeguards, after which the safeguards will be removed and the network will instantly become mainnet.
The goals for the ChaosNet design were as follows:
- No more than 600k RUNE staked (underwritten)
- 100k RUNE min bond
- 12 nodes, churning once a day
- Successful Ragnarök
- 6–12 pools enabled for swapping
The Grand Mainnet Migration
After the successful implementation of ChasoNet, MainNet will be released this Christmas.
MainNet will be built for Bitcoin and Ethereum Support. However, at the launch, these cross-network integrations might not be live. There is no intention of THORChain to manage any nodes within networks, it will be fully decentralized and there will be no limits on the amount of RUNE staked.
THORChain turns Santa this Christmas and has planned to give its users the best gift by scheduling a Mainnet migration till Christmas bringing the unlimited staking to the Network.
With the Testnet, Stagenet, and Bonding, the requirements for Mainnet will be achieved.
Testnet goals include rehearsing adding/removings chains, removing LTC and BCH from testnet, and practising forking the chain. Stagenet and Bonding will follow the testnet.
Stagenet would be the launch, adding Doge, Terra, and Cosmos, preparing a network for community chain PRs and wargame Synths.
In Bonding, there will be a couple of rewards to bond weight, the addition of Pooled THORNodes, and finalizing of Vault Node designs.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
