Edge is rolling out yet another release targeting the decentralized finance (DeFi) space, this time round introducing the ability for everyday users to take advantage of swapping unwrapped tokens on the THORChain network.
THORChain integration into Edge
Integration of THORChain swaps gives Edge users the ability to swap mainnet assets for one another across various chains without the need to rely on any central intermediary, once again highlighting our commitment to creating a censorship resistance and a full self-custody experience for end users.
Unlike other decentralized protocols that would otherwise require users to turn to the so-called wrapped tokens that represent native coins stored on different blockchains, THORChain allows for direct swaps with no intermediaries involved.
What this means in practice is that instead of, for example, swapping BTC to wrapped Bitcoin (WBTC) on the Ethereum network in order to trade it with other Ethereum tokens like USDC—users can directly swap BTC to USDC, or vice versa, without a central intermediary taking custody.
THORChain – the Swiss Army Knife of DeFi
THORChain, originally launched on the Cosmos network and transitioned to its separate mainnet in June 2022, is a decentralized liquidity protocol that allows users to swap assets in a permissionless setting.
Sometimes called “the Swiss Army Knife of Defi” thanks to its interoperability features, THORChain aims to bring more liquidity to all supported cryptocurrencies as opposed to illiquid and fragmented markets of buyers and sellers who would like to exchange different cryptos without central authorities.
Essentially, THORChain facilitates a cross-chain ecosystem where users can exchange assets from one chain with assets from another chain, all via a single protocol.
The THORChain protocol also powers a decentralized exchange (DEX) by the same name. Like Tombswap—the other decentralized exchange Edge has integrated—the Thorchain DEX allows anyone to trade or lend their crypto assets by providing liquidity to an asset pool and in exchange, earn a return (yield) on those assets.
THORChain comes along with the protocol’s native token called RUNE, which serves as the base pair for users to swap RUNE for any other supported asset. RUNE has a supply of 500 million and four main use cases: settlement, security, governance and incentives.
While RUNE is a key component in the functionality of THORChain, users in Edge do not need to interact with RUNE to issue swaps from any supported asset.
Continuing on the same lines as our THORchain integration, Edge will continue our commitment to Defi integration with support for Uniswap and Sushiswap on various supported chains. Subscribe to our newsletter to be the first to know when these integrations go live.
Make Thorchain swaps in Edge in less than a minute
Making swaps via Thorchan is just a few taps away on any mobile device with Edge installed:
- Tap on the “Exchange” button in Edge and enter the amount you’d like to swap. Edge will do a best price hunt across all integrated swap providers. Note that this trade is “Powered by Thorchain.”
2. After submitting the trade, your wallet history will show the transaction as pending immediately, with the Thorchain logo apparent.
3. For users that are interested, in the Settings of Edge, “Exchange Settings” can be edited such that Thorchain is the preferred swap provider, meaning that for all trades Thorchain supports, Edge will default to Thorchain as the user’s preferred exchange.
Want to use Thorchain? Try Edge Today!
With seamless wallet creation for multiple assets and readily available exchange support, all inside of an easy to use self-custody application, Edge has now introduced another way for Thorchain users to utilize the network.
Edge was designed to be easy enough for the everyday user, while including functionality even advanced enthusiasts appreciate. We’re excited to be supporting Thorchain as the protocol is garnering increased adoption across the crypto space.
For those interested in using Thorchain in Edge, click here . To stay up to date with Edge company announcements and the latest developments in the crypto space, be sure to sign up for our newsletter below.