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- User adoption of THORChain’s cross-chain liquidity protocol and associated ecosystem services accelerates following the collapse of centralized counterparts.
- THORWallet DEX named in Crypto Valley’s Top 50 best performing blockchain companies for 2022, analyzed and compiled by Crypto Valley Venture Capital (CV VC).
Schwyz, Switzerland – 17 January 2023 – THORChain, the non-custodial decentralized liquidity protocol that enables decentralized exchanges (DEXs) and users to seamlessly transfer their digital assets across blockchains, has achieved over $240 million USD in total value locked––a new all-time high (ATH) in RUNE locked on the network.
THORChain’s new ATH of circa 155 million RUNE bonded to the network, and cumulative count of over 8 million cross-chain swaps completed since mainnet launch are indicative of the protocol’s efficacy and rapidly growing user base. In the face of intense market turbulence over the past 12 months, THORChain has enhanced its security capabilities, completed the first multichain transaction of its kind, and enabled an industry-first single-sided staking product for native Bitcoin. Shortly after the collapse of FTX, transaction volumes on THORChain exceeded $100 million USD over two twenty four hour periods, demonstrating the rapidly accelerating user interest in its self-custody and multichain capabilities.
Chad Barraford, Technical Lead at THORChain, commented, “The past few months were pivotal for THORChain. While non-custodial DeFi at large weathered the storm induced by the failures of centralized finance (CeFi), THORChain achieved major technical upgrades and seamlessly delivered a new first for the DeFi industry––single sided yield capabilities. The network treasury remains open and verifiable, as is one of the core tenets of DeFi, currently sitting at 99,349,512 RUNE (~$173 million USD). It is our firm belief that user funds should always remain their own and these reserves fully support withdrawals at any time.”
The launch of single-sided staking on native Bitcoin and other supported assets has drawn considerable investment, with over $12.6 million USD locked across its various Saver Vaults. Additionally, a new integration brings single-sided staking, decentralized swaps and other THORChain functionality to Trust Wallet’s +10 million monthly users––evidence of a market-wide push toward DeFi. Multi-chain DeFi has never been more accessible or safe.
Marcel Harmann, CEO and Co-Founder of THORWallet DEX, a mobile non-custodial DeFi wallet offering cross-chain swaps and gateway to THORChain, commented: “Throughout 2022 the THORWallet team worked tirelessly towards developing open and fair financial services that are accessible to all, achieving $138 million USD in total volume since inception. We intend to bring even more functionality to our users in 2023 as we solidify more industry collaborations. Encouraging wider adoption by improving the user experience in DeFi will be a core area of focus in the months ahead.”
THORWallet DEX has been listed in CV VC’s Crypto Valley Top 50 report for 2022. The report compiled in collaboration with PwC recognizes the company as one of the 50 best performing blockchain projects in crypto valley. With over one thousand companies assessed to inform the report, this is an accolade reserved for industry leaders, such as Swissborg, SEBA Bank, and Bitcoin Suisse. Recent accomplishments by THORWallet DEX include the launch of THORCash, a fiat on-ramp making access to DeFi convenient without compromising financial sovereignty, and underpinning the ‘Fair Launch’ of the Maya Protocol, a friendly fork of THORChain. THORWallet DEX users have contributed heavily to the THORChain ecosystem, recently adding $1.5 million into the Savers Vaults.
