Cross-chain Decentralized Exchange THORSwap announced a $3.75 Million Private Token Sale backed by top venture funds in the blockchain industry. This further shows that investors are eager to support market-ready DeFi platforms.
THORSwap will use the funding to continue its development and operations, including the launch new products on top THORChain (the decentralized liquidity network that powers the exchange). IDEO CoLab Ventures led the private token sale with participation from True Ventures and Sanctor Capital. Nine Realms, Proof Group and Proof Group also participated.
THORSwap supports Bitcoin Cash (BTC), Bitcoin Cash(BCH), Litecoin Cash (BCH), Litecoin [ETH], Binance Coin (BNB), Ether (ETH), Ether (ETH), and ERC-20 and BEP-20 standard tokens.
The platform announced that it will host a token generation event for native THOR cryptocurrency later in the month.
THORChain’s April launch was viewed favorably by the cryptocurrency community, with ShapeShift CEO Erik Voorhees describing it as a seminal moment for the industry. “Thorchain has no bridges. It has no wrapping. It is native assets, swapped across chains in a decentralized way, for the first time ever,” he said.Decentralized exchanges have been a major catalyst for DeFi’s explosive growth over the past year. By June, DEXs accounted for 13% of cryptocurrency trade volumes, up from just 6% in February. As Cointelegraph reported, DEX trade volume tripled between January and May, reaching a high of $300 billion. At the same time, DeFi adoption continued to surge, with Uniswap and 1inch registering 2.5 million and 600,000 unique users, respectively.
That being said, DEXs and other DeFi protocols have been a primary target of sophisticated attackers and cybercriminals. As Cointelegraph reported, THORChain experienced a sophisticated attack during the summer that resulted in the loss of $8 million worth of Ether. Luckily, the attacker only wanted to expose the security flaw in exchange for a 10% bounty payment.
Meanwhile, in August, DeFi lending protocol Cream Finance was drained of $19 million in a flash loan attack. By recruiting the assistance of a DeFi security platform, Cream Finance has been able to recover most of the lost funds.
