What is the THORChain token and how it works?
THORChain is a decentralized liquidity protocol that helps users to exchange cryptocurrency assets without losing control over them. Users will be in full custody of their assets which gives everyone confidence to exchange cryptocurrencies.
With the help of THORChain users will be able to switch from one asset to another without any kind of prior permission settings. Users will not have to rely on order books to source their liquidity. In THORChain the market price is dependent on the ratio of assets available in the pool.
The token of THORChain is popularly called RUNE. Users will be using RUNE as the base currency in the THORChain ecosystem. RUNE is responsible for governing and securing the entire THORChain. Users should keep in mind thatTHORChain nodes will need to commit a minimum of 1 million RUNE so that they can participate in the rotating consensus process.
THORChain was first funded by an initial DEX offering which was launched in the Binance DES in July 2019. The main net of THORChain was launched in January 2021 and the multi-chain upgrade is scheduled for 2021.
The strangest thing about THORChain is that there is no founder, director, or CEO. All the developments of THORChain are organized through Gitlab. Everyone who’s working on THORChain is kept anonymous. The main reason for doing so is to make sure that THORChain is always decentralized. All the developers behind THORChain work from all the different nodes with help of shipping codes. This is the reason why the system is so valuable. All the nodes of THORChain work for the stakers simply by securing assets that are available online.
The system used by THORChain is unique and it helps to migrate the issue of impermanent losses. There are temporary losses that happen at the end of liquidity providers when they are contributing to liquidity pools. Liquidity is kept more or less constant simply by using a slip-based fee.
Some of the technologies used behind THORChain are the TSS protocol, the Bifrost Signer Module, a state machine, and one-way state pegs. These technologies are all kept behind the scenes so that inexperienced traders are also able to use THORChain without any knowledge. The platform of THORChain is not here to make profits. All the fees which are generated by THORChain are received by the users. The team is incentivized with the help of RUNE. If you are looking for RUNE then they are available on multiple blockchains which include Ethereum and Binance Chain.
THORChain Token Details
THORChain prices for today are USD 11.87 and it has a 24-hour trading volume of USD 203,741,038. In the last 24 hours, the value of THORChain has upgraded to 6.62%. Currently, the Coin Market Cap rating of THORChain is 53 and the live market cap is at USD 2,653,654,173. The circulation supply of RUNE coins is 223,555,660 with a maximum supply of 500,000,000.
How to buy a THORChain coin?
If you are interested in buying a THORChain then you don’t have to worry because users can simply purchase with the help of a credit card, debit card, or bitcoin. There are a lot of exchanges that users can use while buying THORChain coins. Make sure you look for a good exchange before you jump into the process of buying a THORChain coin.
Find a cryptocurrency exchange
There are multiple cryptocurrency exchanges available in the market. You should always look for the one that suits you the most.
Add a payment method
Since users will be able to make their payment with help of credit card, debit card, and bitcoin they will have to enter all the details and set up the payment procedure. Users need to keep in mind that credit and debit cards have a high processing charge whereas payments through bitcoin or bank accounts are usually cheap.
After the payment procedure is set up, users can look for the cryptocurrency they want to buy and simply add those currencies to the basket. Look for THORChain coins or ruins and add them to a basket and proceed when you are ready.
Transfer your cryptos to an altcoin exchange
Then users will have to transfer their THORChain coins into altcoin exchange and they can simply trade without any hassle.
Register yourself on the altcoin exchange
Choose an altcoin exchange and register with all your details to be able to store all your cryptocurrencies.
Deposit into your altcoin exchange account
Deposit all your cryptocurrencies and one altcoin exchange account. Once the order is confirmed you will be set to use your THORChain coins.