THORSwap Hammers Home Point – Aligned Incentives Are Crypto Superpower
THORChain a community-based project is constantly feeling the troubles. The blockchain had quite troublesome year so far. The company’s troubles mount even higher as THORChain has suffered three security protocol breaches just within a month. This has raised serious concerns about the company’s security protocol.
As the result THORChain’s native digital token (RUNE) experienced such a decline in its price and also took such a suffering. RUNE digital token price which was all-time high in the month of May and being traded around $20.00 fell down rapidly and touched $3.50 mark by the end of the month of July.
THORChain which was tipped as the free medium of exchange for the digital assets, where people can exchange crypto assets across different blockchains without an intermediary, is not the case anymore. After suffering three major breaches in quick succession of time has changed the company aim.
The recent news has confirmed that the cryptocurrency platform has disabled the free exchange of digital tokens via its platform. In addition to that the top leadership of THORChain exchnages have decide to further strengthen the security of the protocol. As of this writing, THORChain has disabled all sort of trade related activities and digital currency exchange.
Despite all these suffering the company was able to turn the situation by the end of the late October. THORSwap, a decentralized exchange powered by THORChain, had a successful initial capped sale that was oversold by 198%. But things did not go according to the plan for company, as their second uncapped sale went horribly wrong. The company’s security protocol ran Initial Dex Offering (IDO), as the result THORChain’s own treasury department apprehended its native digital tokens, before the investors were even able to contact the company’s app.
As the result company’s native crypto currency price went down once more. However, this trend was overturned just within the day. Following this recovery turn around, crypto lovers have praised the efforts being made by the THORChain.
On the other hand, cryptocurrency company THORChain has also thanked its community for showing the loyalty and keep trusting the company. In such critical time when multiple public funded crypto funds and companies have perished, THORChain remained still strong despite the fact that company had suffered three security breaches in quick succession of time.
During all these hard moments, crypto community has played integral part in the success of the company. Multiple hidden sources have claimed that during this critical time some ETH token holders played their part in making company stable and they had even donated ETH token to the THORChain. It shows that crypto community is willing to support the decentralized projects.
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Text source: Coinfrog
