Thorchain

Thorchain has introduced lending with native Bitcoin collateral, a significant development for DeFi. Users can borrow against their BTC without selling it, avoiding liquidations and theft risks. The system has safeguards against potential risks like mass collateral redemptions.

THORChain observed a significant $ETH liquidity provider deposit 22 days ago, which has already yielded a 70 eth profit.

The collateral onboarding rate on THORChain has increased significantly, now reaching up to $1m/hour. This has led to higher lending caps, with the total collateral that can be onboarded at $216m currently. The reflexive nature of RUNE continues to open up more space for loans.

THORNodes are responsible for running the THORChain protocol. Running a node is recommended for large borrowers who wish to ensure the terms on their position. Acquiring RUNE tokens and bonding in allows anyone to run a node, enabling them to campaign, dissent, approve, and publish new ADRS.

Over the last 24 hours, Thorchain has seen significant swapping activity with multiple transactions involving BTC. Despite the recent swaps, the community is encouraged to increase the size of their swaps, aiming for 1000 BTC transactions.

THORChain has announced the start of a streaming swap featuring 68.0 BTC ($4.7M) to ETH, with 299 swaps every 3 blocks. The duration is approximately 1 hour and 29 minutes plus outbound delay.

A community member successfully used Thorchain's native Bitcoin lending by putting in $527 worth of Bitcoin as collateral and borrowing 43 RUNE ($263 worth). The lending feature worked with the ShapeShift Bitcoin wallet but not with OKEx web wallet or Uniswap wallet. The member needs to pay $263 worth of any supported coin later to free up the Bitcoin collateral. Despite enjoying appreciation of both RUNE and Bitcoin, there was no liquidation, marking this as an important and new feature.

A $7m swap between BTC and ETH was executed on Thorchain using a XYK AMM. The swap was completed at 3 basis points slippage, showcasing the efficiency and flexibility of Thorchain platform.

A user conducted a 10 BTC swap test followed by a 100 BTC swap, marking the largest swap on TC platform. Thorchain delivered exactly what was quoted, demonstrating readiness for $10m swaps, and soon $100m swaps.

Thorchain offers a faster option for swapping 100 BTC to ETH compared to a Centralized Exchange (CEX). The process on Thorchain takes approximately 2 hours, but can be completed 3 times faster in theory, in just 40 minutes, as opposed to a longer waiting time on a CEX.