Thorchain

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.

THORChain is prepared to handle increasing size and is ready to serve as required.

THORChain is prepared and operational, moving forward.

Thorchain (TC) benefits from onboarding exogenous capital with 50% staying in liquidity pools to earn yield. With an APR of 4-5% in the pools, borrowers have a lower opportunity cost, even with 0% interest loans. TC aims to onboard collateral safely, avoiding expirations or liquidations. The system requires RUNE:L1 prices to remain relatively stable, with a tolerance for 3x price changes. The borrower's focus is on L1:USD prices rather than tracking RUNE:L1 prices, often mirroring L1 performance against USD.

Thorchain has achieved a daily volume of $0.5bn with a total value locked (~TVL) of $0.5bn. Discussion is ongoing on the possibility of reaching $1bn on $1bn, with speculation about the potential for $10bn on $10bn this cycle.

Thorchain has launched a new feature for Bitcoin lending with 0% interest, unlimited term, and borrowers can access up to 50% of their collateral. This is a unique offering in the market, different from existing projects like MIM, Liquity, and AAVE. The community is still studying the new feature and seeking feedback.

$660 million in daily volume on THORChain, with BTC accounting for nearly half. THORChain now accounts for over 98% of decentralized Layer 1 BTC swap volumes, highlighting its dominance in the space. The community dismisses centralized exchanges as they are viewed as IOUs on a SQL database.

THORChain community notes a surge in loans following the implementation of a 50% Loan-to-Value ratio and 200% Collateral Ratio. This change has attracted more users to engage in loans, with many choosing to participate after initial hesitation. The community anticipates an exciting development and expresses interest in observing the outcome.