THORSwap is a multi-chain decentralized exchange (DEX) aggregator built on THORChain's cross-chain liquidity protocol. It serves as the primary interface for accessing THORChain services, enabling users to perform cross-chain swaps between native assets across multiple blockchains in a decentralized and non-custodial manner.
THORSwap functions by leveraging the THORChain liquidity network, which utilizes the automated market maker (AMM) model to facilitate cross-chain asset swaps. It operates nodes for different blockchains to validate and execute swaps securely using threshold signature schemes (TSS), ensuring that assets can be moved between blockchains without wrapping or pegging. THORSwap does not require smart contract interaction for swaps, simplifying the transaction process.
These use cases primarily benefit the decentralised finance (DeFi) sector and cryptocurrency trading by providing efficient cross-chain interaction and liquidity.
THORSwap originally began as BEPSwap, focusing on Binance Chain’s BEP2 token standard. It transitioned to THORChain’s Multi Chain Chaos Net, becoming a cross-chain DEX aggregator. Since its establishment in 2021, THORSwap has facilitated significant trading volumes and experienced substantial growth in both technology and market presence. Key milestones include the transition from BEPSwap, integration with THORChain, and achieving significant Total Value Locked and trading volume figures. The THOR token also saw a notable increase in value, highlighting its impact within the crypto community.