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September on THORChain - Avalanche(AVAX) 🤝THORChain, Edge Wallet🤝 THORChain, Update on THORFi, Update on Maya Protocol

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@mistakili
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Hi guys, this post discusses the latest major things happening within the THORChain ecosystem in the past month. As at today, THORChain supports 9 blockchains, with number of unique users at 79k and around $107m in total locked in value.

These are astounding statistics for a permissionless native token swap protocol………………………

…………….But what does this all mean in real life for everyday people like you and I?

Imagine the ability to swap between native assets just by connecting your non custodial wallet and executing your transaction in one place without having to go through any annoying sign up KYC process? 🤔

Up until date, crosschain bridges have shown how susceptible they are to exploits, infact, we can say that 2022 was the year that proved that theory to a large extent……

……not to mention the central entities that custody peoples crypto that goofed terribly this year and have crumbled, THORChain is essentially disarming centralized finance,…………..

………………whether you want to make quick trades between native assets or you want to earn yield on your native asset without wrapping them, without the intervention of a central 3rd party and their baggages, Thorchain serves this.

Edge Wallet Integrates THORChain

Over the month, Edge wallet integrated THORChain protocol, it helps the wallet facilitate permissionless swaps right from within their wallets, the ball has started to role, the world has woken up to the need for self sovereignty-custody, financial freedom and ownership,

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Edge serves 3.3million accounts, this means potentially over 1million real people will use Thorchain protocol and not even know it neither do they have to hold RUNE. It just makes sense. Mainstream adoption is here.

While we understand that $107m TVL is only a tiny drop in the ocean compared to most DeFi applications TVL, THORChain is yet to implement Lending/Borrowing which is a major contributor to TVL and that is actually decentralized, and with native(unwrapped) assets.

THORFi Real Assets Real Yield

Speaking of Lending/Borrowing, the ThorFi documentation to facilitate this design is still being extensively reviewed and mostly ready for shipping, again the idea is to let people Lend their assets with 0% interest and no liquidation with as low as 100% collateralization ratio Plus earn yield by staking single assets in an interest bearing savings account.

Celcius, Voyager, Three Arrows Capital, all of which have filed for bankruptcy after loosing billions of dollars this year due to “extreme market conditions” offered lending services that custody peoples funds for unrealistic ponzified yields, up until date, many are still recovering from those huge losses as those companies went down.
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THORChain is positioning to replace and absorb all that potential capital into liquidity while offering real yield in a fully permissionless decentralized way.

Also, over the month, AVALANCHE was integrated into THORChain successfully, extending its tentacles into the AVAX community, expanding the concept of crosschain swaps within the entire crypto community. Next chains up for integration is between Haven and BSC chain and perhaps DASH down the line, the extension continues.

Maya Protocol

In other news, Maya Protocol which is the fork of Thorchain continues to make strides in development. Over the month it was revealed that Maya protocol launched private release of stagenet after which will come the public testnet.

Maya Protocol will start running internal tests and integrating with its launch partner. Once our tests are completed, they move the Stagenet public and let earliest users try all its features, including swaps, deposits/withdrawals, bonding, etc.

For those who don’t know what Maya Protocol is about and why it is important you can read about it here

This is an exciting update as it brings back memories of when THORChain was in testnet, it’ll be interesting to watch how this goes.

This is just a brief recap of the months activities within the THORChain ecosystem, to know more, visit the THORChain Twitter account on Twitter or follow more updates on discord.

Thanks for reading. Have a great month.

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