THORChain activates Kill Switch to ease out Rune tokens on Ethereum and BNB.
THORChain will no longer support Rune Tokens
The cross-chain decentralized trading platform, THORChain, will no longer accept Rune tokens from Ethereum and BNB. THORChain has developed its own blockchain network that enables digital asset swapping across multiple protocols. On July 18, the development team made a proposal to ease out Rune copper, which consisted of 2 Rune-pegged as ETH. RUNE and BNB. RUNES.
These two digital currencies are part of THORChain’s assets issued on Ethereum and BNB. However, these tokens suffer from a few basic errors that can lead to network security breach. The team had to stop using the tokens at the beginning of the year after the network discovered that hackers could mine the data. On THORChain’s main network, the group has restricted the use of Rune tokens.
According to the development team, the serious vulnerability discovered by a white hat hacker prevented a huge loss of assets. In addition, ETH. RUNE has a number of adverse features that can affect long-term investors.
THORChain activates Kill Switch
ETH. RUNE is a trading gateway that makes phishing attacks easier. This discovery helped THORChain’s team activate kill switch. This feature can reduce token exchange rates over the next 12 months.
However, investors can still swap other assets for Runes but will reduce the redemption rate. Furthermore, the developers recommend that tokens should go to the THORChain network, making the platform less exploited.
Exchanges are not ready to switch to THORChain Rune
According to the development team, most major cryptocurrency exchanges listed on BNB. RUNE is not yet ready to switch to Rune released by THORChain.
The new development has led to another complex problem of creating two different markets that prevent the rapid adoption of the network. As a result, two competing markets have not yet been allowed to transfer assets to THORChain Rune.
With THORChain, customers can swap the leading digital currency for any supported tokens without intermediary transactions – bridges. Bridges are protocols that use smart contracts to process coin exchanges from different blockchains. The network offers many opportunities for users to trade or exchange continuously the coins supported on that platform.
THORChain is famous for its cross-chain liquidity features, which allow to interact and swap without permission. This makes it possible for tokens like Bitcoin and Ethereum to be swapped without wrapping tokens.
Moreover, THORChain is a versatile platform that supports many original assets such as BTC, LTC, ETH and other assets. With the non-retention feature, THORChain allows wallet owners to swap native assets on other chains. In addition, users can choose to pool funds to earn passive income from the yields.
THORChain is an economically efficient and highly secure asset, allowing owners to take control and scale their assets.