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Users of THORSwap can now conduct transactions on the Bitcoin, Litecoin, Binance Smart Chain, and Bitcoin Cash networks.
THORSwap, a cross-chain decentralised exchange (DEX), appears to be on the mend after the THORChain network was taken offline following major exploits just three months after its guarded launch.
The Cosmos-powered network aims to support decentralised trades across multiple blockchain networks, including Bitcoin and Ethereum. According to a progress report released on Tuesday, the team behind the project’s DEX, THORSwap, has restored functionality for four of the five networks it supported prior to going down in July.
According to the update, THORSwap has resumed swap functionality across the Bitcoin, Bitcoin Cash, Litecoin, and Binance Smart Chain networks, and the team is currently working to reintroduce support for Ethereum.
15 summaries about @THORChain 🧵
2. Got exploited but hardened and became stronger than ever.
3. Recovered 4 chains and is in the process of recovering the last chain – Ethereum.
— THORSwap ⚡ ᚱ (@THORSwap) October 12, 2021
THORSwap also stated that it is working on adding support for the Terra stablecoin network as well as the Cosmos’ decentralised finance hub, Gaia. Additional integrations with other crypto assets, such as Dogecoin (DOGE), Decred (DCR), Haven (XHV), and Monero (XMR), are also in the works.
The team is also working to improve network node performance.
Following the launch of THORChain’s initial systems in July 2020, THORSwap’s highly guarded “Chaosnet” was partially launched in April.
Despite apparent early success, the THORChain network would suffer three hacks during June and July, forcing it to take some services offline.
In June, THORChain was first used. The team, however, downplayed the incident at the time, claiming that the first exploit attempt was limited to $140,000, “which is a small amount compared to other exploits.”
On July 16, the network was exploited again for a much larger $7.6 million in Ether (ETH) after a hacker discovered a vulnerability that resulted in the suspension of operations. On July 23, a hacker exploited the network’s Ethereum router to steal $8 million in ETH from THORChain for the third time.
“ThorChain has had a difficult few months, but the fundamentals have not changed,” said the THORSwap team.