The decentralized finance market to reach $200 billion mark in total value locked, however, DEXs holds significant market share. In a recent development, a cross-chain decentralized finance THORswap secured the $3.75million sale of private tokens in a venture-backed by the top blockchain industry giants. The successful investment round by THORSwap that investors are eagerly waiting to invest in well-reputed DeFi platforms.
THORSwap has attracted the interest of some of the big market players. The company’s officials have said that the amount being raised by selling tokens will be used to improve the development and operation sources of the company.
Moreover, the company is also planning to launch other products on top of THORSwap. The company’s officials have said that they believe that a diverse portfolio is important for growth within the current competitive environment in the DeFi space.
Some of the top names which participated in the current investment round are IDEO CoLab, Sanctor Capital, Nine Realms, Proof Group, 0xVentures, Qi Capital, THORChain, and others. As of this writing, THORSwap, supports the cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), Binance Coin (BNB), an ERC-20 and BEP-20 standard digital tokens. However, the company also revealed that plans to launch its native currency named as THOR would be released later this month.
The fact of the matter is that Decentralized exchanges over the past couple of years have played an integral role in the rampant growth of DeFi market. By the end of the month of June, it was stated that DEX’s accounts for the 13% of the world’s crypto trade volume. The reports revealed that from January to May, DEX trade volume had increased by three times reaching the $300 billion mark.
In the same duration of time the popularity of DeFi protocols was mounting as around 2.5 million new users got registered on multiple DeFi protocols, with Uniswap and 1inch leading the way.
Despite been enjoying all the above-mentioned perks one thing has remained constant. DEXs and other DeFi protocols have remained the primary target for hackers to hack these platforms. However, THORSwap’s DeFi exchange was also on the hackers’ hit list. As of this writing, it is reported by the Cointelegraph that THORChain was attacked by the hackers and the exchange lost the Ether worth of $8 million.
However, the primary reason behind these hack attacks was to rob of customers. The hackers added that it was intended to expose the loopholes that existed and to earn the 10% bounty. Despite the fact that DeFi framework is on the high in terms of popularity. The hacking attacks over the past couple of years have also increased.