Amid the rising popularity of cross-chain decentralized exchanges (DEXes), THORSwap, which is one of the cross-chain DEXs has concluded its private token sale raising $3.75 million.
The THORSwap private token sale was backed by several leading venture funds within the blockchain space lifting the lid on the readiness of investors to back market-ready decentralized finance (DeFi) platforms. It is worth noting that the DeFi space is quickly approaching $200 billion in total value locked with DEXes accounting for a significant share of that amount.
Some of the venture capitals that participated include IDEO CoLab Ventures, True Ventures, Nine Realms, Sanctor Capital, Proof Group, Qi Capital, and 0xVentures.
The proceeds of the private token sale will be used to continue building THORSwap development and operational resources. It shall also be used to launch new products on THORChain, which is the decentralized liquidity blockchain network on which THORSwap is built.
At the moment, THORSwap supports Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Binance coin (BNB), Bitcoin Cash (BCH), and BEP-20 and ERC-20 tokens.
THORSwap also said that the native generation event for its native token is scheduled for later this month.
When THORChain was launched in April this year, the cryptocurrency industry was full of praises for the blockchain. ShapeShift CEO Erick Voorhees, for example, described it as a ground-breaking moment for the industry.
In a comment at the time, Erik Voorhees said:
“Thorchain has no bridges. It has no wrapping. It is native assets, swapped across chains in a decentralized way, for the first time ever.”
THORChain has stood true to its cause by creating a network that allows cryptocurrency users to swap and use cryptocurrencies across multiple blockchains without the need for wrapped tokens.
DEXes role in DeFi’s explosive growth
Since they were invented, decentralized exchanges (DEXes) have played a major role in DeFi’s explosive growth over the past few years.
At the moment DEXs account for over 13% of the total cryptocurrency trading volume. According to defipulse, the total locked value in DEXes is about $28 billion.
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