Trust wallet has now integrated THORchain’s technology to enable cross-chain crypto swaps in the app. The feature will eliminate the need to use fiat onramps or complicated cross-chain swaps to complete swaps across blockchains and at zero fees.
THORchain is a decentralized cross-chain liquidity provider open to any person, product, or institution. The platform boasts a total value locked (TVL) of $225.8 million.
The wallet is a non-custodial cryptocurrency wallet that enables you to buy, store, collect NFTs, exchange, and earn crypto.
Trust wallet THORchain integration
The new integration will enable the wallet’s 10 million users to access cross-chain swaps between Bitcoin, Ethereum, Binance coin, and the wallet’s native currency, Trust Wallet token.
The feature will be available on Android and should be available on iOS soon.
Noncustodial dApps have had an uptick in interest following the recent troubles on centralized exchanges.
Analysts suggest a mass exodus of users from centralized platforms like Binance, citing liquidity fears. The collapse of the FTX exchange exacerbated the situation, then the 3rd largest exchange by trading volume.
The two platforms share an ethos that ensures self-sovereignty and transparency for its user; these include open-source code publicly available for perusal, user absolute control of funds, all transactions on-chain, and battle-tested security features.
In a multi-chain crypto world, more decentralized, secure, and easier cross-chain integration is necessary for user adoption of web3 services. I am very excited about Trust Wallet’s integration with the protocol to pave the way for users to swap multiple major blockchains while maintaining security and full ownership over their assets. It’s the first step, and we will continue to increase chain coverages and improve user experiences.
Eowyn Chen, CEO of Trust Wallet
Users will require no signups to utilize the feature. The protocol will maintain swaps on native blockchains, so no bridging or wrapping will be involved, which usually brings additional risks.
The protocol determines the fees paid to chain validators according to the trade size.
THORchain advised users to break down large swaps into smaller amounts to prevent slippage losses.
Users can provide liquidity for these pools on THORchain and earn passive income with an average of 13% APY while making swaps cheaper for everyone. Sandwich attacks are impossible on the platform.
RUNE and TWT market performance
The cryptocurrency market capitalization remained quiet at press time at $878.22 billion, going up 0.60% in the last 24 hours.
RUNE, THORchain native currency barely bulged following the announcement. At press time, the coin sold at $1.47, up by 0.58% in 24 hours.
According to THORchain’s website, the protocol has 73% of RUNE’s total supply locked up in liquidity. They predicted that if 80% of RUNE’s circulating supply were locked up, the coin’s market cap would technically pump 300%of the value of all non-RUNE assets locked up in liquidity. The more RUNE is locked up, the easier it will be to determine its performance.
The partnership exposes the chain to Trust wallet’s 20 million user community.
Trust wallet token (TWT) performed dismally dropping by 5.49% to $2.14 in 24 hours. The coin surged 220% following the news and recorded its all-time high (ATH) at $2.72 on December 11, 2022.
Final thoughts
The new feature will enable users to swap coins across blockchains with ease. Swap facilities offer an instant exchange between two unique blockchain protocols without requiring a third party.
With users exiting centralized exchanges, decentralized protocols provide them with a haven to operate without having to trust third parties. The option, however, comes with the risk loopholes in Smart contracts can result in the loss of funds from hackers.
TWT and RUNE prices should recover in tandem with the crypto market sentiment.
