Bitcoin

when

THORChain

Security

Billion

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/thorchain-hits-record-high-with-over-10-billion-in-monthly-transactions" rel="noopener noreferrer nofollow">THORChain Hits Record High with Over $10 Billion in Monthly Transactions</a><br></p>
<p style="text-align: justify">For the first time, THORChain, the decentralized finance protocol, has recorded a monthly transaction volume exceeding $10 billion. Despite this landmark, <a href="https://en.bitcoinhaber.net/el-salvadors-president-secures-reelection-with-dominant-victory" rel="noopener noreferrer nofollow">Bitcoin</a> enthusiasts are sharply divided over THORChain’s <a href="https://en.bitcoinhaber.net/alert-for-crypto-enthusiasts-beware-of-phishing-scams-disguised-as-patreon-emails" rel="noopener noreferrer nofollow">security</a> assurances for users. The protocol’s social media presence highlighted this accomplishment, with Runscan confirming a volume of $10.26 billion for the month.</p>
<h2 id="debate-among-bitcoin-maximalists">Debate Among Bitcoin Maximalists</h2>
<p style="text-align: justify">The announcement ignited a flurry of discussions among Bitcoin advocates regarding the trustworthiness of THORChain, particularly when it comes to Bitcoin-backed, interest-free loans. Bitcoin-based investors are considering these loans as a means to generate additional returns without liquidation risks.</p>
<h2 id="conflicting-opinions-on-investor-security">Conflicting Opinions on Investor Security</h2>
<p style="text-align: justify">Fred Krueger, a mathematician and Bitcoin investor, expressed support for the platform by touting the safety of Bitcoin collateralized loans. In contrast, Bitcoin analyst Dylan Le Clair conveyed skepticism, suggesting that the protocol merely shifts risk by offering loans backed by a volatile altcoin exchange rate.</p>
<p style="text-align: justify">THORChain specializes in enabling cross-chain swaps and provides loan services against major cryptocurrencies like Bitcoin and <a href="https://en.bitcoinhaber.net/ethereums-technical-analysis-key-insights-and-support-resistance-levels" rel="noopener noreferrer nofollow">Ethereum</a>, with terms that do not include liquidation or fixed repayment schedules. The protocol modified its collateral requirements in January, reducing the percentage necessary for Bitcoin and Ethereum, which permits higher borrowing amounts relative to the collateral value.</p>
<p style="text-align: justify">Despite the innovative model, concerns linger about the potential risks of the lending framework. These include the possibility of the protocol suffering an attack, as it did in 2021, and the chance of changing loan terms by central authorities, which has led THORChain to suspend its operations twice due to security concerns.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/thorchain-hits-record-high-with-over-10-billion-in-monthly-transactions" rel="noopener noreferrer nofollow">THORChain Hits Record High with Over $10 Billion in Monthly Transactions</a></h5>

THORChain Hits Record High with Over $10 Billion in Monthly Transactions

Table of Contents

BH NEWS

Other articles published on Mar 28, 2024

Bitcoin Price Prediction: Will Bulls Maintain $70,000 Level?

Unleashing SharkDog Coin: A Fresh Wave in the Solana Ecosystem

Crypto traders reportedly flee KuCoin amid allegations of illegal operations

MetaWin Launches New Base and Arbitrum Layer 2-Powered Swap System, Boasting 2-Second Payment Spe...

HSBC Leads the Way: First Bank to Tokenize Gold for Retail Investors in Hong Kong

Typhoon Network: The Best Way to Send Private Transactions

Join our free newsletter for daily crypto updates!