© Reuters THORChain Ends Ethereum, BNB Chain Rune Token Support
- Cross-chain exchange THORChain ends support for and BNB Chain.
- THORChain facilitates trading of token futures that emulate stocks and commodities.
- The network supports seven crypto ecosystems. BTC, ETH, BNB, LTC, BCH, DOGE, RUNE. Cosmos and support coming soon.
THORChain has implemented the kill switch that will phase out support for Binance Chain BEP-2 and Ethereum Chain ERC-20 based versions of the RUNE token, dubbed IOU tokens (BNB.RUNE and ETH.RUNE).
RUNE was formerly issued on the BNB chain and Ethereum in the form of a promissory note. This meant users could exchange their RUNE for THORChain-based assets of comparable value.
But now, as the project wants to promote the launch of its fully unified variant of RUNE, which will enable improved asset interoperability, the value of these tokens will gradually decrease over the next year after support for the tokens ends.
Users who currently hold IOU tokens for centralized changes will immediately switch their tokens to the new native RUNE upon completion of the centralized change.
Those storing tokens in private wallets will need to create a new wallet compatible with THORChain, after which they will be prompted to click an upgrade button.
THORChain allows for the exchange of synthetic assets, which are token futures that mimic the value of other assets such as stocks and commodities. This is in addition to allowing customers to exchange assets through liquidity pools between different networks such as , Ethereum, , and Binance Smart Chain.
The network currently allows exchanges across seven main crypto ecosystems. Bitcoin, Ethereum, , , BNB, Dogecoin and RUNE. Support for Cosmos and Avalanche is expected soon.
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