Solana (SOL) has been fully integrated into THORChain. This update enables users to swap assets without the requirement for wrapped assets or central intermediaries. The update is announced by THORChain on Thursday.
THORChain stated that the support for Solana has been enabled at the protocol level. This enables users to swap between SOL and other supported assets using the network. These assets include Bitcoin (BTC), Ethereum (ETH), and other chains using native settlements.
Native Vault Design Reduces Bridge Risks for Solana Swaps
Native asset vaults have been implemented instead of using traditional bridges for swapping between assets. Users now swap real SOL using this feature. This reduces the risks of custodial bridges, which have been targeted in previous cross-chain exploits.
This is a progressive update for the THORChain network, which means users will be able to access new interfaces for swapping SOL over time. Users will not be able to access the full capabilities of this feature across all applications simultaneously.
This update has been confirmed by THORChain, and users can now swap between supported assets using this feature.
The activation opens new possibilities for users of the Solana network. The users can now transfer value across chains without centralized exchange. Moreover, they do not have to use synthetic tokens based on custodial backing.
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Decentralized Liquidity Boost for Solana Users
The Solana assets can now use the decentralized liquidity network provided by THORChain. This opens new possibilities for the use of SOL in cross-chain transactions. Moreover, the change connects the Solana network with the rest of the major chains through native settlements.
This change enables users to conduct cross-chain transactions without relying on a bridge. It works through native asset settlements, removing the need for wrapped or synthetic representations.
Moreover, it avoids the use of wrapped assets. The change also eliminates the use of third-party intermediaries, which hold the funds deposited by the users.
THORChain stated that the change opens the door to more users. This supports the Solana network, which has a significant number of users. Moreover, this extends the support of the protocol to more traders and users in the decentralized finance space.
Interoperability remains a major area of interest for the crypto ecosystem, with a clear emphasis on facilitating direct and secure transactions between various crypto assets. This remains a major area of development for the ecosystem.
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