2021-3-12 17:59 |
A Thorchain-Zcash bridge has been proposed in the cryptocurrency forum by Andre Serrano of Electric Coin Company, the for-profit company that supports the development of the Zcash cryptocurrency. Serrano wrote,
“We’ve been exploring ways to proactively surface opportunities for the Zcash community to express interest and contribute to new initiatives.”
Thorchain is a multi-currency decentralized exchange built on the Cosmos/Tendermint SDK that provides a trust-minimized way to trade coins. Through this, traders can swap coins across various Layer 1 blockchains without custody or counterparty risk.
By using Continuous Liquidity Pools as the basis of exchange, Thorchain reduces impermanent loss. Ryan Watkins, a researcher at Messari commented,
“THORChain integration could be a game-changer for Zcash and users’ ability to store wealth privately. Direct access to shielded pools means that once users enter the blockchain ecosystem, they will no longer need to use a centralized operator to move wealth in and out of Zcash.”
According to Watkins, cross-chain interoperability can help Zcash really thrive, which, compared to other cryptocurrencies, has been having a lackluster performance.
Late 2016 launched project’s ZEC token, which is trading near $153 with a market cap of $1.60 billion, is still down 95% from its ATH.
ZEC -3.78%
Zcash / USD
ZECUSD
$ 147.68
-$5.58
-3.78%
Volume 661.5 m
Change -$5.58
Open $147.68
Circulating 11.32 m
Market Cap 1.67 b
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According to the post on the Zcash forum, this bridge would provide the ability to transact with spot Zcash in DeFi, while interacting directly with the shielded pool.
As for Thorchain, this bridge can offer its users privacy. “THORChain itself has no opinion on chains or assets, and the network is designed for the short tail of assets,” is what the other side feels adding, “the team is here to encourage this community specifically to get behind this integration effort and bring opt-in privacy to THORChain.”
THORChain (RUNE) is a $963 million cryptocurrency trading at $6, making its ATH just yesterday at $6.75.
RUNE -5.63%
THORChain / USD
RUNEUSD
$ 6.14
-$0.35
-5.63%
Volume 61.27 m
Change -$0.35
Open $6.14
Circulating 238.28 m
Market Cap 1.46 b
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To further this proposal, both the Zcash community and the Thorchain community has to come forward as it all depends on the developer and community interest.
The post A “Game Changer:” Electric Coin Company Proposes a Thorchain-Zcash Bridge first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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