Synthetix project announces a new partnership with ThorChain
By Inkarias - 2019-12-01
THORChain is a system especially created for cross-chain permissionless digital asset liquidity to stake assets in liquidity pools to earn fees, swap assets instantly at open market prices and is a well-known actor in the current crypto sphere.
The core team of Synthetix is really glad to announce a new step forward with the launch of a strategic partnership with THORChain, a cross-chain liquidity protocol. THORChain enables lightning-quick fast and low-fee swaps of cryptoassets, powered by users staking its native token, RUNE. This partnership has a variety of benefits to both projects. Each team will support the other's growth strategies in the Ethereum ecosystem. Also, SNX will be one of the eligible assets to be listed on ASGARDEX once THORChain launches on Ethereum, an event which is currently planned for Q1 2020. This will mean SNX holders will be able to stake SNX and access pairings to all other supported assets on all other chains. Finally, sRUNE will be deployed and launched on Synthetix.Exchange in the future if it passes the usual Synthetix standard listing process.
THORChain is seeking to provide deep liquidity in a chain-agnostic way and offers various features for the users. Thor supports all chains with 1-way state pegs and threshold-signatures while removing the Impermanent Loss problem with the CLP formula and allowing a faster execution of swaps with asynchronous liquidity delegation. The system prevents sandwich attacks, allowing pools to emit trustless price feeds, bringing a high level of security and usability with protocol-level incentives for stakers. Finally, the system-wide collaterisation on all staked capital is a great addition to the Synth ecosystem.More information at https://www.synthetix.io and https://thorchain.org