What is Thirm Protocol? Cross Chain DeFi Bridge
Thirm Protocol enables cross chain transfer of assets through smart contract powered bridges. The idea is to enable non native ERC20 cryptocurrencies such as BTC or NANO to live on Ethereum, and access the DeFi revolution.
What is Thirm Protocol?
Thirm Protocol aims to build multiple bridges for transferring crypto assets cross chain. Currently, the protocol supports transferring in both directions Bitcoin, Nano, and Hathor to the Ethereum blockchain. For example, you can use it to send NANO to exist as tNANO on Eth. T-TOKENS are tokenized cryptocurrencies, backed 1:1 by their native asset. They are compatible with the wider DeFi ecosystem such as Uniswap or Mooniswap. As a result, T-TOKENS have a dynamic supply depending on users depositing or withdrawing through the protocol they will mint or burn.
Furthermore, future plans include the release of an AI driven yield aggregator. Meaning users will be able to transfer their assets and immediately start earning interest on their deposits.
THIRM Token
Fees are generated by protocol usage, as users have to pay 1 THIRM to use the bridge when depositing or withdrawing. Note that the token plays an integral role for the protocol’s security as it also tracks ownership of cross transferred assets. In this way all transfer of assets through THIRM VM are transparent and verifiable by anyone. The platform intends to distribute all profits generated by the protocol with its native THIRM token holders. As a result, THIRM is a governance token which will provide voting power over future development choices through staking.
Zoom in: this is an experimental grassroots project funded by token sales through Bounce Finance. Their website lists two developers, not a major red flag in this age of successful anonymous DeFi protocols but this is an ambitious project that plans to build on EOS, TRON, and POA.
- Currently all released smart contracts and code has not gone through any security audits. Manage your risk!
Zoom out: Ren’s market cap is over $300M, Darwinia Network is over $16M, and pNetwork is over $7M. Sufficient to say cross chain bridges will become increasingly important as the DeFi economy continues to grow during 2021. If Thirm Protocol’s tech is the real deal, then don’t expect it to keep its small $447k market cap much longer.