Looking Forward to Having a Hive Bridge on Thorchain... Sometime
Thorchain has many interesting, some even revolutionary things built in that any ecosystem interconnected with it can benefit of.
In my opinion, the best thing on Thorchain is support for native bitcoin, and not only, but this is something probably unique to Thorchain. At least I don't know another top layer chain that offers a solution to link native bitcoin into its ecosystem.
There are many other unique elements introduced by the Thorchain team, the latest being streaming swaps, which minimizes slippage when dealing with significant transaction amounts, by executing them as a series of smaller transactions in a certain window of time.
But we're not going to talk about Thorchain's features here.
What is of extreme importance for Hive, in the perspective of a potential bridge on Thorchain, is the native bitcoin, and the possibility to go from there to fiat or the vice-versa, to go from fiat to bitcoin and then to HIVE (probably via bHIVE).
It's not the first time Khal talks about building this bridge lately and that he also talked with someone from the Thorchain team or ecosystem about it.
Since we would talk about an EVM token like bHIVE, most likely, and BSC is already linked to Thorchain, I don't think there are any more roadblocks except building the bridge itself with an oracle on the Thorchain blockchain too. Maybe that's the roadblock, building the Thorchain part, because that's a different technology than EVM, the one used for the smart contracts of the other Leo team bridges and defi so far. There needs to be a developer who understands that technology who builds the part on Thorchain.
Anyway, when we will have the Thorchain bridge, it will be a major development, in my opinion.
Easier for Americans to buy HIVE, for example, as Khal remarked in the latest AMA: from Coinbase to bitcoin on Thorchain. Then swap for tHIVE or whatever it will be called. Then bridge it to bHIVE (if there won't be a direct bridge to HIVE). Then unwrap it.
Khal also mentioned he intends to include a way to buy tokens (probably LEO and HIVE) from the Leofinance interface, even if it's cross-chain. He gave the example: You have BUSD and want to buy LEO or HIVE. On the front end you would enter the amount of BUSD and you would receive LEO or HIVE, after the purchased bLEO or bHIVE is unwrapped automatically.
I like our recent orientation on bridging to bitcoin rather than trying to get HIVE and HBD on other major CEXes. The 3Speak team is working on their own HIVE-bitcoin bridge, which would be different than what Khal is thinking of doing via Thorchain, and that is even better. The more connections with bitcoin we have the better.
The only problem I see in the future are rising fees on the base layer of bitcoin. Then, whoever doesn't have enough bitcoin (which is almost everyone), will probably move to the lightning network to transact. And nodes on the LN will likely become even more centralized than they are today.
Posted Using LeoFinance Alpha
That will be a great update
I don't think it's close. But it will be a great one, for sure.
I think this might be the first time I've heard of Thorchain. But from what you've discussed, it seems like a very promising development, and would be very beneficial to us Hive users.
Yeah, it's a very interesting blockchain, but they had a couple of issues themselves which made some people cautious. After they released streaming swaps not so long ago, the price of their coin RUNE doubled... in the bear market. Of course, it's important to say RUNE was hit hard by the bear before that.
I see, that is very interesting. If it's organic and investors are buying back, that's good news. I am learning a lot, thanks.
I think for bitcoin values up to a certain value for everyday purchases, LN is probably adequate and a more centralised system more efficient. For storing your wealth etc, on chain is the only way to go.
I didn't use thorchain yet, but I need to check it out. I don't think hive needs any bridge there, but let's see.
We will see how things evolve over time. To me, LN seems more like bank networks than crypto.
We need any and all bridges we can have access to. How much we'll use each of them depends on many factors, including what opportunities are opened by having the new bridge and how trustworthy it is.
I would normally agree, but the last bridges were not so reliable with lots of stuck funds. Converting with Hive Engine or the lightning bridge seems the best option.
Well... I guess they all need to be improved. I saw Matt from Splinterlands propose decentralized alternatives, so we might have that if more are in consensus we need them (which they should).
Funny thing... with all the issues the Leo bridge had, I never had stuck funds. But probably I was one of the lucky ones.
are there even people having issues with Leodex even?
With Leodex? I don't know. I thought we were talking about the "multitoken bridge" as Khal was calling it, between BSC and Hive.
As for LeoDex, I know it's slower than other newer interfaces, for once, from my own remarks. But other issues I don't remember having, but I only briefly use it for specific use cases.
Although I have no idea about Thorchain but you wrote about it nicely. It seems like it would be a great benefit to have the Hive Ecosystem attached to it.
Well, I'm a fan of what they're building there, in many cases unique things you can't find anywhere else in the cryptoverse. But the main value of linking Hive to Thorchain is in the native bitcoin they support, in my opinion.
https://twitter.com/lee19389/status/1699467250124587359
#hive #posh
Thanks.
Welcome
Hmm
Do you think we can compare the transaction fees of Bitcoin to that of Ethereum?
Not right now, but they will both grow a lot more.
This will help further reach out to more people. I think it is one possible good thing to look into.
I've always been pro building more bridges. Decentralized bridges are better, but if they are missing in certain areas, centralized ones are also an option we should support.
I've been hearing about Thorchain for awhile now and what great things they're building on that ecosystem. The more bridges Hive has, the better imo, especially from a growth and development viewpoint.
Absolutely! Having more bridges and liquidity for them is critical for the growth of Hive, and also as a proactive measure in case we lose CEX listings due to potential restrictive regulations (like a rule to be mandatory to have a company or a person behind).
I think it's good to see more options but that thorchain bridge seems to be a long time coming. I think it's just something that just takes way too long. We are going to need it when the exchanges start delisting Hive because of the regulations.
Yep, that's why I think we should have them too. To be proactive, not reactive. Anyway, looks like the decentralized bitcoin-hive bridge from the 3Speak guys is much closer to becoming reality very soon.
Yup! stay tuned to Hivefest for some news on the decentralized BTC HIVE bridge being built for the community.
It would be fantastic to have the bridge functional by HiveFest, even if it won't be ready for public release by then! Great work guys!
https://twitter.com/jewellery_all/status/1699672879774990340?s=20
Thanks.
Buying $HIVE isn't easy for me. I have to go through XRP and USDT to buy $HIVE. How I wish I could buy $HIVE directly from PHP.
For anyone with access to Binance, it's still pretty easy. For anyone else, it became an entire process to do it and I expect things won't improve from this point of view. What is important is there are options and will continue to be. It's true, for the ease of use, that's not ideal.
Before, I was using Binance. I forgot the exact reason why I shifted to MEXC. I think something related to additional requirements to be allowed to transact on the platform. Since then, I left Binance. Imagine, to buy $HIVE I have to go through coins.ph and then MEXC.
Is this the best route for you? Have you checked with other Hivers in your country and region for alternatives?
I haven't asked the question to hiveph members.