Análisis de THORChain
Multicoin Capital ha acumulado una gran posición en RUNE, el token nativo de THORChain, un creador de mercado automatizado (AMM) descentralizado de cadena cruzada. RUNE representa una de nuestras mayores posiciones públicas.
Creemos que THORChain, que ofrece una forma de comerciar con tokens al contado (no solo con derivados) a través de las cadenas de bloques, es una pieza fundamental de la infraestructura de comercio de criptomonedas que desempeñará un papel cada vez más importante dentro del ecosistema de criptomonedas a medida que este siga creciendo y diversificándose.
Existe una gran oportunidad para crear productos que permitan el comercio en cadena cruzada con un mínimo de confianza. En un mundo en el que existen muchas cadenas y tokens, los comerciantes quieren naturalmente poder comerciar con activos a través de las cadenas de una manera que minimice la confianza.
El primero de estos ejemplos de comercio de cadena cruzada fue el intercambio atómico Tier Nolan. Desde entonces, han surgido otros como la Verificación simple de pagos, los Relevos y el Consenso fusionado. Sin embargo, a pesar de sus mejores intenciones, ninguno de ellos logró imponerse por una gran cantidad de razones (por ejemplo, demasiado lento, problema de opción libre, demasiado caro, etc.).
En los años transcurridos desde el lanzamiento de los primeros productos de intercambio entre cadenas hace unos años, el ecosistema de criptomonedas se ha vuelto más heterogéneo: el 80 % de los 25 principales tokens por capitalización de mercado en CoinGecko son tokens de capa 1 de sus cadenas de bloques. La diversidad de cadenas crea la necesidad de una forma descentralizada y de confianza mínima para comerciar con tokens al contado entre cadenas.
A medida que maduran las nuevas plataformas de contratos inteligentes como Solana, Polkadot, Near y Avalanche, el número de cadenas crece. A medida que estos ecosistemas maduren, la composición técnica general de las criptomonedas será más heterogénea que homogénea.
La mayoría de los inversores están expuestos a las cadenas de bloques que creen que van a triunfar; sin embargo, son pocos los que realmente están expuestos a la creciente heterogeneidad del ecosistema general. Esta es una gran oportunidad, y creemos que el token RUNE de THORChain es la mejor manera de invertir en esta tesis.
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