Thorchain is a decentralized liquidity protocol that allows the exchange of native assets between different blockchains such as Bitcoin, Ethereum or BSC. Thorchain wants to build a decentralized exchange and exchange network that supports multiple chains and can achieve interoperability. To manage liquidity, Thorchain uses the liquidity pool model of protocols such as Uniswap or Bancor. In this model, liquidity providers lock in two assets in the liquidity pool and provide liquidity to the traders of these two assets. Traders pay a small fee to the liquidity provider. Thorchain is often interpreted as cross-chain Uniswap. Thorchain is an interesting protocol and a missing piece in the DEFI ecosystem that lets people directly trade local assets without using CEX. Thorchain is a small project at the 2018 Binance Hackathon. After the hackathon ended, the team behind Thorchain continued their research, but decided to put some work on hold while they waited for the technologies needed to create the cross-chain DEX that were missing at the time, mainly the Tendermint Cosmos SDK and TSS threshold signature scheme. When they saw the feasibility of the product, the team decided to raise a small amount of seed funding and built a proof-of-concept of DEX based on the Thorchain protocol, called Instaswap, which was later demonstrated at the Cosmos Hackathon in Berlin. They then announced their first product to market, BEPSwap, in July 2019. The main objective of BEPSwap is to achieve a BEP2 asset swap, limited to the Binance Chain. Also in July 2019, the team decided to raise more capital through IDO (initial decentralized exchange offering) on Binance Dex. IDO ended up raising $1.5 million, enough to take the project further. The team continued their work on the protocol, releasing a restricted mainnet called the Multi-chain Chaos Network (MCCN) in April 2021. Interestingly, the Thorchain team was largely anonymous, and remains so to this day.