THORChain lands on Ledger: introduced native swaps of BTC and ETH on the hardware wallet

The well-known hardware wallet manufacturer Ledger has just introduced native cross-chain swaps thanks to the latest integration of the THORChain network.

From now on, users will be able to perform native swaps between BTC and ETH directly on the Ledger Live app, eliminating the need for wrapped tokens and centralized services.

With THORChain, it is possible to keep your crypto safe without having to give up the opportunities offered by the bull and bear world of DeFi.

All the details below.

The partnership of Ledger with THORChain: new features for the hardware wallet

Yesterday, Ledger, leader in the hardware wallet sector, announced to its community the integration of the famous crypto network THORChain.

This new feature unlocks new connections in the field of cross-chain exchanges for Ledger users. By leveraging the interoperability of the THORChain chain, it is possible, for example, to trade BTC with ETH without resorting to synthetic tokens or third-party solutions.

Not only that, the scope of blockchain extends to dozens of different networks involving assets like RUNE; ARB, SOL, DOT, and DOGE.

For Ledger, this is great news as it brings new incentives to the practice of decentralized custody through hardware wallet.

Offering simplicity, speed, and sicurezza to native cross-chain interactions allows for attracting a new segment of customers who prefer to go through decentralized technologies.

Here is the post shared on X from the official Ledger Live account.

While on one hand the partnership between Ledger and THORChain is viewed positively by a large part of the crypto world, on the other hand, it also presents some critical issues.

The use of a similar communication channel indeed implies some structural risks such as hack, bugs, or interruptions of activity.

Furthermore, the affiliation to use the cross-chain exchange service directly on Ledger Live presents considerable fees.

As noted by the user “therunetard” exchanging different native assets on the hardware wallet through THORChain costs a fee of 1.42%.

A very high figure if we consider that other competitors ask for much less.

In any case, it must be acknowledged that it is a particularly convenient trading option that eliminates the hassle of transferring to a CEX to execute the swap.

Native swaps between BTC and ETH on the Ledger hardware wallet: THORChain expands

THORChain, a next-generation network with 800 million in TVL, increases its user base thanks to the connection with the hardware wallet Ledger.

The community of the decentralized infrastructure can now rely on another partner for the custody of its assets.

To the possible software options like Metamask and Phantom is also added the hardware solution of Ledger, which boasts a prestigious center in the wallet sector.

This latter has in fact sold over 6 million devices worldwide, establishing itself radically in the hierarchies of the crypto world.

As highlighted by the user “DefiMoon” this new integration could bring new users to the THORChain ecosystem, increasing the trading volumes.

Just to give an estimate of the possible effects, in August 2024 thanks to the collaboration with OKX wallet, the total swaps skyrocketed to 320 million dollars.

OKX in comparison has 10 million downloads on Google Play, therefore it is slightly more widespread in web3 compared to Ledger.

In such a challenging and treacherous terrain as that of self-custody, the arrival of the Ledger hardware wallet is a godsend for THORChain.

Introducing new infrastructural partners into one’s ecosystem is essential to ensure the renewal and spread of cross-chain technology.

A large sum of capital in crypto is indeed nowadays held through custodial services, given the convenience and easy access to free exchange.

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Some statistics of the THORChain network 

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THORchain is a cryptographic network born in April 2021 in the wake of the growing need for new sources of interoperability in the cross-chain field.

In just over 3 years, it has reached a “Total Value Locked” of 800 million dollars, attracting trading volumes of 13.89 billion dollars.

Although it still represents an experiment, THORchain is demonstrating modest success in the spread of decentralized technology.

It is clear that through the popularity and security of the hardware wallet Ledger will be able to aim for new goals and climb the rankings of the top networks.

In Q3 2024, despite the market adversities, THORChain still managed to stand out by collecting liquidity fees of liquidità for 6.37 million dollars.

The maximum daily trading volume recorded was 284 million dollars while in total during the quarter the network supported 8.17 billion dollars in transactions.

The TVL has grown by 12%, increasing from 359 to 289 million dollars, highlighting the positive momentum.

Furthermore, the affiliate earnings generated an inflow of 3.22 million dollars, as reported in the latest report by THORChain.

The exchange pairs most selected by users were BTC-ETH with volumes of 1.9 billion dollars and BTC-RUNE with 1.2 billion dollars.

Excellent numbers also for BTC-USDT, ETH-RUNE and ETH-USDT.

THORchain is not only a revolutionary blockchain in terms of interoperability, but also in the field of privacy and scalability.

As an open source solution, it offers maximum transparency while processing up to 5000 tp/s per second, albeit rarely. It is certainly not the best solution for efficiency, but it is definitely appreciated by a wide range of users. With the latest access on the Ledger hardware wallet, it has a new opportunity to ride the next bull market.