Cross-chain decentralized exchange THORSwap has concluded a $three.75 million individual token sale backed past leading venture funds inside the blockchain industry, offering further evidence that investors are keen to dorsum market place-ready DeFi platforms.

The funding will be used past THORSwap to proceed building its development and operational resource, including the launch of new products on acme of THORChain, the decentralized liquidity network powering the substitution. The individual token sale was led past IDEO CoLab Ventures with participation from Truthful Ventures, Sanctor Capital, 9 Realms, Proof Group, 0xVentures, Qi Upper-case letter, THORChain and others.

THORSwap currently supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), Binance Coin (BNB) and ERC-xx and BEP-20 standard tokens.

The platform likewise announced that its token generation event for the native THOR cryptocurrency is scheduled for later this calendar month.

THORChain's April launch was viewed favorably past the cryptocurrency community, with ShapeShift CEO Erik Voorhees describing information technology equally a seminal moment for the industry. "Thorchain has no bridges. It has no wrapping. It is native assets, swapped beyond chains in a decentralized mode, for the starting time time ever," he said.

Decentralized exchanges have been a major catalyst for DeFi's explosive growth over the past year. By June, DEXs accounted for 13% of cryptocurrency merchandise volumes, upwardly from just six% in February. Every bit Cointelegraph reported, DEX trade volume tripled between January and May, reaching a high of $300 billion. At the same time, DeFi adoption continued to surge, with Uniswap and 1inch registering 2.5 million and 600,000 unique users, respectively.

That being said, DEXs and other DeFi protocols have been a chief target of sophisticated attackers and cybercriminals. Every bit Cointelegraph reported, THORChain experienced a sophisticated attack during the summer that resulted in the loss of $8 million worth of Ether. Luckily, the attacker merely wanted to betrayal the security flaw in exchange for a x% compensation payment.

Related: SEC reportedly investigates decentralized substitution Uniswap

Meanwhile, in Baronial, DeFi lending protocol Cream Finance was tuckered of $xix one thousand thousand in a flash loan set on. By recruiting the help of a DeFi security platform, Foam Finance has been able to recover most of the lost funds.