THORChain

THORChain tried to solve one of crypto’s hardest problems: trustless cross-chain swaps without bridges, without wrapped tokens, without centralized intermediaries. Trustless explores THORChain as a case study in decentralization as a spectrum — the trade-offs between speed and security, the exploits that tested its design, and the philosophical question at the heart of every DeFi protocol: how decentralized is decentralized enough?