coinquora.com
THORChain has implemented the killswitch that will gradually wind down support of the Binance Chain BEP-2 and Ethereum Chain ERC-20-based versions of the RUNE token, called IOU tokens (BNB.RUNE and ETH.RUNE).
RUNE used to be issued on the BNB Chain and Ethereum in the form of an IOU. This meant that users were able to exchange their RUNE for THORChain-based assets of a comparable value.
But now because the project wants to encourage the adoption of its completely unified variation of RUNE, which will allow for improved asset interoperability, the value of these tokens will gradually decrease over the next year after ending support for the tokens.
Users who are currently holding IOU Tokens on centralized modifications will have their tokens immediately switched to the new native RUNE upon the completion of the centralized change.
Those that store any tokens in private wallets will be required to generate a new wallet that is compatible with THORChain, after which they will be prompted to click an upgrade button.
THORChain allows the exchange of synthetic assets, which are tokenized futures that imitate the value of other assets like equities and commodities. This is in addition to allowing customers to exchange assets by liquidity pools between different networks, such as Bitcoin, Ethereum, Dogecoin, and Binance Smart Chain.
The network presently allows for exchanges across seven main crypto ecosystems. Bitcoin, Ethereum, Litecoin, Bitcoin Cash, BNB, Dogecoin, and RUNE. Soon, support for Cosmos and Avalanche is anticipated to become available.