What problem does THORChain solve?

Could you please elaborate on the issue that THORChain aims to address? Could you explain the specific pain point in the cryptocurrency space that THORChain is designed to resolve? Additionally, could you provide an insight into how THORChain proposes to solve this problem and what unique approach it takes compared to other solutions in the market? I'm particularly interested in understanding the challenges it faces and how it overcomes them to achieve its objective. Thank you for shedding light on this matter.