The Remarkable Rise of THORChain: The Journey from RUNE’s Price Hike to Becoming the Second Biggest DEX
THORChain, a protocol for With normal currency, banks and governments control everything – they’re the central authority. But cryptocurrencies work differently! Instead of one central group calling all the... More exchange, has recently risen to be the second biggest DEX, with its inherent cryptocurrency, RUNE, witnessing a significant hike. In the past week, THORChain’s trading volume has soared past $1.325 billion, outshining PancakeSwap and only lagging behind Uniswap. This swift expansion was unpredicted, even by Chad Barraford, THORChain’s main developer.
THORChain is often juxtaposed with Uniswap as a multichain equivalent, allowing users to carry out native Bitcoin to Ether (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More exchanges via its THORSwap. The platform proposes a high average annual percentage rate (APR) with specific liquidity pools like Bitcoin and RUNE pairs offering even more considerable APRs.
RUNE, THORChain’s inherent token, has witnessed a 40% hike over the previous seven days, with its market cap currently at $1.5 billion. Despite a dip in RUNE’s social volume and a decrease in its total open interest, the token still holds a strong position in the market.