THORChain Now 3rd Largest DEX as Trading Volume Hits $1.32B
Coinspeaker
THORChain Now 3rd Largest DEX as Trading Volume Hits $1.32B
In a recent development, THORChain has emerged as a powerhouse in the Decentralized Finance (DeFi) ecosystem, claiming the title of the third-largest Decentralized Exchange (DEX) by trading volume. Over the last week, THORChain recorded an impressive $1.32 billion in trading volume, positioning itself just behind Uniswap and PancakeSwap, according to data from DefiLlama.
RUNE Token and Trading Surge
The driving force behind THORChain’s recent ascent is its native token, RUNE. In the last week alone, the value of RUNE surged by 51%, and over the past 30 days, it witnessed an extraordinary increase of more than 200%, as reported by CoinGecko. Investors and traders have been drawn to the high yields associated with the native token, contributing to THORChain’s remarkable trading volumes.
It is worth mentioning that THORChain’s ascent surpassed even the predictions of its core developer, Chad Barraford, who anticipated a “flippening” with Curve Finance by the end of 2023. Expressing his surprise in a recent post, Barraford acknowledged the swifter-than-expected rise, stating, “Okay, this happened much faster than I thought. Just took 2 days instead of 2 months.”
Erik Voorhees, a prominent Bitcoin advocate, highlighted THORChain’s significance by noting that it processed almost 2%, equivalent to $224 million, of the overall spot Bitcoin trading volume between November 11 and 12. Voorhees emphasized that THORChain enables trading Bitcoin at scale without intermediaries, aligning with the core principles of DeFi.
THORNChain’s Unique Features and Yield Opportunities
THORChain’s appeal lies in its multichain functionality, allowing users to seamlessly swap native Bitcoin (BTC) and Ethereum (ETH) on its decentralized exchange, THORSwap. The platform offers an enticing average Annual Percentage Rate (APR) of nearly 44%, with certain liquidity pools providing even higher APRs, such as the Bitcoin and RUNE pairs boasting over 353% APR.
In August, the protocol witnessed a monumental surge following the implementation of streaming swaps, providing users with increased strategic options. Additionally, the introduction of a new cross-chain infrastructure in September seamlessly integrated with major wallets and decentralized exchanges, further enhancing THORChain’s capabilities.
While recently priced as low as $2.00, THORChain’s price witnessed a boost when a crypto whale sent 7,749 ETH worth around $13 million to the RUNE router and Railgun contract in early October.
As of the time of writing, RUNE is currently priced at $5.18. In the last 24 hours, the price has experienced a slight increase of 0.9%. With a strong focus on cross-chain compatibility and a positive outlook from analysts, THORChain is gaining traction as a promising investment protocol but backed with some of the best fundamentals in the Web3 ecosystem.
Predictions suggest that the price of RUNE could reach as high as $10 by 2024, underscoring the growing confidence in this innovative DeFi protocol. As the crypto landscape continues to evolve, THORChain stands out as a beacon of success, combining impressive trading volumes with cutting-edge features.