THOR Chain has ascended to the position of the third-largest player, propelled by a remarkable 50% surge in its native token, RUNE, within a mere week. The staggering trading volume of $1.32 billion during this period places THOR Chain just beneath the titans Uniswap and PancakeSwap.
The settlement protocol for native assets, THORChain, has not only captured attention but also substantial trading activity, with its native token, RUNE, experiencing a significant uptick, now valued at $5.23.
DefiLlama’s data reveals that over the past week, THORChain’s trading volume has reached $1.32 billion, trailing only Uniswap at $10.85 billion and PancakeSwap at $2.77 billion.
Remarkably, within the last 24 hours, THORChain boasts the second-largest trading volume, totaling $334.3 million, surpassing third-placed PancakeSwap by almost $50 million.
The meteoric rise of RUNE is equally noteworthy, witnessing a 51% surge in the past week and an astonishing 200% surge in the last 30 days, as reported by CoinGecko.
THOR Chain surpasses Curve Finance with rapid growth and high APR on THORSwap DEX
THORChain’s surpassing of Curve Finance occurred well ahead of predictions by core developer Chad Barraford, who initially anticipated this milestone to transpire before the conclusion of 2023. Expressing surprise, Barraford conveyed in a Nov. 13 X post;
“Okay, this happened much faster than I thought. Just took 2 days instead of 2 months.”
Positioned as a multichain counterpart to Uniswap, THORChain empowers users to seamlessly exchange native Bitcoin for Ether on the THORSwap decentralized exchange, a name synonymous with the THORChain protocol.
The platform boasts an enticing average annual percentage rate (APR) of nearly 44%, with select liquidity pools presenting even more lucrative opportunities. Notably, Bitcoin and RUNE pairs offer an APR exceeding 353%.
THOR Chain handles $224M Bitcoin trades in 24 hours, endorsed by Bitcoin advocate Erik Voorhees
Erik Voorhees, a prominent Bitcoin advocate, highlighted THORChain’s significance by revealing that it processed a substantial 2%, equivalent to $224 million, of the overall spot Bitcoin trading volume within the 24 hours spanning Nov. 11 and 12.
Emphasizing its alignment with Bitcoin’s principles, Voorhees iterated;
“Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary… which is the entire point of Bitcoin.”
Initiated by a cadre of developers at the Binance Dexathon in 2018, the THORChain project maintains an aura of mystery, with many of its founding developers choosing to remain anonymous.
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