Rune, experiencing a 50% surge in a week, propels THORChain to become the third-largest decentralize
13th Nov, 2023
THORChain has secured a significant trading volume of $1.32 billion within the past week, placing it as the third-highest among non-centralized exchanges. This notable achievement positions THORChain just behind Uniswap and PancakeSwap in terms of trading activity. Users are drawn to the platform, enticed by the attractive yields associated with its native token, Rune. The native asset settlement protocol continues to gain attention for its robust performance in the decentralized exchange landscape.
Over the last week, THORChain’s trading volume hit $1.32 billion third only behind Uniswap and PancakeSwap at $10.85 billion and $2.77 billion respectively, according to DefiLlama.
THORChain also boasts the second-largest trading volume at $334.3 million over the last 24 hours, nearly $50 million more than third-placed PancakeSwap.
Meanwhile, RUNE increased 51% over the last week and more than 200% over the last 30 days, according to CoinGecko.
THORChain’s rise past Curve Finance happened much earlier than what THORChain core developer Chad Barraford predicted, who initially estimated the flippening to happen before the end of 2023.
“Okay, this happened much faster than I thought. Just took 2 days instead of 2 months,” Barraford noted in a Nov. 13 X (formerly Twitter) post.
THORChain functions as a multichain counterpart to Uniswap, enabling users to exchange native Bitcoin for Ether. The decentralized exchange powered by the THORChain protocol is aptly named THORSwap. Notably, the platform boasts an average annual percentage rate (APR) of nearly 44%, with specific liquidity pools, like the Bitcoin and Rune pairs, offering significantly higher returns, surpassing a 353% APR. Renowned Bitcoin advocate Erik Voorhees highlighted THORChain's substantial impact, processing almost 2%, equivalent to $224 million, of the total spot Bitcoin trading volume within the 24-hour period spanning November 11 and 12.
“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,” Voorhees iterated.
The THORChain project was launched by a team of developers at the Binance Dexathon in 2018. Many of its founding developers have remained anonymous.