THORChain’s Impressive Trading Surge
In a remarkable twist in the decentralized finance (DeFi) realm, THORChain has claimed the bronze medal for trading volume, only trailing the big dogs: Uniswap and PancakeSwap. With a staggering $1.32 billion switched around in just one week, it’s safe to say that RUNE is ruffling feathers — and probably wallet contents.
RUNE Rising: The Token that Keeps on Giving
RUNE, THORChain’s native token, has been riding a thrilling rollercoaster of gains, appreciated by 51% over the past week and a jaw-dropping 200% over the preceding month. CoinGecko’s charts are lighting up with its performance, leaving many investors high-fiving their screens.
Predicting the Flippening
Chad Barraford, a core developer of THORChain, expressed astonishment at their swift ascension above Curve Finance.
“Okay, this happened much faster than I thought. Just took 2 days instead of 2 months,” he posted, presumably with a cereal bowl in one hand and a smartphone in the other, fully embracing the fast-paced world of crypto.
What Makes THORChain Unique?
THORChain operates like a multichain Uniswap, allowing users to swap native Bitcoin (BTC) for Ether (ETH) without a middleman getting a cut of the pie. Enter THORSwap, their decentralized exchange that makes trading as smooth as your favorite morning brew.
High APRs: A Lure for Liquidity Providers
The platform’s average annual percentage rate (APR) hovers around 44%, but those looking for jackpot-like opportunities can dive into liquidity pools offering above 353% APR on Bitcoin and RUNE pairs. It’s like stumbling onto a pot of gold at the end of the blockchain rainbow!
A Bitcoin Advocate’s Take
Bitcoin promoter Erik Voorhees highlighted THORChain’s significance, noting it processed nearly 2% of the entire spot Bitcoin trading volume, accounting for $224 million over a 24-hour window. “Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary,” Voorhees reminded the crypto community, emphasizing the root ethos of Bitcoin trading.
