Record-Breaking Trading Volume
THORChain, the native asset settlement protocol, has skyrocketed in popularity, securing the third-largest trading volume among decentralized exchanges (DEXs) in the past week. Its high-yield offering, combined with the surge in its native token Rune (RUNE), has attracted users in droves.
Impressive Numbers
According to DefiLlama, THORChain's trading volume reached $1.32 billion in the last week, placing it only behind Uniswap ($10.85 billion) and PancakeSwap ($2.77 billion). In the past 24 hours alone, THORChain recorded a trading volume of $334.3 million, surpassing its competitors.
RUNE's Remarkable Rally
RUNE has experienced an impressive surge, with a 51% increase over the past week and over 200% growth in the last 30 days, as reported by CoinGecko.
A Surprising Turn of Events
THORChain's rise to prominence happened much faster than expected. Core developer Chad Barraford had predicted that it would surpass Curve Finance by the end of 2023. However, the flippening occurred in just two days, as Barraford acknowledged in a recent X post.
Uniswap's Multichain Counterpart
THORChain is often referred to as the multichain version of Uniswap. Users can easily swap native Bitcoin (BTC) for Ether (ETH) on the platform, using THORSwap, the decentralized exchange powered by the THORChain protocol.
Lucrative Opportunities
One of THORChain's key attractions is its high annual percentage rate (APR). The platform offers an average APR of nearly 44%, with certain liquidity pools providing even higher returns. For instance, the Bitcoin and Rune pairs offer an impressive APR of over 353%.
Bitcoin Trading Volume Soars
THORChain's impact on the Bitcoin ecosystem cannot be ignored. Bitcoin advocate Erik Voorhees highlighted that the platform facilitated almost 2% (around $224 million) of the overall spot Bitcoin trading volume between November 11 and 12. He emphasized that THORChain enables Bitcoin trading at scale without the need for intermediaries, thereby aligning with the essence of Bitcoin.
A Mysterious Genesis
The THORChain project was born out of the Binance Dexathon in 2018. While many founding developers have chosen to remain anonymous, their creation has undoubtedly made waves in the crypto world.
