The launch of the THORChain mainnet opened the floodgates for bullish activity in its native token, RUNE. Over the past 24 hours, the asset has risen more than 20% to an intraday high of $2.3 amid a rapid recovery in the entire market. After a slight pullback, the token has stalled at around $2.2 at the time of writing.
THORChain mainnet is here
The latest surge came after THORChain achieved mainnet status four years after its inception. The launch of the mainnet was highly anticipated. THORChain has been planning it since the end of 2021, but the actual release has been delayed due to several issues. The decentralized liquidity protocol has mostly been a research project, but this achievement marks a key milestone, signaling a new phase of development, scaling, and adoption.
Team THORChain announced,
“From its inception in 2018 until now, THORChain has been primarily a research project. Mainnet brings change to a full featured, feature rich protocol with a large ecosystem and a strong community.”
The focus will now be on integration with more decentralized exchanges (DEXs) and exchange aggregators.
Meanwhile, to celebrate the mainnet launch, the THORchain team also announced the launch of the “RUNE in a Million” campaign on Binance, which will run from June 23 to July 7, 2022. 1 million dollars in RUNE tokens to all users of the crypto exchange. The announcement succeeded in pushing the price of RUNE to the aforementioned multi-day highs.
Cryptocurrency exchanges – Binance, CryptoCom, Coinspot, Swyftx and KuCoin have confirmed their support for the asset. Data about CoinGecko suggest however, RUNE is still about 90% below its all-time high recorded last May.
Exploring the network
According to THORChain dashboard, it has almost $3.8 billion in its own swaps on the network. The previous network, called ChaosNet, traded around $9.2 billion, over 3.4 million swaps from almost 71,000 unique traders.
THORChain received $80 million in fees from swaps. Currently, the total value locked (TVL) in the protocol’s smart contracts is about $302.9 million.
In July 2021, the decentralized cross-chain exchange suffered three sophisticated attacks.
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Credit : cryptopotato.com