THORChain, a native asset settlement protocol, is now the second-largest decentralized exchange (DEX).
Its native token, RUNE, has experienced a significant increase over the last week amid the aforementioned development.
THORChain Surges in Trading Volume
Over the past week, THORChain has experienced a significant surge in trading volume, surpassing $1.325 billion. Data from DeFi Llama reveals that its daily trading volume has reached $334.3 million, topping PancakeSwap and securing the second spot, trailing only behind Uniswap.
Despite this impressive growth, THORChain’s total value remains steady at $260.1 million.
The acceleration in THORChain’s ascent, surpassing Curve Finance, occurred much earlier than anticipated by THORChain core developer Chad Barraford. Initially predicting the flipping to appear before the end of 2023, Barraford expressed surprise in a November 13 X post, stating that this happened much faster than they thought, “taking two days instead of 2 months”.
— Chad Barraford (@CBarraford) November 13, 2023
THORChain is recognized as a multichain counterpart to Uniswap, allowing users to exchange native Bitcoin for Ether through the decentralized exchange named THORSwap, powered by the THORChain protocol.
The platform presents an average annual percentage rate (APR) of nearly 44%, with certain liquidity pools offering substantially higher APRs, such as Bitcoin and RUNE pairs boasting an over 353% APR.
Prominent Bitcoin advocate Erik Voorhees highlighted that THORChain processed nearly 2%, equivalent to $224 million, of the overall spot Bitcoin trading volume between November 11 and 12.
Voorhees emphasized the significance of THORChain for principled Bitcoiners, being the sole market enabling Bitcoin trading at scale without intermediaries, aligning with the fundamental ethos of Bitcoin.
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.
>$200m of native non-wrapped BTC was traded here in the past 24 hrs, permissionlessly.
If you’d like… https://t.co/0WW4QRCo6F
— Erik Voorhees (@ErikVoorhees) November 12, 2023
RUNE Price Surges
Following the notable trading volume for THORChain, its native token, RUNE, has experienced a 40% surge over the past seven days. Currently trading at $5, RUNE holds a market cap of $1.5 billion.
Data from the market intelligence platform Santiment reveals a 27% decrease in RUNE’s social volume in the past day. Additionally, Santiment reports a decline in RUNE’s total open interest (OI) from $78.9 million to $72.4 million within the last 24 hours.
This decline in performance coincides with Santiment’s data indicating that RUNE’s Binance funding rate for futures contracts currently stands at around 0.02%. A positive funding rate on an exchange typically suggests that short positions outweigh long positions until further price movements occur.