THORChain Hits Stratospheric Trading Volume, Outpaces Most Decentralized Exchanges
Summary:
Over the past week, THORChain, a native asset settlement protocol, reported a trading volume of $1.32 billion, placing third behind Uniswap and PancakeSwap among decentralized exchanges. THORChain's native token, Rune (RUNE), saw a 51% surge over the past week and a 200% increase over the past 30 days. This rapid ascension went beyond predictions made by core developer Chad Barraford who predicted such a turnaround before the end of 2023. Notably, THORChain enables users to swap native Bitcoin for Ether, boasting an average annual percentage rate of nearly 44%.
Over the previous week, THORChain, a native asset settlement protocol, demonstrated enormous success with trading volumes peaking at $1.32 billion, outpacing all decentralized exchanges except Uniswap and PancakeSwap which had trading volumes of $10.85 billion and $2.77 billion respectively as reported by DefiLlama. THORChain also claimed the second spot in terms of daily trading volume standing at $334.3 million, outperforming PancakeSwap by almost $50 million. Concurrently, THORChain's native token, Rune (RUNE), experienced a surge of 51% over the past week, accumulating a gain of more than 200% in the last thirty days, as stated by CoinGecko.
THORChain's ascension beyond Curve Finance was swifter than anticipated by core developer Chad Barraford. He initially foresaw this event to occur before the culmination of 2023, however, it surprisingly took place much earlier. He shared his surprise on a Nov. 13 X (formerly Twitter) post saying, "Okay, this happened much faster than I thought. Just took 2 days instead of 2 months."
Stylized as a multichain iteration of Uniswap, THORChain allows users to exchange native Bitcoin (BTC) for Ether (ETH) through THORSwap, a decentralized exchange powered by THORChain's protocol. The platform asserts an average annual percentage rate (APR) of roughly 44%, with certain liquidity pools that include Bitcoin and Rune pairs offering a staggering APR of over 353%.
Notably, Erik Voorhees, a Bitcoin proponent, disclosed that THORChain managed almost 2% or $224 million of the total spot Bitcoin trading volume in the 24-hour span from Nov. 11 to 12. He pointed out that THORChain, being the only market to trade Bitcoin at scale without an intermediary, should be known among dedicated Bitcoiners as it embodies the very essence of Bitcoin.
The genesis of the THORChain project traces back to the Binance Dexathon in 2018, with a majority of its founding developers choosing to stay anonymous.
Published At
11/13/2023 5:37:16 AM
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