THORChain, a native asset settlement protocol, has recently gained significant traction in the decentralized exchanges market. It recorded the third-largest trading volume among decentralized exchanges in the last week, capturing the attention of users due to the high yield offered by its native token, RUNE.
In the past week, THORChain witnessed a trading volume of $1.32 billion, positioning itself third behind Uniswap and PancakeSwap with volumes of $10.85 billion and $2.77 billion, respectively, as reported by DefiLlama. Additionally, THORChain also holds the position of second-largest trading volume at $334.3 million over the last 24 hours, placing it ahead of the third-placed PancakeSwap by nearly $50 million.
RUNE, the native token of THORChain, recorded a remarkable 51% increase in value over the last week and a staggering 200% increase over the last 30 days, according to CoinGecko.
The surge of THORChain’s trading volume allowed it to surpass Curve Finance much earlier than the initial predictions of THORChain’s core developer, Chad Barraford. In a post on X (formerly Twitter), Barraford expressed surprise at the rapidity of the achievement, noting that it took only two days instead of the projected two months for THORChain to surpass Curve Finance in trading volume.
THORChain is often described as a multichain version of Uniswap, allowing users to swap native Bitcoin for Ether. The decentralized exchange powered by the THORChain protocol, known as THORSwap, offers an average annual percentage rate (APR) of nearly 44%. However, some liquidity pools on the platform provide much higher APRs, with Bitcoin and RUNE pairs offering over 353% APR.
Erik Voorhees, a prominent Bitcoin advocate, highlighted THORChain’s significance in the market by pointing out that it processed almost 2% of the overall spot Bitcoin trading volume, equivalent to $224 million, over a 24-hour period.
The THORChain project was launched by a team of developers at the Binance Dexathon in 2018, with many of its founding developers choosing to remain anonymous.
THORChain’s recent success and growing popularity have sparked interest and discussions within the crypto community, with many observers closely monitoring its performance in the decentralized exchanges market.
The project’s rise and rapid surge in trading volume demonstrate the increasing demand for high-yield opportunities and decentralized exchange options within the growing crypto ecosystem. As investors and traders continue to seek out new and innovative platforms and investment opportunities, THORChain’s unique features and attractive offerings have positioned it as a promising entity in the decentralized finance space.
Looking ahead, it will be interesting to see how THORChain further establishes itself in the market and how it continues to attract users to its platform, especially given the rapidly evolving landscape of decentralized exchanges and the increasing appetite for high-yield assets within the crypto community.
