THORChain: A Rising Star in Decentralized Exchanges
In the world of decentralized exchanges, THORChain is making a significant splash. In recent weeks, THORChain’s trading volume has soared to record highs. Over the last week for instance, THORChain’s trading volume hit $1.32 billion, securing the third rank only behind popular exchanges Uniswap and PancakeSwap. THORChain’s 24-hour trading volume also marked impressive numbers, recording $334.3 million.
RUNE’s Strong Performance
The high trading volume is not the only highlight for THORChain. The platform’s native token, RUNE, has also experienced remarkable growth, increasing 51% over the last week and more than 200% over the past month. The swift ascent of THORChain has surprised even its own core developer, Chad Barraford, who did not expect the platform to surpass Curve Finance quite so rapidly.
Okay, this happened much faster than I thought. Just took 2 days instead of 2 months, Barraford shared exhibiting surprise at the accomplishment.
A Multichain Version of Uniswap
Resembling a multichain version of Uniswap, THORChain allows users to swap native Bitcoin (BTC) for Ether (ETH). This functionality is powered by THORSwap, the decentralized exchange that operates atop the THORChain protocol. This platform provides an average annual percentage rate (APR) of nearly 44%. However, certain liquidity pools, such as the Bitcoin and RUNE pairs, offer even higher APRs, often exceeding 353%.
Advocacy from High-Profile Bitcoiners
Bitcoin advocates have been drawn to THORChain’s capability to process significant volumes of Bitcoin trades without the need for intermediaries. Erik Voorhees, a well-known advocate of Bitcoin, noted that THORChain had processed almost 2%, or $224 million, of the overall spot Bitcoin trading volume in just 24 hours between November 11 and 12.
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, Voorhees stated.
Origins of THORChain
The THORChain project was launched by a team of developers at the Binance Dexathon in 2018. The team, many of whom remain anonymous, have since continued to drive the project towards success.
As the landscape of decentralized exchanges continues to evolve, THORChain’s impressive trading volumes and unique offerings make it a platform to watch.