- Rune’s upcoming mainnet launch has boosted the token’s value to a recent high of $6.01.
- Terra (LUNA) was also integrated into the THORChain protocol, which enables the platform to support Cosmos-based projects.
- The THORChain network reached 1.5 million decentralized permissionless swaps.
- The THORChain ($RUNE) token jumped in value by 76.25% throughout the week.
THORChain is an independent blockchain that was developed through the utilization of the Cosmos SDK, which serves as a cross-chain decentralized exchange (DEX).
The main way through which the project stands out is due to the fact that it uses an automated market maker (AMM) model, where the native token $RUNE is the base swap pair. The non-custodial THORChain interfaces allow any user to swap native assets across chains.
The Terra (LUNA) integration to the THORChain protocol, alongside the upcoming mainnet launch, has led to an increase in the value of the THORChain ($RUNE) token.
In the past week, the token experienced a 7-day low on February 28, where it decreased to a value of $3.41.
Its highest point was achieved on March 3, when the token increased to a value of $6.01, which represents an increase in value of $2.6 or by 76.25%.
The seven-day price chart for THORChain ($RUNE). Source: Coinmarketcap
Over the last 24 hours, the token experienced a downward shift in value. Specifically, on March 3, 2022, the token had a value of $6.01, while on March 4, 2022, the token decreased in value to $5.85, which it is currently trading at. This is an indication that the THORChain ($RUNE) token has decreased in value by $0.16 or by 2.66%.
The 24-hour price chart for THORChain ($RUNE). Source: Coinmarketcap
One development that has been extremely exciting throughout the $RUNE community is the integration of Terra (LUNA) within the THORChain protocol. The announcement was posted on Twitter on March 1, 2022, by Nine Realms.
The result of this integration enabled the platform to support all of the Cosmos-based projects.
This also indicates that both $UST and $LUNA are added to the THORChain ecosystem, which in turn gives users a lot more trading and staking options.
Furthermore, THORChain also announced that it supports six wallet types and eight blockchains in total on the THORSwap cross-chain decentralized exchange. THORChain is in the process of adding support for Have as well as Monero.
THORChain also grew in size, where it saw 1.5 million decentralized permissionless swaps while growing a network from 0 to 73 nodes and enduring a high level of chaos while shipping over 81 major network updates.
The THORChain network will be updated through a hard fork, which will be fully tested in the testnet and followed by further testing in Stagenet after the Terra launch and on ChaosNet prior to the mainnet launch.
The launch of the upcoming mainnet has been a highly anticipated event since 2021, when the launch was originally planned; however, it was delayed due to different factors. The specific date for the mainnet launch has not yet been disclosed.
The requirements that need to be fulfilled prior to the launch of the mainnet include meeting all of the testnet goals, which includes rehearsal of adding and removing chains, removing Bitcoin ($BTC) and Litecoin ($LTC) from the testnet, alongside several test runs with forking the chain itself.
On the Flipside
- There is still a high level of interest from the community members that have remained loyal throughout each roadblock.
The Twitter user @Hey_ImTheNewGuy shared the experience of starting a couple of new LP positions on THORChain, where throughout the span of 4 days, the user gained $900 in fees and rewards.
The DeFi super-user @DeFi_Dad shared that he had revisited some familiar DeFi apps, where THORSwap gave him unexpectedly high yields, where he said: “⚡️ @THORSwap is a cross-chain AMM built on @THORChain, currently supporting tokens across Ethereum, BSC, BTC, and more.”
😇 Been revisiting some familiar DeFi apps with unexpectedly high yields.— DeFi Dad ⟠ defidad.eth ≡🦇🔈 (@DeFi_Dad) March 4, 2022
⚡️ @THORSwap is a cross-chain AMM built on @THORChain, currently supporting tokens across Ethereum, BSC, BTC, and more.
🌽 For those willing to LP with RUNE, there's killer yields: https://t.co/trfmH6LYna pic.twitter.com/qZIy75kCxG
@ChadThoreau shared an interesting overview of $RUNE, where the user claimed “Whatever your favorite crypto is, $RUNE is crucial to its freedom to transact. Anyone pro crypto that doesn’t like @THORChain simply doesn’t understand it yet, or underestimates the threats that crypto is built to resist.”
Why You Should Care
THORChain ($RUNE) will carry on its evolution with the launch of the mainnet as well as through numerous integrations planned going forward.