THORChain Deploys Mainnet After 4-Year Wait, RUNE Soars 13% In 24 Hours
June 24 2022 - 11:09AM
NEWSBTC
THORChain has been trading in the green and recovering faster than
larger cryptocurrencies. The development team behind this project,
Nine Realms, announced the launch of their mainnet after 4 years of
development and research. Related Reading | Cosmos (ATOM)
Price Swells 12% – Can It Breach Resistance? At the time of
writing, THORChain (RUNE) trades at $2.30 with a 14% and 35% profit
in the last 24 hours and 7 days respectively. The market seems to
be positively reacting to the announcement. As part of the
announcement, crypto users on the Binance exchange will be able to
participate in a promotional campaign and earn part of a total $1
million price. Via an official post, the team behind THORChain said
the following celebrating the project’s major milestone: Mainnet
marks the achievement of a fully functional, feature-rich protocol
with a large ecosystem and strong community. It has been a long
time coming and the community is very excited about this important
milestone. Before mainnet, THORChain was operating with the
Multichain Chaosnet (MCCN) to enable users to provide cross-chain
liquidity. This allowed the project to battle-test its features and
migrate from a centralized to a decentralized and community-driven
platform, according to the official post. As part of this
deployment, the project launched its native token RUNE and has
called for all token holders to swap their non-native RUNE for the
former asset. Once 67% of the network runs on native RUNE, the
protocol will implement a “Killswitch” and “kill” the non-native
asset under the BEP2 standard. As NewsBTC reported, 4 months ago
THORChain released a highly expected feature, synthetics assets.
This allowed users to gain exposure to the price of large
cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), by
trading with their THORChain versions called sBTC and sETH. This
was just one of the milestones reached by the project on track to
its mainnet launch. The aim is to make the platform a
decentralized, secure, and liquidity-efficient protocol in the
decentralized finance (DeFi) sector. Who Is Buying The THORChain
(RUNE) Rally? Data provided by the team behind the project claims
THORChain has seen $9.2 billion in total trade volume, with a total
of around 10 million transactions and around 72,000 unique
swappers. The protocol has around $250 million in total value
locked (TVL) making it one of the largest in the DeFi sector. In
their next step of development, which includes making the platform
more transparent and decentralized, the team behind the project
said: Centralised points of failure must be removed as they are a
risk to the future of the network. The largest remaining
centralised point is Treasury management. Treasury plans to hand
over full control to the community soon. Further data provided by
Material Indicators (MI) records an increase in buying pressure
from investors with over $1,000 to $10,000 bid orders (red and
green on the chart below). Retail investors (yellow on the chart)
have been selling into the current price action while whales (brown
and purple) have been inactive. Related Reading | Top 5
Cryptos Taking A Major Beating In The Ongoing Market Mayhem If the
crypto continues to rebound, RUNE could extend its gain. If large
investors see bullish continuation, they might jump into the action
and push RUNE into further gains.
TRON (COIN:TRXUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024