THORChain’s Token Price Surging After a Mainnet Launch

24.06.2022 15:49
by Nina Petrov
2 min read

The value of THORChain’s RUNE token is up 16% since June 22. Two days ago, the THORChain developers have announced the network’s mainnet launch. The THORChain team then also announced the launch campaign on Binance, with a $1 million worth of RUNE rewards for Binance’s users.

According to CoinMarketApp, the current price of RUNE is $2.20. Although the price has surged since the mainnet launch, it is still down 31% from its $3.21 price in early June.

THORChain is a cross-chain exchange and a proof-of-bond network. It allows users to swap liquidity pool assets across various networks, such as Ethereum, Binance Smart Chain, Bitcoin, and Dogecoin. Another notable feature is the support for the trading of synthetic assets. Such assets are tokenized derivatives that correspond to the value of other assets.

Since the project launched in 2018, it has processed over $3.7 billion worth of native on-chain swaps. Its total value locked (TLV) amounts to roughly $299.7 million.

The project has been in beta phase of development since April 2021. According to the THORChain team, “Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community”. Moreover, the team stated that, while it began as a centralized project, the network is now “solely controlled by 100 decentralized nodes.”

Plans for the future include work on the development of an Architecture Design Record. ADR will keep track of the governance process and network changes. The THORChain team will also work on establishing new chain and wallet integrations, and a single-sided yield feature.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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