How RUNE worksĪt its core, THORChain RUNE is an independent Layer-1 blockchain built using the Cosmos SDK and the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism, allowing the network to reach a consensus even if ⅓ of the nodes start failing. 2, 2021.ĭespite the market falling in Q4 of 2021 and continuing this downward spiral into 2022, RUNE managed to stay within the top 50 coins by market cap in Q2 2022, while trading around $8. THORChain saw some noteworthy price action between July and November 2021, as the price of RUNE cryptocurrency rallied from $4.8 on July. However, as the market sentiment grew bearish in May 2021, RUNE saw a steep decline in the coming months. At the time, RUNE's fully diluted valuation stood at $10.6 billion given the token's max supply of 500,000,000. 19, 2021, setting an all-time high with a rather impressive gain of 350%+ in just 55 days.
Rune tokens Patch#
Although RUNE hit a rough patch for a couple of days during March, it saw another rally that took it from $4.9 on March. RUNE priceĪccording to our RUNE/USD live price chart, THORChain saw its first bull run in Q1 of 2021, when RUNE went from under $0.9 in December 2020 to a peak of around $6.7 on March. Unlike Uniswap, SushiSwap, and Curve, THORChain is not limited to just ERC-20 or BEP-20 tokens, instead, you can swap between different blockchains with relatively low costs and high speeds, all through a decentralized exchange (DEX). THORChain was founded back in 2018 by a mostly anonymous team during a hackathon, the protocol’s mainnet release multi-chain chaos network (MCCN) went live in April 2021 after initial development testing. Broadly speaking, THORChain does exactly what Binance, Coinbase, and other exchanges do but without a third-party ever getting involved.
Built as a cross-chain liquidity network using the Cosmo SDK, it strives to make all crypto liquid and decentralized with its native token RUNE serving as a trading token between non-native crypto assets like BTC and ETH. That said, the momentum with this token is impressive right now, suggesting there could be more substantial upside on the horizon in the near-term for this project.As the crypto market matures, the need for cross-network liquidity increases - THORChain aims to fill that gap. Accordingly, investors looking at THORChain right now may want to ease into a position or wait for dips before jumping in. Of course, risks always abound in the crypto world, particularly for tokens that have appreciated so much, so quickly. Accordingly, the network's Rune token is front-running these expectations right now. While this network's aggregator is not expected to be launched until June, investors have reason to believe that this decentralized exchange will see impressive growth over the medium-term. THORChain's rise, mostly attributed to the success of its core decentralized exchange, is noteworthy. Upon integration, this aggregator will allow users to swap any ERC-20 (Ethereum-based) token with Bitcoin and Terra's TerraUSD and Luna tokens. Key factors for this growth have been THORChain's launch of Terra as well as an upcoming integration of the THORSwap cross-chain aggregator V1. This also represents all-time high volume, with daily transactions approximating $20 million as of today. THORSwap reported March transaction volume of $470 million, representing roughly 900% growth.
In the case of THORSwap, some pretty impressive numbers have been posted on the project's Twitter page. Additionally, other metrics such as transaction volumes play a big role in determining the growth trajectory of a given token.
Total value locked (TVL) is a key metric used to determine how much value is locked within a given network, which gives a rough justification for the market capitalization certain tokens receive. This cryptocurrency gains value as the network's ecosystem grows. THORChain's Rune token is the governance and utility token of the THORChain network. This move comes as the THORChain network sees impressive growth in total value locked among its network, particularly as a result of the THORSwap decentralized exchange, which allows for users to transact "across multiple blockchains without wrapped/pegged assets and without a centralized counterparty." So what
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