THORChain has positioned itself as a prominent player in the decentralized exchange (DEX) ecosystem by securing the second-highest trading volume in the last week.
With an impressive total volume of $1.325 billion, THORChain surpasses PancakeSwap and ranks just behind the giant Uniswap, which recorded $10.85 billion and $2.77 billion, respectively, according to DefiLlama.
This achievement is supported by the outstanding performance of its native token, RUNE. According to the latest CoinMarketCap report from October 19, RUNE was trading at $1.5141.
Following this, a bullish rally ensued, persisting until today, with another significant surge in the past week. It jumped from $3.9294 on November 11 to $5.19 at the time of writing this article.
These figures result in a weekly increase in value of 51.45%, and on a monthly scale, this value rises to 211.13%.
On the other hand, its market capitalization stands at $1.75 billion, remaining practically unchanged, while its volume experienced a 51% decline, hovering around $350 million.
THORChain Surpasses All Predictions
The speed at which THORChain reached these figures exceeded all expectations, surprising even the lead developer, Chad Barraford, who had originally predicted it would surpass Curve Finance before the end of 2023.
— Chad Barraford (@CBarraford) November 13, 2023
What sets THORChain apart is its position as a multi-channel version of Uniswap. Its platform, THORSwap, allows users to make direct exchanges between Bitcoin and Ether without relying on intermediaries.
This feature caught the attention of Bitcoin advocates, such as Erik Voorhees, who noted that THORChain processed almost 2% (equivalent to $224 million) of Bitcoin’s total trading volume in the 24-hour period between November 11 and 12.
In addition to its market position, THORChain stands out for offering attractive yield rates. With an average Annual Percentage Rate (APR) of around 44%, some of its liquidity pools offer significantly higher APRs, such as over 353% for Bitcoin and RUNE pairs.
This approach greatly contributes to attracting users seeking robust returns in the decentralized finance realm.
The THORChain project was launched at the Binance Dexathon event in 2018 by a team of developers, many of whom have chosen to remain anonymous.
Its rapid ascent and ability to meet expectations in a shorter time than anticipated demonstrate the dynamism and adaptability in the market.
With a focus on interoperability and the elimination of intermediaries, THORChain emerges as a significant force in the ongoing evolution of decentralized finance, solidifying its role as a central and consolidated actor in the ecosystem.