Native asset settlement protocol THORChain ranked third among decentralized exchanges in trading volume last week, with users seemingly attracted by the high yields offered around its native token Rune (RUNE).
Last week, THORChain’s trading volume reached US$1.32 billion, ranking third, behind Uniswap and PancakeSwap, which were US$10.85 billion and US$2.77 billion respectively. according to To Delphirama.
THORChain also has the second-largest trading volume, with $334.3 million in volume in the past 24 hours, nearly $50 million more than third-place PancakeSwap.
Meanwhile, RUNE is up 51% last week and more than 200% over the past 30 days, according to Go to CoinGecko.
THORChain’s rise beyond Curve Finance comes much earlier than predicted by THORChain core developer Chad Barraford, who originally expected the shift to happen before the end of 2023.
“Well, this happened a lot faster than I thought. Just 2 days instead of 2 months,” Barraford noted in a Nov. 13 post on Twitter.
Well, it all happened much faster than I thought. It only took 2 days instead of 2 months. But something happened, @雷神chain Weekly trading volume ratio @CurveFinance.
Next is @pancakeswap pic.twitter.com/YdPeCZiOQA
— Chad Barraford (@CBarraford) November 13, 2023
THORChain is considered a multi-chain version of Uniswap, as users can swap native Bitcoin (BTC) for Ethereum (ETH). THORSwap is the name of the decentralized exchange supported by the THORChain protocol.
The platform discount The average annual percentage rate (APR) is close to 44%, but some liquidity pools have much higher rates, such as over 353% for the Bitcoin and Rune pairs.
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Bitcoin advocate Erik Voorhees pointed out that THORChain processed nearly 2% of the total Bitcoin spot transaction volume, or $224 million, in the 24 hours between November 11 and 12.
“Principled Bitcoin enthusiasts should be familiar with THORChain. It is the only marketplace where Bitcoin can be traded at scale without an intermediary… This is what Bitcoin is all about,” Voorhees reiterated.
Principled Bitcoin enthusiasts should be familiar with @雷神chain
This is the *only trading market* #bitcoin At scale without intermediaries…that’s what Bitcoin is all about.
Over $200 million in native, unwrapped BTC has been traded here without permission in the past 24 hours.
if you are willing to… https://t.co/0WW4QRCo6F
— Eric Voorhees (@ErikVoorhees) November 12, 2023
THORChain project is roll out Launched by the development team at Binance Dexathon 2018. Many of its founding developers remain anonymous.
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