Crypto News- THORChain, the pioneering native asset settlement protocol, has emerged as the third-highest performer in decentralized exchanges over the past week, boasting a trading volume of $1.32 billion. This achievement places THORChain just behind the giants Uniswap and PancakeSwap, with $10.85 billion and $2.77 billion in trading volume, respectively, as reported by DefiLlama.
A 50% Surge in RUNE’s Value Catapults THORChain to Third Place Among DEX Giants in Just One Week
In the last 24 hours alone, THORChain has demonstrated its strength with a trading volume of $334.3 million, surpassing PancakeSwap by almost $50 million. The native token, RUNE, has experienced a remarkable ascent, surging 51% in the past week and an impressive 200% over the last 30 days, according to CoinGecko.
THORChain’s ascent beyond Curve Finance occurred sooner than anticipated by core developer Chad Barraford, who initially predicted the flippening to occur before the end of 2023. Functioning as a multichain counterpart to Uniswap, THORChain enables users to seamlessly swap native Bitcoin for Ether on its decentralized exchange platform named THORSwap.
With an average annual percentage rate (APR) of nearly 44%, THORChain’s appeal is further heightened by liquidity pools offering significantly higher APRs. Notably, Bitcoin and RUNE pairs present an enticing over 353% APR. Bitcoin advocate Erik Voorhees emphasized THORChain’s significance by highlighting that it processed almost 2%, or $224 million, of the overall spot Bitcoin trading volume between Nov. 11 and 12.