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Highlights
- THORChain (RUNE) is primarily an independent blockchain network that is built on the Cosmos SDK and serves as a cross-chain decentralised exchange (DEX).
- Also dubbed as the Internet of blockchains, the RUNE crypto works on the Proof-of-Stake consensus wherein the node operators validate swaps and create pools for assets and in return get rewards.
- The 52nd ranked token as per market cap was trading at US$5.70 with a trading volume of US$458,700,588 as per CoinMarketCap.
THORCHain (RUNE) is primarily an independent blockchain network that is built on the Cosmos SDK and serves as a cross-chain decentralised exchange (DEX). The RUNE crypto ensures that at the time of exchange, it doesn’t lose custody of the asset in the process.
This seamless swapping of crypto assets allows the users to navigate in a permissionless setting without having the need to rely on order books for liquidity. Also dubbed as the Internet of blockchains, the RUNE crypto works on the Proof-of-Stake consensus wherein the node operators validate swaps and create pools for assets and in return get rewards.
Also read: Why Ukraine is urging crypto exchanges to ban Russian users
The THORCHain crypto on Wednesday was seeing a good day in office as it was witnessing a spike of over 35% and a healthy volume rally of over 600%.
Why is RUNE rallying?
One of the reasons for the rally is the announcement of its integration with the Terra (LUNA) into the THORChain protocol. The integration will allow RUNE to support other Cosmos-based projects on its platform.
What this does is, it will now see the THORCHain ecosystem get access to the TerraUSD (UST) stablecoin, giving its users more access to trading and staking. THORChain will now have access to six wallet types and eight blockchains on its THORSwap DEX.
Another reason for its rally is the announcement of the mainnet launch. Although the date of the mainnet is yet to be released, it is believed that the RUNEVault, Public Testnet, and ChaosNet will be built for Bitcoin and Ethereum Support. The mainnet was due to be launched last year but was delayed due to some unforeseen reasons.
Also read: Why is the UMA crypto rallying today?
How is RUNE price faring?
As per market cap, the 52nd ranked token was trading at US$5.70 with a trading volume of US$458,700,588 as per CoinMarketCap. The RUNE token was up by 39.25%, with a huge volume gain of 558.97%. RUNE crypto was enjoying a live market cap of US$1,884,444,691 with 330,688,061 RUNE coins in circulation.
In fact, RUNE has been on a bullish run of late, witnessing gains of 58.3% over the past week, according to CoinGecko. This recent development can perhaps see more traction on its platform.
Having said that, with the way markets have responded of late and the volatility that one is witnessing due to the Russia-Ukraine crisis, one needs to be wary before making any decisions. As market participants, it’s critical that they conduct their own research before taking any investment decisions.
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