Why is THORChain (RUNE) crypto rising?

Highlights:

• There are around 18,133 cryptos and 460 exchanges in existence today.
• THORChain (RUNE) is a decentralized liquidity protocol that enables an easy exchange of crypto assets across different networks for its users.
• THORChain allows users to swap one asset for another in a permissionless setting easily.

The increasing focus towards cryptocurrencies has given rise to various alternatives to bitcoins in recent years. In addition to that, various new exchanges have also come into the market.

There are around 18,133 cryptos and 460 exchanges in existence today, according to data provided by CoinMarketCap, and the number is increasing daily. Today we explore THORChain, which is gaining traction due to its innovative services.

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What is THORChain (RUNE) crypto?

THORChain (RUNE) is a decentralized liquidity protocol that enables an easy exchange of crypto assets across different networks for its users. Through this process, the full custody of the assets remains with the users.

THORChain allows the users to quickly swap one asset for another in a permissionless setting without relying on order books for sourcing liquidity.

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RUNE is the native utility token of the platform that is used as the primary currency in the platform's ecosystem. In addition to that, it is also utilized for governance and security purposes of the platform's Sybil resistance mechanisms, as its nodes must commit at least one million RUNE for participating in its rotating consensus process.

It was funded through an initial DEX offering or IDO, launched by the Binance DEX in July 2019. Meanwhile, the mainnet of the platform launched in January 2021.

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Why is it rising?

The investors may have cheered the project's announcement of going live with its synthetic assets trading on its platform early Thursday.

The synthetic assets or blockchain-based representations of another asset like cryptocurrencies are backed by half of the underlying assets' value and the other half in RUNE.

The THORChain platform enables its users for trustless trade to swap tokens for various cryptos ranging from Bitcoin (BTC) to Ethereum (ETH) through its native utility token.

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RUNE, as an intermediary, enables assets' trading across different networks in a decentralized process without requiring bridges based on smart contracts.

According to the company's announcement, the synthetics would help surge its network usage, total network value locked (TVL), pool depth while lowering the swap fees and generating more income for the liquidity providers.

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Bottom line:

The THORChain (RUNE) token was priced at US$4.96 at 5:05 am ET on March 10, up 4.53%, while its volume for the last 24-hours surged 131.67% to US$345.34 million. It has a market cap of US$1.64 billion, and its fully diluted market capitalization is US$2.48 billion.

RUNE's total supply is over 334.93 million, the maximum supply is 500 million, and the current circulating supply is 330.68 million.

The token is available in several major exchanges like Binance, SushiSwap, etc.

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