Quick Summary
- THORChain is a decentralized liquidity protocol that became very popular recently thanks to many utility features. Its native token RUNE gained 100,000% in less than 2 years.
Cryptocurrencies are significantly popular thanks to their exponential returns in a short time. Some people think a 20% yearly return is amazing, while others may enjoy a 100% return. However, there are also cryptocurrencies that made an astonishing 100,000% return. This kind of move must have made many people wealthy. Let’s have a look at the rising journey of ThorChain.
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What Is THORChain (RUNE)?
THORCHain is a decentralized liquidity protocol that lets users effortlessly swap crypto assets across many networks without losing full custody of their digital assets in the process. Users can swap one asset for another in a permissionless context with THORChain, eliminating the requirement for order books to source liquidity. Market prices are instead maintained by the ratio of assets in a pool.
RUNE is the THORChain platform’s native utility token. Since THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process, this is utilized as the base currency in the THORChain ecosystem. It is also used for platform governance and security as part of THORChain’s Sybil resistant capabilities.
Through a network of public THORNodes and ecosystem products, THORChain aspires to decentralize crypto liquidity. Any person, product, or institution can use its native and cross-chain liquidity 24/7. The whole ecosystem is entirely community-driven and that’s also why it went through such markable growth.
The Team Behind THORChain
According to a THORChain spokesperson, the platform has no CEO, founder, or board of directors. Instead, Gitlab is used to manage the platform’s future development. Furthermore, the people who are currently working on the project are mostly anonymous. This is to “defend the project and ensure that it can decentralize,” according to a THORChain official spokesman. How cool is that!?
RUNE IDO Vs Now
This project went live in 2019 with its IDO in July. Describing itself as a lightning-fast liquidity network protocol with cross-chain liquidity pools, people really got interested in this crypto project. RUNE’s IDO price was only $0.032 but later RUNE went down in value by half to around $0.016. However, that was the bottom. From there, RUNE was able to rise to around $20 in May 2021. That’s a crazy 1,000x return in less than 2 years! But why and how?
Many people understand this is a utility project that has THORNodes, liquidity pools, staking, and other attractive features. Currently, there’s almost $1 billion in total value locked (TVL) in RUNE’s pools and 15% average pooling APY. There’s a max supply of 500 million RUNE tokens with 66% of them circulating at the moment. RUNE has a $2.38 billion market cap (at the time of writing) and a regular 9-figure trading volume! It’s available on the most prominent crypto exchanges like Binance, KuCoin, Gate, MEXC, FTX, etc.
Conclusion
In 2018, people thought, that’s it. That was the peak of the crypto market and there will never be such high returns. They were wrong once again. Many interesting projects like THORchain were able to show the world what’s really possible and we expect more crypto projects like this one to come to life soon.
Follow THORChain: Website | Twitter | CMC | Telegram | Discord
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sources: icodrops, twitter, thorchain, coinmarketcap
author: Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
