Friday, March 1, 2024

THORChain Token Surges 16% After Mainnet Launch: Analysis

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THORchain token surges 16% after a mainnet launch after four years of waiting, marking an achievement of the fully functional feature-rich protocol with a bigger ecosystem and strong community so let’s read more today in our latest altcoin news today.

The THORChain token surges 16% since the project announced the launch of the mainnet on June 22. The team also announced the mainnet launch alongside the rollout of a “Rune in a million Campaign” on Binance whcih contained $1 million worth of RUNE rewards for the exchange users. The announcement was followed by a 16% surge for RUNE and the price is up 31.6% in the past week. The surge provided some relief for RUNE but the price is still down 31% from its $3.21 level in June.

THORChain is a cross-chain exchange that enabels users to swap assets by liquidity pools on various networks like Dogecoin, Ethereum, Binance Smart Chain, and Bitcoin. The exchange supports the tradign of the synthetic assets and according to the project it processed about $3.7 billion worth of on-chain swaps and has about $299 million worth of total value locked:

“Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community. It has been a long time coming and the community is very excited about this important milestone.”

The project was launched in 2018 and Thorchain is moving from its beta version which went live in April 2021. The team noted it has transitioned over the past four years from a centralized proejct to a community-driven one the network is controlled by 100 decentralized nodes. While the introduction of the mainnet doesn’t brign forward fundamental changes to how the protocol will operate apart from fewer bugs, it will provide key changes to how the project will be governed and adopted.

THORchain is hoping to wind down these variants of RUNE over the next six months aiming to phase in the new native variant of the token. Moving forward the team stated that it will work on developing a new Architecture Design Record to keep track of the network changes and will look to establish a new chain integration:

“Centralized points of failure must be removed as they are a risk to the future of the network. The largest remaining centralized point is Treasury management. Treasury plans to hand over full control to the community soon.”

The RUNE rally follows a sharp surge of the DEFI tokens from other platforms like Synthetix as its SNX token surged 75% over the past week to sit at $3.06.

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