THORChain’s RUNE price rises
The group announced its Mainnet launch on Wednesday, along with the rollout of the “Rune in a Million Campaign” on Binance containing a total rune bonus of $1 million for the exchange’s users.
Following this announcement was RUNE up 16% to $2.18 at the time of writing, and the price has risen 31.6% in the past seven days. The increase serves as a “lifesaver” for RUNE, although prices are still down 31% from $3.21 in early June.
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THORChain network information
THORChain network is a cross-chain bond exchange and proof network that allows users to swap assets using liquidity groups across various networks such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin. The exchange also supports trading of synthetic assets (encrypted derivatives that mimic the value of other assets).
According to the project, it processed more than $3.7 billion in natural online swaps worth more than $3.7 billion and had a total value of about $299.7 million locked up (TVL).
It is worth noting that Binance, Crypto.com, Coinspot, Swyftx and KuCoin have all announced that they will support this asset.
The project was launched in 2018, and THORChain is transitioning from a beta called “multichain chaosnet“, which was released in April 2021. This has been the subject of multimillion-dollar hacks in the past.
The team notes that they have also transitioned over the past four years from a fully focused project to a community-oriented project that has “a uniquely controlled network of 100 decentralized nodes.”
While the introduction of the main network does not necessarily bring any fundamental changes to the way the protocol works beyond fewer errors and network stability/security, it will provide important changes to how the project is managed and adopted, it also marks the development of ThorChain into an official network.
Prior to its own blockchain launch, THORChain initially launched with its two token variants on Binance Chain and Ethereum, and the team has expressed interest in the minting features behind these two assets in the past, along with the division of the trading market for assets.
As part of the main network launch, THORChain hopes to end these two RUNE variants in the next six months as part of a phase-boosting process in the all-original and new consolidation variant of the token. The team claims that this will also help more wallets provide support for the property.
THORChain validators began voting on the initialization of the “kill switch” IOU rune token this week.
The @THORChain node operators have begun voting to active the Kill Switch
Details on the importance👇 https://t.co/ZbsguIfC45 pic.twitter.com/kV5fg2h3ZU
— Dan Smith (@smyyguy) June 20, 2022
THORChain plans to develop Architecture Design Record (ADR)
In the future, the team has announced that it will work to develop the Architecture Design Record (ADR) to monitor changes in the network and governance processes.
It will also seek to establish new chain integration, wallet integration, aggregator implementation, and one-sided profitability features. Further decentralization has also been considered a major goal.
“Centralized error points must be eliminated because they are a risk to the future of the network. The biggest remaining focus is treasury management. The Treasury plans to hand over full control to the community soon,” the team wrote.
This week’s RUNE rally follows a sharp rise in natural DeFi tokens from competing platforms such as synthetic derivatives trading platform Synthetix, which has seen the SNX pump 75% in the past seven days to stay at $3.06.
The price appears to have risen under the proposed Synthetix 120 improvement introduced last week, which has increased the speed of trading on the platform.