THORChain Surges to Claim Title as Third-Largest Global DEX Platform

ThorChain

In the past week, THORChain’s trading volume recorded a remarkable figure of 1.32 billion USD, surpassing other major players to become the third-largest global DEX trading platform.

THORChain is a cross-chain liquidity protocol built on Tendermint & Cosmos-SDK. It provides liquidity solutions, enabling instant swapping of crypto assets within the network.

In THORChain’s model, there are liquidity pools where crypto assets are staked. Those who stake earn corresponding fees. Simultaneously, these pools with crypto assets are used to provide instant swapping, borrowing, lending, and other payment services. These benefits seem to have strongly attracted investors, causing the RUNE token to rise by 51% in the past week and over 200% in the last 30 days, according to CoinGecko.

THORChain’s impressive shift ahead of Curve Finance occurred earlier than CEO Chad Barraford anticipated, as he believed that THORChain would overthrow its competitors by the end of 2023.

Bitcoin advocate Erik Voorhees emphasized that THORChain processed nearly 2%, equivalent to 224 million USD, of the total Bitcoin trading volume within 24 hours from November 11 to November 12.

The THORChain project was launched by a group of developers at the Binance Dexathon in 2018. However, many project founders are currently anonymous.

Table of Contents

Share This Article:

Twitter
Facebook
LinkedIn
CoinMinutes
CoinMinutes
CoinMinutes (Coin Minutes) is a crypto news channel that you should not miss. We will bring you the hottest news of the crypto market.

Related Post