THORChain Records Third Largest Trading Volume Among Non-Centralized Exchanges
If you’ve been keeping an eye on THORChain, you’ll be interested to know that it has recorded the third-largest trading volume among non-centralized exchanges in the last week. This is likely due to the high yield offered alongside its native token Rune (RUNE).
According to DefiLlama, THORChain’s trading volume reached $1.32 billion in the last week, placing it third behind Uniswap and PancakeSwap at $10.85 billion and $2.77 billion, respectively.
Over the last 24 hours, THORChain also boasts the second-largest trading volume at $334.3 million, nearly $50 million more than third-placed PancakeSwap.
RUNE has increased by 51% over the last week and more than 200% over the last 30 days according to CoinGecko.
THORChain’s rise past Curve Finance happened much earlier than predicted by THORChain core developer Chad Barraford, who initially estimated the flippening to happen before the end of 2023.
“Okay, this happened much faster than I thought. Just took 2 days instead of 2 months,” Barraford noted in a Nov. 13 X (formerly Twitter) post.
The Rise of THORSwap and High Yields
Considered a multichain version of Uniswap, THORSwap allows users to swap native Bitcoin (BTC) for Ether (ETH). The platform offers an average annual percentage rate (APR) of nearly 44%, with some liquidity pools offering much higher rates, such as Bitcoin and Rune pairs that offer over 353% APR.
Erik Voorhees noted that THORChain processed almost 2% or $224 million of overall spot Bitcoin trading volume over a 24-hour period between Nov. 11 and 12. He emphasized that it is “the *only market* to trade Bitcoin at scale without an intermediary… which is the entire point of Bitcoin.”
The History and Development of THORChain
The THORChain project was launched by a team of developers at the Binance Dexathon in 2018. Many of its founding developers have remained anonymous.
Hot Take: The Future Looks Bright for THORChain
With its significant rise in trading volume and attractive yields, THORChain’s future looks promising in the decentralized exchange space. Keep an eye on this project as it continues to make waves in the crypto world.
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