ThorChain Sets Record-Breaking Transaction Volume
ThorChain, a decentralized liquidity protocol, achieved an all-time high transaction volume of $355 million in a single day on October 5. This milestone is part of a larger trend, as the cumulative transaction volume over the past five days exceeded $1 billion.
Surge in Transaction Volume
An analysis revealed that the surge in transaction volume coincided with an increase in swap counts associated with the ThorChain network. On October 5, there were 115,630 swaps related to the network, compared to 61,877 swaps the previous day. The daily change in transaction volume from October 4 to October 5 was a significant increase of 107.6%.
Upward Trajectory
The charts show a continuous upward trajectory in transaction volumes since September 29. The total volume increased from $34.45 million on September 29 to $166.4 million by October 1. It reached a new high of $197.33 million on October 2 before experiencing minor declines on October 3 and 4.
Earnings Volume and Hacking Activities
As transaction volumes surged, so did the earnings volume associated with the network. However, there has been an increase in hacking activities, particularly with cross-chain BTC transactions contributing to the surge in volume.
ThorSwap Shifts to Maintenance Mode
To address these concerns, ThorSwap has temporarily transitioned into maintenance mode. This decision was made after careful evaluation and consultation with advisors, legal counsel, and law enforcement to prevent further illicit activity.
Rune Token Performance
The Rune token has experienced fluctuations in value over the past 24 hours. Starting at $2.048, it surged to $2.1 before dropping to a low of $1.93. However, in the past seven days, Rune has shown overall positive performance, gaining about 3.02% in value.
Hot Take: ThorChain Sets New Transaction Volume Record
ThorChain achieved a significant milestone with its record-breaking transaction volume, surpassing $1 billion in cumulative volume over five days. The surge in volume can be attributed to increased swap counts and hacking activities. To address these concerns, ThorSwap has transitioned into maintenance mode temporarily. The Rune token has experienced price fluctuations but has shown overall positive performance in the past week.
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