Thorchain Sees Major Surge in Trading Volume
In the last week, Thorchain, a decentralized exchange (dex), has experienced a significant surge in trading activity, reaching a trade volume of $1.854 billion. As a result, Thorchain is now the third-largest dex in terms of volume, trailing only behind Uniswap and Pancakeswap.
2% of Global Bitcoin Spot Trading Channeled Through Thorchain
Thorchain has been recording notable volumes in the world of decentralized finance (defi). At its core, Thorchain is a decentralized cross-chain infrastructure that enables the settlement of native assets across different blockchain networks. It allows users to swap native assets between supported chains or deposit assets to earn yields from swaps. Thorchain was developed using the Cosmos SDK, a framework for building blockchain applications in Golang.
Data from defillama.com shows that Thorchain has reported a total volume of $1.854 billion, making it the third-largest dex this week. Uniswap reported $12.021 billion, and Pancakeswap had around $2.974 billion in trade volume.
Despite its achievements, Thorchain has faced controversy, notably making headlines when the FTX hacker moved millions of dollars through Thorswap. Thorswap halted operations the following week and introduced modifications to curb illicit trades.
Hot Take: Thorchain’s Rising Bitcoin Trade Volumes
Despite facing controversy, Thorchain has seen a significant surge in trading activity, making it the third-largest dex in terms of volume. The platform has been recording notable volumes in the decentralized finance (defi) space, with 2% of global Bitcoin spot trading now channeled through Thorchain. This achievement has brought attention to the growing popularity of decentralized exchanges and their role in the cryptocurrency market.
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