THORChain Becomes Second-Largest DEX
THORChain, a protocol for native asset settlements, has recently become the second-largest decentralized exchange (DEX). As a result, its native token, RUNE, has experienced a significant surge in value over the past week.
THORChain Surges in Trading Volume
In the last week, THORChain’s trading volume has surpassed $1.325 billion, with a daily trading volume of $334.3 million. This places THORChain ahead of PancakeSwap and in second place overall, trailing only behind Uniswap. Despite this growth, THORChain’s total value remains steady at $260.1 million.
The acceleration in THORChain’s ascent happened much earlier than anticipated by THORChain core developer Chad Barraford. Initially predicting the flipping to appear before the end of 2023, Barraford expressed surprise in a November 13 X post, stating that this happened much faster than they thought, “taking two days instead of 2 months”.
RUNE Token Surge
THORChain’s native token, RUNE, has experienced a 40% surge over the past seven days and is currently trading at $5 with a market cap of $1.5 billion.
Data from the market intelligence platform Santiment reveals a 27% decrease in RUNE’s social volume in the past day. Additionally, Santiment reports a decline in RUNE’s total open interest (OI) from $78.9 million to $72.4 million within the last 24 hours.
This decline in performance coincides with Santiment’s data indicating that RUNE’s Binance funding rate for futures contracts currently stands at around 0.02%. A positive funding rate on an exchange typically suggests that short positions outweigh long positions until further price movements occur.
Hot Take
THORChain’s recent surge in trading volume and the rise of its native token, RUNE, have cemented its position as the second-largest DEX. The project’s unexpected growth and rapid increase in trading volume demonstrate its potential to compete with other major players in the decentralized exchange space.
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