THORChain Becomes Second-Largest DEX
THORChain has reached the position of the second-largest decentralized exchange (DEX) with a daily trading volume of $334.3 million, according to DeFi Llama data.
This achievement places THORChain behind only Uniswap, which has a trading volume of $1.14 billion, surpassing PancakeSwap in the process.
Over the past week, THORChain’s trading volume surged by 102% to reach $1.32 billion, solidifying its position as the third-largest DEX. The total value locked for THORChain remains at $259.3 million, according to DeFi Llama.
RUNE Price Decline
Despite the surge in trading volume for THORChain, its native token RUNE experienced a 1.8% decline over the past 24 hours, trading at $5.18 with a market cap of $1.75 billion.
RUNE’s 24-hour trading volume saw a 45% decline to reach the $400 million mark. Additionally, its social volume dropped by 27%, and the total open interest decreased from $78.9 million to $72.4 million over the same period.
Santiment data also indicates that RUNE’s Binance funding rate for futures contracts is currently around 0.02%, pointing towards an imbalance between short and long positions on the exchange.
Hot Take: RUNE’s Decline Amidst THORChain’s Rise
The rise of THORChain as the second-largest DEX is impressive, but it is accompanied by a decline in RUNE’s performance. The potential reasons behind this contrast could be attributed to various factors such as market dynamics, investor sentiment, and overall ecosystem developments that have impacted both THORChain and its native token RUNE differently.
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