2023-11-13 16:00 |
Decentralized exchange THORChain saw trading volume surge to $1.32 billion over the past week, making it the third-largest DEX behind Uniswap and PancakeSwap.
The volume spike comes as users flock to THORChain’s native Rune token and liquidity pools, offering astronomical yields upwards of 300% APR.
Rune has rallied over 200% in the last 30 days, buoyed by the influx of volume and activity on THORChain. The DEX also processed $334 million in trades over the past 24 hours, second only to Uniswap.
The growth allowed THORChain to surpass Curve Finance in weekly volume after THORChain developer Chad Barraford predicted the “flippening” would occur by the end of 2023.
“This happened much faster than I thought. It just took 2 days instead of 2 months,” Barraford remarked on the speed of THORChain’s ascent.
As a decentralized exchange, THORChain allows users to trustlessly swap between assets like Bitcoin and Ether without an intermediary. This aligns with the ethos of Bitcoin, noted advocate Erik Voorhees.
Voorhees highlighted that THORChain processed nearly 2% of total Bitcoin spot trading volume over a recent 24-hour stretch, underscoring its increasing prominence.
The high interest rates available on THORChain through activities like providing liquidity help attract users to its platform. Certain pairs, like Bitcoin/Rune, offer APRs exceeding 350%.
THORChain was launched in 2018 by anonymous developers at a Binance-sponsored hackathon. The team designed the protocol as a way to facilitate cross-chain swaps between assets across multiple blockchain networks.
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Bitcoin, MATIC and These Altcoins Are Top Cryptos to Watch This Week Dogecoin Devotees Pivot to This New Memecoin, Eyeing a Fresh Financial Frontier How Taraxa (TARA) Could Mirror Kaspa’s Parabolic SuccessThe platform saw its userbase swell this past year, alongside the broader rise of decentralized finance. By combining high capital efficiency with a decentralized ethos, THORChain has emerged as a popular on-ramp for trading bitcoin with composability.
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The post THORChain Volume Surges to 3rd Among DEXs: Discover What Triggered the Surge appeared first on CaptainAltcoin.
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