Thorchain Dominates Cross-Chain Trading Volume: What’s Next for RUNE?
05 Janvier 2024 - 12:00AM
NEWSBTC
Thorchain, a cross-chain liquidity network, has emerged as a
frontrunner in cross-chain transfers, surpassing its competitors in
volume and transaction activity, on-chain data shows.
Thorchain Trading Volume Expands As Prominence Increases Citing
Galaxy Research data, a user on X, Bullion, noted that
Thorchain processed $4.82 billion in cross-chain transactions over
the past 30 days, while Cosmos’ Inter-Blockchain Communication
(IBC) protocol handled $3.35 billion worth of transactions during
the same period. Among layer-2 bridges, Arbitrum Bridge led the
pack with $1.21 billion in cross-chain volume. Others, like Polygon
POS and Stargate, processed $564 million and $694 million,
respectively. The spike in Thorchain’s trading volume and liquidity
indicates the protocol’s increasing significance in the broader
decentralized finance (DeFi) landscape. The protocol’s unique
features and innovative solutions have made it a preferred
destination for cross-chain asset transfers. Related Reading:
Crypto Analyst Predicts Cardano Price Jump In January – Here’s The
Target At the heart of Thorchain is its ability to facilitate
cross-chain asset swapping in a trustless and non-custodial manner.
In this arrangement, and like popular decentralized exchanges like
Uniswap, Thorchain allows users to retain control of their funds
without depending on intermediaries. The stream swaps
technology seems to be drawing user attention to Thorchain. This
feature allows users to swap with near-slippage free even without
high liquidity. Technically, and as expected in decentralized
exchanges, the lower the liquidity, the higher the slippage. The
offer for low or zero slippage gives Thorchain a significant
advantage over other cross-chain swaps. Beyond trading, Thorchain
has incorporated other defi solutions, including lending. In this
arrangement, Thorchain now supports the trustless lending of assets
without liquidity risk or interest, a deviation from traditional
lending protocols, including Aave. As DeFi TVL Recovers, Will
RUNE Break To New 2024 Highs? Together, these features have
contributed to Thorchain’s growing trading volume, further
cementing its position in the recovering DeFi scene. According
to DeFiLlama, Thorchain has a total value locked (TVL) of
around $322 million. Meanwhile, Thorchain claims to have
over 91,000 swappers. Cumulatively, the protocol has processed over
$61 billion in trading volume. As DeFi expands from 2022 pits,
RUNE, the platform’s native token, has also benefited. Looking at
the RUNE daily chart, it is up roughly 5X from 2023 lows. Related
Reading: Shibarium Transactions Crash Almost 50%, Shiba Inu Price
Wobbles Despite the re-pricing of asset prices on January 3, RUNE
remains resilient. Prices are trending inside a bull flag. Any
breakout above $6.5 and local resistances could catalyze demand,
lifting the coin above $7.3 to new 2024 highs. Feature image from
Canva, chart from TradingView
Uniswap (COIN:UNIUSD)
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Uniswap (COIN:UNIUSD)
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