Loading...

THORChain’s RUNE Token Soars with Impressive Gains

RUNE

Most read

Loading Most Ready posts..

TL;DR

  • THORChain’s native token, RUNE, has surged by 31.5% in the last 24 hours.
  • Higher annual percentage rates (APRs) and balanced liquidity pools have attracted more investors to RUNE.
  • THORChain plans to introduce more features like order book trading.

RUNE, the native token of THORChain, the cross-chain decentralized exchange, has been making significant waves in the cryptocurrency market, demonstrating a remarkable 31.5% price increase in the last 24 hours. This surge is part of a larger trend that has seen RUNE surge by 115.0% over the past 14 days and an astonishing 212.3% over the past 30 days. These impressive gains have propelled RUNE to reach a new yearly high of $5.31, accompanied by a peak daily trading volume of $1.28 billion.

RUNE’s remarkable performance

In recent weeks, RUNE has emerged as one of the best-performing cryptocurrencies in the market, attracting the attention of traders and analysts alike. This sustained bullish momentum can be attributed to several factors, with one of the key drivers being the introduction of new features on the THORChain platform.

THORChain’s development team, in their Q3 2023 Ecosystem Report, announced the implementation of several innovative features. These include lending, streaming swaps, streaming loans, and savers for stablecoins, among others. These additions have significantly enhanced the functionality of the THORChain platform and contributed to the recent surge in RUNE’s value.

One of the standout features introduced on the THORChain platform is streaming swaps, which have played a pivotal role in RUNE’s meteoric rise. Streaming swaps enable large swap requests to be automatically divided into smaller requests processed over time. The implementation of this feature has led to an increase in the platform’s swap volume and, crucially, the annual percentage rate (APRs) offered to liquidity providers.

Higher APRs naturally attract more liquidity providers who invest in RUNE, the base asset of every liquidity pool on THORChain. This dynamic creates a self-perpetuating cycle known as the “liquidity flywheel.” As more liquidity is added to the platform, RUNE’s value is bolstered further.

Additionally, THORChain’s network nodes play a critical role in maintaining balanced liquidity pools. For every dollar worth of non-RUNE assets deposited in a THORChain liquidity pool, network nodes match it with its equivalent in RUNE. For example, if a liquidity provider deposits $100 consisting of $50 BTC and $50 RUNE into a BTC/RUNE pool, nodes balance the transaction with an additional $50 RUNE. This mechanism adds to the buying pressure in the market, contributing to RUNE’s upward trajectory.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Stay on top of crypto news, get daily updates in your inbox

Related News

Crypto
Cryptopolitan
Subscribe to CryptoPolitan