RUNE grows 40% weekly as THORChain ranks 2nd in DEX daily transaction volumes.

THORChain, a native asset settlement protocol, is now the second largest decentralized exchange (DEX).

The native token RUNE has seen a significant increase amid the aforementioned growth last week.

THORChain increases with the volume of business

Last week, THORChain saw a huge increase in trading volume, exceeding $1.325 billion. According to data from Diffi Lama, its daily trading volume reached $334.3 million, surpassing Pancake Swap and securing second place, only behind Uniswap.

Despite this impressive growth, the total value of THORChain remains stable at $260.1 million.

The acceleration in THORChain's ascension over curve financing happened much earlier than expected by THORChain core developer Chad Barraford. Originally predicting a reversal before the end of 2023, Barraford expressed surprise in a Nov. 13 X post that it happened faster than expected, saying “it took 2 days instead of 2 months.”

Well, this happened faster than I thought. It only took 2 days instead of 2 months. But it happened, @THORChain has more trades than @CurveFinance in one week.

Next up is @PancakeSwap 🎯 pic.twitter.com/YdPeCZiOQA

— Chad Barraford (@Cbarraford) November 13, 2023

THORSwap is known as Uniswap's multi-chain equivalent of THORChain, a decentralized exchange powered by the THORChain protocol.

The platform offers an average annual percentage rate (APR) of around 44%, with certain liquidity pools such as Bitcoin and RUNE pairs offering much higher APRs of over 353% APR.

Noted Bitcoin advocate Eric Voorhees founded THORChain in 2015. It highlighted that it handled nearly 2% of the total Bitcoin trading volume between November 11 and 12, equivalent to $224 million.

Voorhees emphasized the importance of THORChain to principled bitcoiners, as the only marketplace that allows bitcoin trading without intermediaries, in line with bitcoin's fundamental ethics.

Principled Bitcoiners should know @THORChain

It's the *only* market to trade #Bitcoin without an intermediary rate.

> $200M unwrapped BTC was traded here in the last 24 hours without permission.

If you want…

— Erik Voorhees (@ErikVoorhees) November 12, 2023

RUNE price increase

Following popular trading volume for THORChain, native RUNE has seen a 40% increase in the past seven days. Currently trading at $5, RUNE has a market cap of $1.5 billion.

Data from the market data platform Sentiment shows that RUNE's social volume has decreased by 27% in the past day. Additionally, Santiment reports that RUNE's total open interest (OI) has dropped from $78.9 million to $72.4 million over the past 24 hours.

This underperformance suggests that sentiment data indicates that RUNE's Binance funding volume for futures contracts is currently around 0.02%. A positive cash flow on an exchange suggests that short positions will outperform long positions until further price movements occur.