THORChain becomes the third largest DEX as Rune increases by 50% in a week.
Native asset settlement protocol THORChain recorded the third largest transaction among non-centralized exchanges last week.
Last week, THORChain's trading volume reached third place with $1.32 billion behind Uniswap and Pancake Swap with $10.85 billion and $2.77 billion respectively, Defillama reported.
THORChain has a transaction volume of $334.3 million in the last 24 hours, surpassing third-placed PancakeSwap by nearly $50 million.
Meanwhile, RUNE is up 51% in the past week and more than 200% in the past 30 days, according to CoinGecko.
THORChain's curve financing past growth occurred much earlier than predicted by THORChain core developer Chad Barraford, who initially estimated that the inversion would happen before the end of 2023.
“Well, this happened a lot faster than I thought. It only took 2 days instead of 2 months,” Barraford said in a Nov. 13 X (ex-Twitter) post.
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
THORChain is considered a Uniswap multichain as users can exchange native Bitcoin (BTC) for Ether (ETH). THORSwap is the name of a decentralized exchange powered by the THORChain protocol.
The platform offers an average annual percentage rate (APR) of around 44%, but some liquidity pools offer much higher, such as Bitcoin and Rune pairs, which offer over 353% APR.
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According to Bitcoin advocate Eric Voorhees, THORChain saw 2% or $224 million in total Bitcoin transaction volume in the 24 hours between November 11th and 12th.
“Principled Bitcoiners should familiarize themselves with THORChain. It's the only market where you can trade bitcoin at scale without a middleman…that's the whole point of bitcoin,” Voorhees said.
Principled Bitcoiners should know @THORChain
It's the *only* market to trade #Bitcoin without an intermediary rate…which is the whole point of Bitcoin.
> $200M unwrapped BTC was traded here in the last 24 hours without permission.
If you want… https://t.co/0WW4QRCo6F
— Erik Voorhees (@ErikVoorhees) November 12, 2023
The THORChain project was launched by a team of developers at the Binance Dexathon in 2018. Many of the founding developers remain anonymous.
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