Torchein set a record with a daily trading volume of 355 million dollars

The decentralized liquidity protocol Torchein reported a record transaction volume on October 5, with the number rising to $355 million in a single day, an all-time high.

This noteworthy event is part of a larger trend, with the total trading volume in the last five days exceeding $1 billion.

Torchein's record-breaking volumes

According to the analysis, an increase in transaction volume is associated with an increase in the number of exchanges connected to the network. On October 5, when the transaction volume was close to 355 million dollars, the number of exchanges connected to the network was 115,630.

This was up from the previous day, when the number of exchanges was 61,877 and the total amount was only $170.8 million.

The daily trading volume from October 4th to October 5th saw a massive increase of 107.6%.

A look at the charts shows an upward trend in trading volume since September 29. While the network reported a total of $34.45 million on September 29, the figure increased to $60.14 million the following day and $166.4 million on October 1.

Later, on October 2, the total transaction volume hit a new high of $197.33 million. The cumulative trading volume between October 1 and 5 was $1.063 billion.

As the volume of transactions increased, so did the amount of revenue associated with the network. On October 4th, liquid income was about $109K, and bond income stood at $66.7K, down from the peak recorded on October 2nd. However, on October 5, cash and bond earnings stood at $164.35K. and $101.96K, respectively.

According to analysts, the sudden increase in volume can be linked to the recent increase in hacking activities, especially with BTC exchanges being the main contributors to the massive increase in volume.

To address these negative incidents, reports indicate that ThorSwap, the product of Torchchain, has paused the platform and moved into maintenance mode.

Talking about the developments, ThorSwap developer tweeted;

“Yesterday, after careful assessment of the situation and consultation with consultants, legal advisors and law enforcement, it was decided to temporarily put the THORSwap interface into maintenance mode. This step was taken to quickly curb any further illegal activity.”

Fellow HORChads,

A pressing and ongoing concern has recently come to light: the potential movement of illicit funds in THORChain and THORSwap in particular. Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any criminal…

— THORSwap ⚡ #Better Than CEX (@THORSwap) October 6, 2023

The tweet stated that ThorSwap will remain in this mode until the developers find a more permanent solution to implement and strengthen the platform's continued security and integrity.

ThorChain's Rune price measures

Rune, native to the Torchchain network, has been trading in the red for the past 24 hours. Starting at 2.048, the token rose to $2.1 before falling to a low of $1.93. According to reports, the token lost about 2.51% in value in the 24 hours from October 5 to the reporting period.

However, the story is very different in the last seven days, Rune trades in green. From $1.92 on September 29, Rune rose to a high of $2.23 before falling to a low of $1.88 on October 2.

The charts suggest that the asset has shown mainly sideways price action, especially over the past five days. However, over the past week, Rune has gained about 3.02% in value.