Native asset settlement protocol THORChain has seen the third-largest trading volume among decentralized exchanges in the last week, likely due to the high yield offered alongside its native token, RUNE.
THORChain’s trading volume reached $1.32 billion over the last week, ranking third behind Uniswap and PancakeSwap at $10.85 billion and $2.77 billion, respectively, based on DefiLlama data.
THORChain also holds the second-largest trading volume at $334.3 million over the last 24 hours, almost $50 million more than third-ranked PancakeSwap.
RUNE has increased by 51% over the last week and more than 200% over the last 30 days, according to CoinGecko.
THORChain’s surpassing of Curve Finance occurred much earlier than anticipated by THORChain core developer Chad Barraford, who had initially estimated the flippening to happen before the end of 2023.
Okay, this happened much faster than i thought. Just took 2 days instead of 2 months. But its happened, @THORChain has more trade volume in a week than @CurveFinance.
Next is @PancakeSwap pic.twitter.com/YdPeCZiOQA
— Chad Barraford (@CBarraford) November 13, 2023
THORChain is considered a multichain version of Uniswap, allowing users to swap native Bitcoin (BTC) for Ether (ETH). The decentralized exchange powered by the THORChain protocol is known as THORSwap.
The platform offers an average annual percentage rate (APR) of nearly 44%, with some liquidity pools offering much higher APRs, such as Bitcoin and RUNE pairs that offer over 353% APR.
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Bitcoin advocate Erik Voorhees noted that THORChain processed almost 2%, or $224 million, of overall spot Bitcoin trading volume over the 24 hours between Nov. 11 and 12.
“Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary… which is the entire point of Bitcoin,” Voorhees iterated.
Principled Bitcoiners should be familiar with @THORChain
It is the *only market* to trade #Bitcoin at scale without an intermediary… which is the entire point of Bitcoin.
>$200m of native non-wrapped BTC was traded here in the past 24 hrs, permissionlessly.
If you’d like… 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 its founding developers have remained anonymous.
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