• Thorchain (RUNE) has increased by 90% in the last six days

  • According to CoinMarketCap, Thorchain (RUNE) has one of the best price performances among the top 100 cryptocurrencies. RUNE’s price motion is also accompanied by a large trading volume increase of around 500 percent.

    Thorchain is a cross-chain protocol that enables users to perform swaps while connected to separate networks in a trustless manner with no third party involvement. Such protocols enable users to avoid using centralized exchanges in order to trade coins such as Ethereum to Bitcoin in a decentralized manner.

    The quick price surge was most likely caused by the introduction of synthetic assets, which are effectively derivative copies of cryptocurrencies such as BTC and ETH. On Thorswap, these assets have already generated more than $10 million in trading activity.

    Each synthetic asset is backed by the Thorchain ecosystem’s liquidity pool. Some users contrast Thorchain’s assets with wrapped versions of assets such as Bitcoin and Ethereum, which are used for exposure rather than exchanging. Wrapped BTC or any other asset is backed in a one-to-one ratio, whereas Thorchain’s synthetic assets are mixed in with the actual token.

    Since the announcement on March 10, the asset has grown by about 90%, and it is still on the market, as developers issued a new statement shortly after the distribution of synthetic assets, promising the impending release of the ToriFi decentralized financial platform.

    The asset’s trading volume is currently about 7.8 million RUNE, with a spike to 24 during the synthetic asset announcement push. RUNE is currently trading at $7.9 and is approaching its first historical and psychological resistance level of $8.

    What's your reaction?
    Happy0
    Lol0
    Wow0
    Wtf0
    Sad0
    Angry0
    Rip0