DeFi sector's standout performer, Thorchain, records a impressive $4.82 billion in cross-chain trading volume.
In a noteworthy development, THORChain's native token, RUNE, has reached a new yearly high, marking a significant milestone in the cryptocurrency market. This surge in value comes amidst a report that is believed to be fuelling a bull run for RUNE.
Over the past month, THORChain's transaction volume has reached an impressive $4.82 billion, a figure that is not far behind that of Arbitrum Bridge. In fact, THORChain is increasingly becoming a favored choice for cross-chain asset transfers, a testament to its growing popularity and reliability.
Arbitrum Bridge, however, leads in the layer-2 bridge domain with a transaction volume of $1.21 billion. Not too far behind is Polygon, with a transaction volume of $564 million, and Polygon POS specifically contributing $400 million to this total.
THORChain's growth is evident in the decentralized finance (DeFi) sector, with its trading volume surpassing $61 billion. This growth has attracted over 91,000 users to the platform, demonstrating its widespread adoption.
One factor contributing to THORChain's success is its stream swaps technology. This innovative feature allows users to execute swaps with minimal slippage, even in scenarios of lower liquidity. This makes THORChain a reliable choice for users seeking swift and efficient asset transfers.
The bullish pattern for RUNE is further supported by its significant growth from its 2023 lows. A breakout above $6.5 for RUNE could cause increased demand and potentially drive the token to new heights in 2024.
It's worth noting that like Uniswap, THORChain enables users to maintain control over their funds. Additionally, THORChain offers a unique lending feature that supports trustless lending of assets without the risks associated with liquidity or interest.
Interestingly, the founder or founding team of THORChain has not been explicitly identified in the available search results. However, the platform's functionality, which includes trustless and asset-swapping capabilities, speaks volumes about its robustness and potential for continued growth.
As of now, RUNE is trading in a bullish pattern, and with the positive momentum it has gained, it will be interesting to see how the rest of 2023 unfolds for THORChain and its native token, RUNE.
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