THORChain token price up 16% following mainnet launch


THORChain’s token RUNE has risen 16% since the project was officially launched on June 22.

The team announced the launch of its main network on Wednesday, along with the launch of the Rune in a Million Campaign on Binance, a total of $ 1 million worth of RUNE prizes.

At the time of writing, the 16% increase for RUNE followed by $ 2.18, and the price has increased 31.6% in the last seven days. The price is still down 31% from $ 3.21 in early June, but the increase is a significant relief for RUNE.

THORChain is a chain exchange and bond verification network that allows users to exchange assets on liquid networks such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin. The exchange supports the trading of man-made assets (tokens-like derivatives of other assets).

According to the project, it has performed more than $ 3.7 billion worth of chain exchanges, and has a net worth of $ 299.7 million (TVL).

“Mainnet symbolizes success with a large ecosystem and a strong community.

In particular, Binance, Crypto.com, Coinspot, Swyftx and Ku Coin all support the property.

A.D. Launched in 2018, the project and THORChain are moving from the beta version of multichain chaosnet released in April 2021. It used to be the subject of millions of dollars’ worth of abductions.

The team noted that over the past four years, the project has shifted from a fully-fledged project to a community-based “network with only 100 decentralized units”.

Although the main network login does not bring any fundamental changes to the protocol’s performance except for minor errors and network instability, it provides key changes in how the project is managed and implemented and shows Torchine’s progress to a certain level. Fully upgraded network.

Before launching its own blockchain, THORChain first launched tokens on Binance Chain and Ethereum with two variants, and in the past the group has expressed concern about the underlying features behind these two assets, splitting the trading markets for the asset.

As part of its core network startup, THORChain will be part of a milestone in the next six months by eliminating these two RUNE options and moving forward into the new completely native and integrated account variation. This, in turn, will help support the property, the team said.

THORChain Verifiers voted to launch the IOU RUNE “Killer Switch” this week.

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The team further stated that it will work to develop an architecture design record (ADR) to monitor network changes and management processes. It also seeks to develop new chain integrations, wallet integrations, assembly applications, and unilateral product features. Additional decentralized administration has been identified as a key goal.

“Centralized points should be removed as they pose a threat to the future of the network. The central focus is the Treasury Administration. The Treasury plans to hand over full control to the public soon,” the group wrote.

The RUNE rally follows a significant increase in Deffie native tokens from competing platforms such as Synthetix over the past seven days to keep 75% of the SNX pump at $ 3.06 this week.

The response to last week’s Synthetix Improvement Proposal 120, which aired last week, seems to have boosted the pace of trading on the platform.