Native asset settlement protocol THORChain recorded the third-largest trading volume among non-centralized exchanges last week, with users apparently attracted by the high yield offered alongside its native token Rune (RUNE).
According to DefiLlama, THORChain’s trading volume reached $1.32 billion last week, trailing only Uniswap and PancakeSwap at $10.85 billion and $2.77 billion, respectively.
THORChain also has the second largest trading volume at $334.3 million in the last 24 hours, almost $50 million more than third-place PancakeSwap.
According to CoinGecko, RUNE is up 51% in the last week and more than 200% in the last 30 days.
THORChain’s rise above Curve Finance came much earlier than predicted by THORChain core developer Chad Barraford, who initially expected the reversal to occur before the end of 2023.
“Okay, that happened a lot quicker than I thought. It only took two days instead of two months,” Barraford noted in a Nov. 13 X (formerly Twitter) post.
Okay, that happened a lot faster than I thought. It only took 2 days instead of 2 months. But it happened, @THORChain has more trading volume than @CurveFinance in a week.
Next up is @PancakeSwap https://t.co/xbGkKfFtRU pic.twitter.com/YdPeCZiOQA
— Chad Barraford (@CBarraford) November 13, 2023
THORChain is considered a multichain version of Uniswap as it allows users to swap native Bitcoin (BTC) for Ether (ETH). THORSwap is the name of the decentralized exchange based on the THORChain protocol.
The platform offers an average annual percentage rate (APR) of almost 44%, but some liquidity pools offer much higher, such as Bitcoin and Rune pairs, which offer an APR of over 353%.
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Bitcoin advocate Erik Voorhees noted that THORChain processed nearly 2%, or $224 million, of total spot Bitcoin trading volume in the 24 hours between November 11th and 12th.
“Principal Bitcoiners should be familiar with THORChain. It is the only market where Bitcoin can be traded on a large scale without intermediaries… and that is the point of Bitcoin,” Voorhees reiterated.
Principled Bitcoiners should be familiar with @THORChain
It is the *only market* where #Bitcoin can be traded on a large scale without intermediaries… and that is the point of Bitcoin.
In the last 24 hours, over $200 million worth of native, unwrapped BTC was traded here without permission.
If you want… 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 remained anonymous.
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