The price of THORChain’s RUNE token has increased by 16% since the project announced the official launch of its mainnet on June 22.
The team announced the launch of mainnet on Wednesday, along with the launch of a “Rune in a Million Campaign” on Binance, which includes a total of $1 million in RUNE rewards for users of the exchange.
The announcement was followed by a 16% surge for RUNE to $2.18 at the time of writing, and the price is up 31.6% over the past seven days. The surge has given RUNE some much-needed relief, although the price is still down 31% from $3.21 in early June.
THORChain is a cross-chain exchange and proof-of-bond network that allows users to exchange assets through liquidity pools across various networks such as Binance Smart Chain, Ethereum, Dogecoin, and Bitcoin. The exchange also supports trading in synthetic assets (tokenized derivatives that mimic the value of other assets).
According to the project, it has processed more than $3.7 billion worth of native on-chain swaps and has a total locked value (TVL) of around $299.7 million.
“Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community. It’s been a long time coming and the community is very excited about this important milestone,” the team said.
Notably, Binance, Crypto.com, Coinspot, Swyftx, and Ku Coin have all said they will support the asset.
1/ @THORChain Mainnet opens the floodgates! @binance, @kucoincom and @cryptocom have all announced in the past few days that they will support native $RUNE. What an exciting time to be a #ThorChad! LFG!
— ImpossibleHunter77⚡ (@ImpossibleHunt7) June 23, 2022
The project started in 2018 and THORChain is transitioning from its beta version called “Multichain-Chaosnet” which went live in April 2021. It has been the subject of multi-million dollar hacks in the past.
The team notes that over the past four years it has transformed from a fully centralized project to a community-driven project whose “network is solely controlled by 100 decentralized nodes.”
While mainnet adoption won’t necessarily bring fundamental changes to how the protocol works, aside from fewer bugs and network stability/security, it will bring important changes to how the project is managed and adopted, and marks the development of Thorchain into a full-fledged network.
Before launching its own blockchain, THORChain initially launched with two variants of its token on Binance Chain and Ethereum, and the team has historically raised concerns about the minting features behind these two assets and split trading markets for the asset.
As part of the mainnet launch, THORChain hopes to mine these two variants of RUNE over the next six months as part of the push-to-phase integration of the new fully native and unified variant of the token. The team explained that this will also help more wallets provide support for the asset.
THORChain validators this week began voting on the initiation of the IOU RUNE token “kill switch”.
@THORChain node operators have started voting on enabling the Kill Switch
Details on the meaning https://t.co/ZbsguIfC45 pic.twitter.com/kV5fg2h3ZU
— Dan Smith (@smyyguy) June 20, 2022
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Moving on, the team said they would be working on developing an Architecture Design Record (ADR) to track network changes and the governance process. It will also try to establish new chain integrations, wallet integrations, aggregator implementations and a one-way earnings function. Further decentralization is also an important goal.
“Key vulnerabilities must be removed as they pose a risk to the future of the network. The largest remaining central point is treasury management. Treasury plans to hand over full control to the community soon,” the team wrote.
This week’s RUNE rally follows the sharp surge in native DeFi tokens from competing platforms such as synthetic derivatives trading platform Synthetix, whose SNX is up 75% to $3.06 over the past seven days.
The price appears to have risen in response to the Synthetix improvement proposal 120 that went live last week and increased trading speed on the platform.
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