The launch of THORChain’s core network has opened the floodgates to bullish activity in its native token, RUNE. Over the past 24 hours, the asset has rallied more than 20% to an intraday high of $2.3 amid a rapid recovery in the overall market. After a small pullback, the token is at about $2.2 at the time of writing.
The main THORChain network is already here
The latest surge came after THORChain gained mainstream network status four years after its inception. The launch of the core network was long overdue. THORChain had been planning for it since late 2021, but the actual release was delayed due to several issues. The decentralized liquidity protocol was largely a research project, but this achievement marks a key milestone, signaling a new phase of development, scaling and adoption.
The THORChain team announced:
“From its inception in 2018 until now, THORChain has largely been a research project. Mainnet is making changes to a full-featured, feature-rich protocol with a large ecosystem and a strong community.”
The focus will now be on integration with more decentralized exchanges (DEX) and exchange aggregators.
Meanwhile, to celebrate the launch of the core network, the THORchain team also announced the launch of the “RUNE in a Million Campaign” on Binance, which runs from June 23 to July 7, 2022. 1 million dollars in RUNE tokens to all users of the crypto exchange. The announcement managed to push the price of RUNE to the aforementioned multi-day highs.
Cryptocurrency exchanges – Binance, CryptoCom, Coinspot, Swyftx and KuCoin confirmed their support for the asset. However, data from CoinGecko shows that RUNE is still about 90% below its all-time high from last May.
Exploring the network.
According to THORChain’s dashboard, it has nearly $3.8 billion of its own swaps in the network. The previous network, called ChaosNet, had about $9.2 billion in swaps, more than 3.4 million swaps from nearly 71,000 unique traders.
THORChain received $80 million in commissions from swaps. Currently, the total locked-in value (TVL) within the protocol’s smart contracts is about $302.9 million.