Since the project announced the official launch of its mainnet on June 22, the price of THORChain’s token RUNE has risen by 16%.
The team announced the mainnet launch on Wednesday alongside the launch of the “Million Rune Campaign” on Binance, which includes a total of $1 million worth of RUNE rewards for exchange users.
Following the announcement, RUNE is up 16% to $2.18 at the time of writing, with the price up 31.6% over the past seven days. While prices are still down 31% from $3.21 in early June, the surge in price has provided RUNE with some much-needed relief.
THORChain is a cross-chain exchange and proof-of-bond network that enables users to exchange assets through liquidity pools across various networks Such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin.The exchange also supports Synthetic Asset Trading (Tokenized derivatives that mimic the value of other assets).
According to the project, processed more Over $3.7 billion worth of native on-chain swaps traded, with a total value locked (TVL) of approximately $299.7 million.
“Mainnet marks the realization of a fully functional, feature-rich protocol with a large ecosystem and a strong community. It has been a long time, 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.
— ImpossibleHunter77⚡ (@ImpossibleHunt7) June 23, 2022
The project was launched in 2018, and THORChain is transitioning from a beta version called “Multi-Chain Chaos Network” that will go live in April 2021. Past multi-million dollar hacks .
The team noted that over the past four years, it has also transitioned from a fully centralized project to a community-driven project with a “network entirely controlled by 100 decentralized nodes.”
While the introduction of the mainnet will not necessarily bring any fundamental changes to how the protocol operates, in addition to fewer bugs and network stability/security, it will provide critical changes to how the project is managed and adopted, and It marks the development of Thorchain into a complete network.
THORChain initially launched two variants of its token on Binance Chain and Ethereum before launching its own blockchain, the team has in the past expressed concerns about the minting function behind the two assets and divided the asset’s market place.
As part of the mainnet launch, THORChain expects to phase out both RUNE variants over the next six months as part of the push for a new fully native and unified token variant. This will also help more wallets back the asset, the team said.
THORChain validators started voting this week to initiate the IOU RUNE token “kill switch”.
This @THORChain Node operators have started voting to activate Kill Switch
— Dan Smith (@smyyguy) June 20, 2022
Going forward, the team said it will work on developing an Architecture Design Record (ADR) to track network changes and governance processes. It will also seek to build new chain integrations, wallet integrations, aggregator implementations and one-sided yield capabilities. Further decentralization has also been designated as a key objective.
“Centralized points of failure must be eliminated as they pose a risk to the future of the network. The largest remaining centralized point is money management. Treasury plans to hand over full control to the community soon,” the team wrote.
This week’s RUNE rally is coming from competing platforms such as Synthetix, a synthetic derivatives trading platformits SNX has risen 75% over the past seven days to $3.06.
Prices seem to soar on Synthetix improvement proposal 120 live The speed of transactions on the platform was increased last week.