Key Points
- THORChain (RUNE) saw a surge in price of over 8% in the past 24 hours on CoinMarketCap.
- The token is now trading at $5.74.
THORChain (RUNE) saw a rise in price earlier of over 8% in the past 24 hours on CoinMarketCap. Now, the token is trading at $5.74.
The total market cap of the token is a little over $1,9 billion.
The other day, the team behind THORChain shared a post on their X account, addressing the decentralization of the ecosystem.
They noted that THORChain is decentralized in the sense that it is completely run by its mostly anonymous contributors. Also, the team shared that the community has found an issue, and a NO was able to contain the problem.
https://twitter.com/THORChain/status/1787989400733012255
On May 6, THORChain also shared a post detailing the project's goal which is providing decentralized liquidity. According to the post, THORChain is able to do the following:
- Attract as much TVL as possible
- Protect the TVL with as much decentralized security as possible
- Monetize the TVL with as much volume as possible
https://twitter.com/jpthor89/status/1787230606390390954
THORChain's CEO continued in a thread and noted that regarding the TVL, ThorChain needs to provide a compelling place for assets with security and yield. The project must also solve the UX problems regarding providing liquidity.
https://twitter.com/jpthor89/status/1787230609699688574
He also noted that THORChain has to ensure that the TVL is protected at all times economically (via $bond), functionally (by node tools) and procedurally (by testing/Stagenet/THORSec).
https://twitter.com/jpthor89/status/1787230612216320040
Regarding the subject of monetization, he revealed that TC must monetize the TVL to earn yield to pay for it and security. He highlighted that there's a need for as many swaps as possible.
https://twitter.com/jpthor89/status/1787230614695125152
What is THORChain (RUNE)?
THORChain is a decentralized liquidity protocol that allows users to easily exchange crypto across various networks, including Bitcoin and Ethereum, without losing full custody of their assets along the way.
Users can swap one asset for another in a permissionless setting without having to rely on order books to source liquidity. The market prices are maintained via the ratio of assets in a pool.
The native utility token of the THORChain platform is RUNE. This is used as the base currency in the ecosystem for platform governance and security as part of THORChain's Sybil resistance mechanisms.
The THORChain nodes have to commit a minimum of 300k RUNE to participate in its rotating consensus process.
THORChain was founded via an initial DEX offering, which launched via the Binance DEX in July 2019.
