THORChain trades in green, and recovers faster than bigger cryptocurrencies. Nine Realms is the development team behind the project and announced that their mainnet was launched after four years of research and development.
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THORChain(RUNE) is trading at $2.30 as of this writing. It has a 14% profit and 35% loss in the past 24 hours, respectively. The market appears to be positive reacting to this announcement.
A promotional campaign will take place on Binance’s exchange, where crypto users can earn a part of a $1,000,000 price. Via an official post, the team behind THORChain said the following celebrating the project’s major milestone:
Mainnet is a functional protocol that offers many features and has a strong community. The community was excited to achieve this milestone after a long wait.
THORChain used the Multichain Chaosnet before it became mainnet. This allowed users to access cross-chain liquidity. The official post explains that this enabled the project to test its features and move from a centralized platform to a community-driven and decentralized one.
This deployment saw the launch of its native token RUNE. Token holders are encouraged to trade their non-native tokens for RUNE. Once 67% of the network runs on native RUNE, the protocol will implement a “Killswitch” and “kill” the non-native asset under the BEP2 standard.
NewsBTC reports that synthetic assets, a feature that THORChain had released 4 months prior, was announced by NewsBTC. By trading with their THORChain versions, sBTC/sETH, users were able gain access to major cryptocurrencies like Bitcoin (BTC), and Ethereum (ETH) by being exposed to their price.
It was only one milestone in the progress of the project towards its mainnet launch. This platform will be a secure, decentralized and liquid-efficient decentralized protocol for decentralized financing (DeFi).
Who’s buying The THORChain RUNE Rally
The project team provided data that THORChain had seen $9.2 Billion in trade volume. This includes around 10 MILLION transactions and 72,000 swappers. It is one of the most important in the DeFi Sector, with a total value locked (TVL), in excess of $250 million.
The team behind this project stated that the next stage of their development would be to make the platform transparent and more decentralized.
It is important to eliminate centralised points of failure as they pose a threat to the network’s future. Treasury management remains the most centralised point. Treasury intends to give full control of the system to the community as soon as possible.
Material Indicators’ (MI) further records an increase of buying pressure by investors placing bid orders exceeding $1,000,000. Yellow on the chart: Retail investors have been buying into current price action (yellow). Purple and brown are inactive.
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If crypto recovers, RUNE might see an increase in its gains. Large investors might see bullish continuation and jump in to push RUNE further.