THORchain’s token RUNE has increased by 16% since the project announced its official release on May 22.
The team announced the release of Mainnet on Wednesday, with a “Rune in a Million Campaign” rollout in Binance, with RUNE prizes totaling $ 1 million for Exchange users.
The 16% bump to RUNE has been delivered at $ 2.18 at the time of publication, and the price has increased 31.6% in the last seven days. The surge has provided some much-needed relief for RUNE, though the price is down 31% from $ 3.21 in early June.
THORchain is a cross-chain exchange and proof-bond network that enables users to exchange assets through liquidity pools across a variety of networks, such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin. The exchange also supports the trading of synthetic assets (tokenized products that mimic the value of other assets).
According to the plan, it has processed $ 3.7 billion worth of local on-chain swaps and locked in a total value of approximately $ 299.7 million (TVL).
“Mainnet recognizes 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 said they support the property.
– ImpossibleHunter77⚡ (@ ImpossibleHunt7) June 23, 2022
The project started in 2018 and is called “Multichain Chosennet” by its beta version of THORchain, which went live in April 2021. This was previously the subject of multi-million dollar hacks.
The team notes that it has transitioned from a fully centralized project to a community-driven project over the past four years, “controlling the network from just 100 decentralized nodes.”
While the introduction of Mainnet does not make any fundamental changes to how the protocol works, apart from fewer bugs and network stability / security, it does provide major changes to how the project is implemented and implemented, and marks the development of Thorchain. Complete network.
Prior to launching its own blockchain, THORchain initially launched Binance Chain and Ethereum with two variants of its token, and the team has previously expressed concerns about these two assets being mitigated, as well as the trading markets for the property.
As part of the MyNet launch, THORchain hopes to close these two variants of RUNE over the next six months as part of the token’s new fully localized and integrated version. This will help more valets support the property, the team said.
THORchain appraisers voted to launch the IOU RUNE token “Kill Switch” this week.
The @Thorchain Node operators have begun voting to enable Kill Switch
Details of importance pic.twitter.com/kV5fg2h3ZU
– Dan Smith (@smyyguy) June 20, 2022
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The team said it would work to develop the Architecture Design Record (ADR) to keep track of network changes and the governance process. It also looks to install new series integrations, wallet integrations, aggregator implementations and a single-sided yield feature. High decentralization is also a key goal.
“Failure focus points should be eliminated because they threaten the future of the network. The biggest focal point is Treasury Management.
This week’s RUNE Rally follows a sharp surge of local DeFi tokens from competing platforms like Synthetic Derivatives Trading Platform Synthetics, which has seen its SNX pump up 75% in the last seven days at $ 3.06.
Prices have risen in response to the Synthetics Reform proposal 120, which went live last week that accelerated trading on the platform.