ThorChain is trading in the green and is recovering faster than the major cryptocurrencies. The development team behind this project, Nine Realms, announced the launch of their mainnet after 4 years of development and research.
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At the time of writing, Thorchain (RUNE) is trading at $2.30 with gains of 14% and 35% respectively over the past 24 hours and 7 days. The market seems to be reacting positively to this announcement.
As part of the announcement, crypto users on the Binance exchange will be able to participate in a promotional campaign and earn a share of a total of $1 million. Via an official post, the team behind Thorchain said that the following are celebrating the project’s key milestone:
Mainnet marks 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.
Prior to Mainnet, Thorchain was working with Multichain ChaosNet (MCCN) to provide users with cross-chain liquidity. According to the official post, this allowed the project to battle-test its features and move from a centralized to a decentralized and community-driven platform.
As part of this deployment, the project launched its native token RUNE and asked all token holders to swap their non-native RUNE for the former asset. Once 67% of the network runs on native RUNE, the protocol will implement a “killswitch” and “kill” non-native assets under the BEP2 standard.
As reported by NewsBTC, 4 months ago THORchain released a highly expected feature, the Synthetix asset. This allowed users to gain exposure to the price of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) by trading them with their Thorchain versions called SBTC and SETH.
This was one of the milestones reached by the project on the track of its mainnet launch. It aims to make the platform a decentralized, secure and liquidity-efficient protocol in the decentralized finance (DeFi) sector.
Who is buying Thorchen (RUNE) rally?
Data provided by the team behind the project claims that Thorchain has seen $9.2 billion in total trading volume, with a total of about 10 million transactions and approximately 72,000 unique swappers. The protocol has approximately $250 million in Total Value Locked (TVL), making it the largest in the DeFi space.
In its next phase of development, which includes making the platform more transparent and decentralized, the team behind the project said:
Centralized points of failure must be removed as they are a risk to the future of the network. The largest remaining centralized point is Treasury Management. Treasury plans to hand over full control to the community soon.
Further data provided by the Materials Indicator (MI) shows increasing pressure from investors over $1,000 to $10,000 in bid orders (red and green on the chart below). Retail investors (yellow on the chart) are selling in the current price action while whales (brown and purple) have been dormant.
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If the crypto continues to rebound, RUNE could increase its gains. If large investors see bullish continuation, they can jump into action and push RUNE to further gains.