Thorchain’s token RUNE has seen a 16% increase in price since announcing the official launch of its mainnet on June 22.
The team announced the mainnet launch on Wednesday, as well as the “Run in a Million Campaign” on Binance, which includes a total of $1 million worth of RUNE rewards for users of the exchange.
At the time of writing, RUNE is up 16% to $2.18 after the announcement, with the price up 31.6% over the past seven days. The bounce has provided some much-needed relief for RUNE, although the price is still down 31% from $3.21 at the beginning of June.
Thorchain is a cross-chain exchange and proof-of-bond network that enables users to swap assets across various networks such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin by pooling liquidity. The exchange also supports the trading of synthetic assets (tokenized derivatives that mimic the value of other assets).
According to the project, it has processed over $3.7 billion worth of native on-chain swaps, and the total value of lock (TVL) is approximately $299.7 million.
“Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community. It has 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 will support the asset.
Project and Thorchain, which launched in 2018, is changing from its beta version called “Multichain Chaos”, which went live in April 2021. It was the subject of several million dollar hacks in the past.
The team noted that it has transitioned over the past four years from a fully centralized project to a community-driven one whose “network is entirely controlled by 100 decentralized nodes.”
While the introduction of the mainnet did not necessarily bring about any fundamental changes to how the protocol operates, other than fewer bugs and network stability/security, it did not bring any fundamental changes to how the project was handled and adopted, and allowed Thorchain’s development to be a one-stop destination. will provide significant changes. Fully developed network.
Before launching its own blockchain, Thorchain initially launched with two variants of its tokens on Binance Chain and Ethereum, and the team has worked with the mining facilities behind these two assets in the past, as well as trading for the asset. Concerns have been expressed about the split in the markets.
As part of the mainnet launch, Thorchain expects to port these two variants of RUNE over the next six months, in order to step-by-step into a new fully native and integrated version of the token. The team said it will also help more wallets provide support for the asset.
Thorchain validators began voting this week to introduce a “kill switch” for the IOU RUNE token.
@THORChain Node operators have started voting to activate the kill switch
Details on importance https://t.co/ZbsguIfC45 pic.twitter.com/kV5fg2h3ZU— Dan Smith (@smyyguy) 20 June 2022
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Going forward, the team said that it will work on developing an Architectural Design Record (ADR) to track network changes and governance process. It will also look at setting up new on-chain integration, wallet integration, aggregator implementation and single-sided yield features. Apart from this, decentralization has also been set as a major goal.
“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 soon hand full control over to the community,” the team wrote.
This week’s RUNE rally follows a sharp surge of native DeFi tokens from competing platforms such as synthetic derivatives trading platform Synthetix, which has seen its SNX pump 75% over the past seven days to sit at $3.06.
The price appears to have risen in response to Synthetix Improvement Proposition 120, which went live last week, which has increased the momentum of trading on the platform.