THORChain Becomes Third Largest DEX
Among decentralized exchanges, THORChain's $1.32 billion in transaction volume over the past week was second only to Uniswap and PancakeSwap.
In the past week, the native asset settlement protocol THORChain has ranked third among non-centralized exchanges regarding trading volume. Users appear drawn to the high yield close to its native token.
DefiLlama reports that THORChain's trading volume reached $1.32 billion last week, ranking it third only to PancakeSwap and Uniswap, which reached $10.85 billion and $2.77 billion, respectively.
Additionally, THORChain has the second-highest 24-hour trading volume at $334.3 million, approximately $50 million higher than the volume recorded by third-placed PancakeSwap. CoinGecko also reports that RUNE has risen by over 200% in the last 30 days and 51% over the past week.
The transition of THORChain from Curve Finance to THORChain occurred significantly earlier than THORChain primary developer Chad Barraford had anticipated—barring the final days of 2023.
“Okay, this happened much faster than I thought. Just took 2 days instead of 2 months,”Barraford wrote on X (previously Twitter) on November 13.
Okay, this happened much faster than i thought. Just took 2 days instead of 2 months. But its happened, @THORChain has more trade volume in a week than @CurveFinance.
— Chad Barraford (@CBarraford) November 13, 2023
Next is @PancakeSwap 🎯 https://t.co/xbGkKfFtRU pic.twitter.com/YdPeCZiOQA
As users can exchange native Bitcoin for BTC, THORChain is considered a multichain variant of Uniswap. The decentralized exchange known as THORSwap operates on the THORChain protocol.
While the platform's average annual percentage rate (APR) is approximately 44%, certain liquidity pools offer significantly higher APRs, including Bitcoin and Rune pairs, surpassing 353%.
In the twenty-four hours between November 11 and 12, THORChain processed nearly 2%, or $224 million, of the total spot Bitcoin trading volume, according to Bitcoin advocate Erik Voorhees.
Thoracic blockchains ought to be familiar to Bitcoin novices. Voorhees reiterated, “Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary… which is the entire point of Bitcoin'.
Principled Bitcoiners should be familiar with @THORChain
— Erik Voorhees (@ErikVoorhees) November 12, 2023
It is the *only market* to trade #Bitcoin at scale without an intermediary… which is the entire point of Bitcoin.
>$200m of native non-wrapped BTC was traded here in the past 24 hrs, permissionlessly.
If you'd like… https://t.co/0WW4QRCo6F
A group of developers introduced the THORChain initiative during the Binance Dexathon 2018. A considerable number of its initial developers have chosen to remain anonymous.
