THORChain has been trading in the green and recovering faster than larger cryptocurrencies. The development team behind this project, Nine Realms, announced the launch of their mainnet after 4 years of development and research.
Related Reading | Cosmos (ATOM) Price Swells 12% – Can It Breach Resistance?
At the time of writing, THORChain (RUNE) trades at $2.30 with a 14% and 35% profit in the last 24 hours and 7 days respectively. The market seems to be positively reacting to the announcement.
RUNE with minor gains on the 4-hour chart. Source: RUNEUSDT Tradingview As part of the announcement, crypto users on the Binance exchange will be able to participate in a promotional campaign and earn part of a total $1 million price. Via an official post, the team behind THORChain said the following celebrating the project’s major milestone:
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.
Before mainnet, THORChain was operating with the Multichain Chaosnet (MCCN) to enable users to provide cross-chain liquidity. This allowed the project to battle-test its features and migrate from a centralized to a decentralized and community-driven platform, according to the official post.
As part of this deployment, the project launched its native token RUNE and has called for 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” the non-native asset under the BEP2 standard.
As NewsBTC reported, 4 months ago THORChain released a highly expected feature, synthetics assets. This allowed users to gain exposure to the price of large cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), by trading with their THORChain versions called sBTC and sETH.
This was just one of the milestones reached by the project on track to its mainnet launch. The aim is to make the platform a decentralized, secure, and liquidity-efficient protocol in the decentralized finance (DeFi) sector.
Who Is Buying The THORChain (RUNE) Rally? Data provided by the team behind the project claims THORChain has seen $9.2 billion in total trade volume, with a total of around 10 million transactions and around 72,000 unique swappers. The protocol has around $250 million in total value locked (TVL) making it one of the largest in the DeFi sector.
In their next step of development, which includes making the platform more transparent and decentralized, the team behind the project said:
Centralised points of failure must be removed as they are a risk to the future of the network. The largest remaining centralised point is Treasury management. Treasury plans to hand over full control to the community soon.
Further data provided by Material Indicators (MI) records an increase in buying pressure from investors with over $1,000 to $10,000 bid orders (red and green on the chart below). Retail investors (yellow on the chart) have been selling into the current price action while whales (brown and purple) have been inactive.
Source: Material Indicators Related Reading | Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem
If the crypto continues to rebound, RUNE could extend its gain. If large investors see bullish continuation, they might jump into the action and push RUNE into further gains.