THORChain (RUNE) surged by over 70% this week, up to $5.5, on a series of encouraging technical developments in its ecosystem.
The decentralized liquidity protocol surged ahead of the long-awaited mainnet launch and integration with Terra. THORChain allows users to easily exchange cryptocurrency assets. It also enables them to swap assets in permissionless settings without the need to rely on centralized exchanges.
Integration With Terra
Terra, a blockchain protocol that powers algorithmic decentralized stablecoins, partnered with THORChain, an independent blockchain used for governance, staking, bonding, rewards, and trading.
After successful integration, Terra brings LUNA token and TerraUSD (UST) stablecoin to the THORChain ecosystem. As a result, users will now have more trading and staking options within the ecosystem.
THORChain now supports six wallet types for eight blockchains on their cross-chain exchange.
THORSwap supports 6 wallet types for 8 blockchains as a cross-chain DEX. pic.twitter.com/eOzoZbKR0f
— THORSwap (
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,Another big change is the option for the platform to support all Cosmos-based projects. Namely, Cosmos is a solution that may lead to a whole network of decentralized blockchains that work together on the same ecosystem. Furthermore, some see the protocol as an option for scaling blockchains which may become a new standard in the future.
Mainnet Launch
What might have also helped push the coin up were reports that the long-anticipated mainnet launch could finally become a reality. THORChain has been planning its mainnet launch since late 2021. However, consistent issues delayed the actual release.
Mainnet, a term used for a fully developed and deployed blockchain protocol, finally fits the criteria to see the light of day. This includes the rehearsal of adding and removing chains, removing Bitcoin and Litecoin from the testnet, and test runs with forking the chain.
THORChain will launch on the mainnet with a hard fork from the current blockchain protocol.
High Staking Yields
Investors are attracted to THORChain for several reasons, including its high staking rewards. Among the highest rewards for liquidity providers are 55% for Binance USD and 30% for the DAI stablecoin. Assets like Litecoin and Dogecoin follow, with rewards of 26% and 24%,, respectively.
THORChain wants to launch notable new features for the decentralized system in an effort to compete with centralized exchanges. These include market orders, leverage trading, or peer-to-peer credit lending.
