The price of THORChain tokens rose by 16% after the main network was opened

The price of THORChain tokens rose by 16% after the main network was opened – Mail Bonus

The price of the THORChain symbol RUNE has risen by 16% since the project announced the official launch of its network on 22 June.

The team announced an online launch on Wednesday, in conjunction with Binance’s “Rune in a Million Campaign” issue, which includes a total of $ 1 million RUNE prize for stock exchange users.

The announcement has been followed by a 16% increase for RUNE to $ 2.18 as of this writing and the price has risen by 31.6% over the last seven days. The increase has provided RUNE with the necessary relief, although the price has still fallen by 31% from $ 3.21 in early June.

THORChain is a cross-chain switching and provable bonding system that allows users to exchange assets with liquidity portfolios on various networks such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin. The Exchange also supports trading in ready-made assets (represented derivatives that mimic the value of other assets).

According to the project, it has won more than $ 3.7 billion of native chain swaps and has about $ 299.7 million of total value locked in (TVL).

“Mainnet marks the result of a fully active, feature-rich protocol with a large ecosystem and a strong community. It has been a long time and the community is very excited for this important milestone, “said the team.

In particular, Binance, Crypto.com, Coinspot, Swyftx and Ku Coin have all stated that they will support the property.

The project was launched in 2018 and THORChain is changing from its beta version called “multichain chaosnet” which launched in April 2021. It was the subject of millions of dollars in hacking in the past.

The team points out that it has also changed in the last four years from a fully centralized project to a community-driven project where “a network is only managed by 100 distributed nodes.

Although the implementation of the core network does not necessarily lead to any fundamental changes in the way protocols work apart from minor errors and network stability / security, it will provide key changes in how the project is managed and approved, and marks Thorchain’s development in a. fully equipped network.

Before THORChain launched its own blockchain, THORChain initially started with two variants of its symbol on Binance Chain and Ethereum, and the team has expressed concern about the currency features behind these two assets in the past, as well as switching trading markets for the asset.

As part of the launch of the main network, THORChain hopes to reduce these two variants of RUNE over the next six months as part of pushing for points in the new fully native and unified variant of the symbol. The developer said this will also help more wallets provide support for the property.

THORChain accreditation bodies launched the vote to launch the IOU RUNE “distribution switch” symbol this week.

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The team went on to say that it will work on developing an Architecture Design (ADR) to manage network changes and the management process. It will also seek to establish new chain integration, wallet integration, aggregate and unilateral return features. Further devolution has also been earmarked as a key goal.

“Centralized failure points must be removed as they are a danger to the future of the network. The biggest central point that remains is the management of the Treasury. The Treasury intends to hand over full control to the community soon, “the team wrote.

This week’s RUNE rally follows a sharp increase in native DeFi symbols from a competitive platform such as Synthetix’s artificial derivatives trading platform, which has seen its SNX pump 75% over the past seven days and stand at $ 3.06.

Prices appear to have risen in response to Synthetix’s 120 reform proposal, which was launched last week, increasing the platform’s conversion rate.