By Lucas Williams
THORChain (RUNE) saw its price surging 16% after the project revealed the official mainnet launch on 22 June. The team declared the move on Wednesday, plus rolling out the ‘Rune in a Million Campaign’ on Binance. The campaign boasts RUNE rewards worth $1 million for investors using the crypto exchange.
RUNE responded to the announcement with a 16% hike to $2.18 during this publication. The alternative token has surged 31.6% within the past seven days. Moreover, the upside moves offered some much-required relief for THORChain, though the coin remained 31% down from early June’s $3.21.
THORChain is a proof-of-bond and cross-chain exchange network that allows users to swap tokens by liquidity pools in various platforms, including Binance Smart Chain, Bitcoin, Ethereum, and Dogecoin. Moreover, crypto investors can use the exchange to trade synthetic assets.
The projects revealed processing on-chain swaps worth over $3.7 billion boasts nearly $299.7 M worth of TVL (total value locked). The team said the mainnet means achieving a feature-rich, fully functional network with a strong community and massive ecosystem. Meanwhile, the crypto community has been awaiting this crucial milestone. Crypto.com, Binance, KuCoin, Coinspot, and Swyftx said they would back the asset.
The project began in 2018, and RUNE transformed from the beta version, termed ‘multichain chaosnet,’ launched in April last year. It was the center of multi-million frauds in the past. The team added that the past four years had them transitioning from a centralized network to a community-driven project, with 100 decentralized nodes controlling the network.
Though the mainnet launch does not introduce fundamental changes to protocol operations besides network security/stability and fewer bugs, it will offer crucial changes in project adoption and governance, marking THORChain’s a complete-fledged platform.
The team confirmed working on an ADR (Architecture Design Record) to track governance processes and network changes. Moreover, it will concentrate on establishing new aggregator implementations, wallet integration, chain integrations, and a one-sided yield functionality. Also, THORChain targets further decentralization.
RUNE’s this week rally comes as native DeFi coins from rival networks like Synthetix saw sharp upsurges. For instance, Synthetix (SNX) saw a 75% upswing within the previous week to $3.06.
Editorial credit: FellowNeko / Shutterstock.com
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