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THORChain’s native RUNE token has rallied 35% following the restart of Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) trading on the protocol.
THORChain Rallies on Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) Restart
THORChain is back on Ethereum ( $0.00 ) .
The protocol’s native RUNE token rallied 35% Thursday after trading interoperability with the Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) network was re-enabled. While the rally has since cooled off, RUNE is still trading up over 27%.
USD/RUNE chart. Source: CoinGecko
Users can once again trade native Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) and ERC-20 tokens through THORChain. However, those wishing to provide liquidity for Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) pairs will need to wait for the treasury to rebalance pools before doing so.
Trading on the THORSwap exchange has more than tripled following the restart, hitting $43 million, the highest daily volume ever recorded. The protocol appears to be running at full steam, with over $22 million in trading volume on the Binance USD pool, despite only containing $15 million of liquidity.
THORChain is a liquidity protocol that facilitates cross-chain trading between networks. Users can connect to exchanges built on the protocol, such as THORSwap, to directly swap assets like Bitcoin ( $42,025.00 ) for tokens on other blockchains without going through a centralized exchange.
THORChain halted trading on the Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) network in July after a series of hacks cost users a combined $13 million. The chain’s native RUNE token was hit hard, falling more than 82% from all-time highs. While the RUNE token has since recovered, it has been unable to retest the highs achieved in May.
Now that trading has been re-enabled with the Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) network, THORChain is back at full operational capacity. Users can now trade assets between all five supported blockchains: Bitcoin, Ethereum ( $0.00 ) , Binance Chain, Litecoin ( $0.00 ) , and Bitcoin ( $42,025.00 ) Cash.
The THORChain team have also announced plans to integrate more chains in the future, allowing users to exchange assets such as Dogecoin ( $0.168 ) , Monero, and Dash through the protocol.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
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