The price of THORChain’s RUNE token is up 16% since the project announced the official launch of its mainnet on Wednesday.
The team announced the launch of the mainnet along with the launch of a campaign on Wednesday “Rune in a Million” on Binance, which includes a total of $1 million in RUNE rewards for users of the exchange.
Following the announcement, RUNE is up 16% at $2.18 at press time, and the price is up 31.6% over the past seven days. The surge has brought some much-needed relief to RUNE, although the price is still 31% below $3.21 in early June.
THORChain is a cross-chain exchange and bond testnet that allows users to trade assets in liquidity pools across different networks such as Binance Smart Chain, Ethereum, Dogecoin, and Bitcoin. The exchange also supports trading in synthetic assets (tokenized derivatives that mimic the value of other assets).
Depending on the project has processed more than USD 3.7 billion in on-chain transactions and has approx $299.7 million total value locked (TVL).
“The launch of mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community.” It’s been a long time coming and the community is very excited about this important milestone,” explained the team.
Notably, Binance, Crypto.com, Coinspot, Swyftx, and KuCoin have all said they will support the asset.
1/ @THORChain Mainnet opens the floodgates! @binance, @kucoincomand @cryptocom all have announced that they will support native $RUNE the last few days. What an exciting time to be a #ThorChad! LFG!
— ImpossibleHunter77âš¡ (@ImpossibleHunt7) June 23, 2022
The project was started in 2018 and THORChain is in transition from its beta version dubbed “Multichain Chaosnet”, which started in April 2021. In the past, it was the target of hackers worth millions of dollars.
The team notes that it has also transitioned from a fully centralized project to a community-driven project over the past four years “Network is controlled by only 100 decentralized nodes”.
Even if the introduction of the core network does not necessarily have to mean fundamental changes in the way the protocol works, apart from less failures and stability/security of the network, sThis will bring important changes in how the project will be managed and adopted, and will mark Thorchain’s move towards a full-fledged network.
Before you start your own network, THORChain initially launched with two variants of its token on Binance Chain and Ethereum, and the team has in the past raised concerns about the minting properties behind these two assets, along with the split of trading markets for the asset.
As part of the mainnet launch THORChain anticipates that these two RUNE flavors will be launched over the next six months as part of a push to launch the new fully native and unified flavor of the token. The team explained that this will also help more wallets support the asset.
THORChain validators started voting this week to start the IOU RUNE token kill switch.
the @THORChain Node operators have started voting on enabling the kill switch
Details on the meaning https://t.co/ZbsguIfC45 pic.twitter.com/kV5fg2h3ZU
— Dan Smith (@smyyguy) June 20, 2022
In the future, The team said they will work to develop an Architecture Design Registry (ADR) to track changes to the network and governance process. It is also trying to establish new chain integrations, wallet integrations, aggregator implementations and a one-way feature. Greater decentralization was also identified as a central goal.
“Key vulnerabilities need to be eliminated as they pose a risk to the future of the network. The biggest key point remaining is Treasury administration. Treasury plans to cede full control to the community soon.” The team wrote.
RUNE’s rally this week follows sharp surges in native DeFi (DeFi) tokens from competing platforms, like synthetic crypto derivatives exchange Synthetix, which has seen theirs The SNX token is up 75% to $3.06 over the past seven days.
It appears that the price has skyrocketed in response Synthetix Enhancement Proposal 120 implemented last week, increasing the speed of operation on the platform.
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