Over the past week, THORChain, a decentralized exchange (DEX), has seen a significant surge in trading activity, with a total trading volume of $1.32 billion USD. This impressive performance has propelled THORChain to the third position among the top DEX platforms in the market, trailing behind Uniswap with a trading volume of $10.85 billion USD and PancakeSwap with $2.77 billion USD.
In addition to this remarkable trading volume, THORChain achieved the second-largest trading volume in a 24-hour period, totaling $334.3 million USD, which is more than $50 million USD higher than PancakeSwap’s volume.
As a result of this outstanding success, the native token of the THORChain protocol, known as RUNE, experienced a substantial price increase of 51% in just one week and over 200% in the past 30 days. At the time of writing, RUNE is trading at approximately $5.2 USD.
It’s worth noting that THORChain’s breakthrough, surpassing Curve Finance, was anticipated by Chad Barraford, the core developer of THORChain, although it happened sooner than expected. THORChain is a cross-chain decentralized liquidity protocol that allows for direct token swaps between different Layer1 blockchains.
Built on the advanced Cosmos SDK (software development kit) and part of the Cosmos blockchain ecosystem, THORChain currently supports nine different Layer1 blockchains, with expectations to expand its support to more blockchains in the future.
THORSwap, the decentralized exchange platform provided by the THORChain protocol, offers an average annual percentage rate (APR) of around 44%. However, some liquidity pools, such as the Bitcoin and RUNE pair, offer significantly higher APRs, exceeding 353%.