THORChain, a decentralized finance (DeFi) protocol facilitating cross-chain asset swaps, is experiencing unprecedented growth. According to on-chain analyst Hess, the network has surpassed a staggering $70 billion in total trading volume, driven by a surge in user activity.
Since the beginning of 2023, THORChain has witnessed a remarkable increase in its user base. The platform, which currently boasts 510,000 unique users and has processed over 19.7 million transactions, has seen its weekly active users skyrocket from around 2,000 in January to an average of over 8,000 today. This represents a staggering growth rate, with more than 41% of the total user base joining in 2024 alone.
Contributing to this explosive growth is the platform’s ability to handle substantial trading volumes. THORChain has generated a cumulative $71.1 billion in trade volume over the past three years, with the majority of this figure accrued in 2024. The network has even recorded peak weekly trading volumes of $3 billion, a testament to its increasing popularity among traders and investors.
RUNE, THORChain’s native token, has emerged as the undisputed king of the platform, accounting for a massive $35 billion in total buy volume. Ethereum (ETH) and Bitcoin (BTC) follow closely behind with a combined $20 billion. This dominance highlights RUNE’s critical role within the THORChain ecosystem and its appeal to a diverse range of market participants.
The recent price surge of RUNE, with a 12.65% increase in the past 24 hours to $3.66, has further fueled excitement around the project. This remarkable performance has propelled RUNE to the top of CoinMarketCap’s gainers list, underscoring the bullish sentiment surrounding THORChain.
As THORChain continues to expand its user base and trading volumes, it solidifies its position as a dominant force in the DeFi landscape. The platform’s ability to facilitate seamless cross-chain asset swaps coupled with the growing adoption of RUNE has positioned THORChain for sustained growth and success.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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