- The THORChain ecosystem’s liquidity pool backs each synthetic asset.
- Trading volume on Thorswap has already exceeded $10 million for these assets.
THORChain (RUNE) is showing one of the most outstanding price performances, according to CoinMarketCap. Moreover, price movement in RUNE is accompanied by a significant increase in trading volume of almost 500%. A cross-chain protocol, THORChain enables users to shift between multiple networks without needing a third-party intermediary. Protocols like this allow anyone to trade coins similar to Ethereum and Bitcoin without utilizing centralized exchanges.
Synthetic Assets
Synthetic assets, basic derivatives of cryptocurrencies like Bitcoin and Ethereum, are likely responsible for the abrupt price rise. Trading volume on Thorswap has already exceeded $10 million for these assets.
The THORChain ecosystem’s liquidity pool backs each synthetic asset. Some users have compared THORChain’s assets to wrapped versions of assets like Bitcoin and Ethereum, used for exposure rather than exchanging. While THORChain’s synthetic assets stay mixed up with actual tokens, wrapped BTC or any other asset is backed 1:1. Almost 90 percent of the asset’s growth has occurred after the March 10 announcement. However, it is still available on the market since the ToriFi decentralized finance platform is expected to be released soon after its synthetic asset launch.
Due to recent synthetic asset announcements, the asset’s trading volume presently stands at 7.8 million RUNE. The THORChain ecosystem uses RUNE as its primary currency, as well as for platform governance and security. It is approaching its first historical and psychological resistance level of $8.25. According to CoinMarketCap, the THORChain price today is $7.67 USD with a 24-hour trading volume of $516,788,633 USD. THORChain has been up 2.67% in the last 24 hours.
