- The RUNE token is used for all THORChain swaps.
- A quick collapse and sharp drop in value brought the asset’s profits to a mere $3.
THORChain DEX, identical to Uniswap and Sushiswap, enable users to trade or lend their crypto. Users lend their crypto to the pool in exchange for interest or ‘yield,’ which they earn on those assets. The platforms native token, RUNE, which is both a governance token and the platform’s primary powerhouse, is used to pay out the dividends. Even if DeFi tokens are putting all of their energy into halting the slump, RUNE looks to have additional consolidation ahead of a possible breakout.
The RUNE token is used for all THORChain swaps. ‘A’ must be exchanged for RUNE, which is subsequently exchanged for B if asset A is to be switched for A. RUNE’s double swapping enables asset switching between non-custodial networks without the need for centralization. In addition, node operators safeguard and manage the platform that utilizes PoS techniques.
Remarkable Rise and Fall
In 2021, the RUNE price saw a remarkable rise and fall, going from barely $0.8 to as high as $21.8 in a short period. A quick collapse and sharp drop in value brought the asset’s profits to a mere $3.
However, RUNE returned immediately and strongly, bringing the price back above $17, but it could not sustain the upward trend. However, despite the asset’s best efforts, the bears look to have retaken control following a recent rally as theory runs out of steam, and it went down to a single digit. It has seen a recent rise in price and has surged around 40% in the last seven days. According to CoinMarketCap, the THORChain price today is $4.84 USD with a 24-hour trading volume of $40,006,739 USD.