The price of THORChain’s RUNE token has risen 16% since the project announced the official launch of its mainnet on Wednesday.
The team announced the launch of the mainnet on Wednesday, along with the launch of a campaign “Rune in a Million” on Binance containing a total of one million dollars in RUNE rewards for users of the exchange.
Following the announcement, RUNE is up 16% to $2.18 at press time, and the price is up 31.6% in 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 various networks such as Binance Smart Chain, Ethereum, Dogecoin, and Bitcoin. The exchange also supports trading of 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 approximately USD 299.7 million in total value locked (TVL).
“The launch of the mainnet marks the achievement of a fully operational, feature-rich protocol with a large ecosystem and strong community.” It has been a long time coming and the community is very excited about this important milestone,” the team declared.
Notably, Binance, Crypto.com, Coinspot, Swyftx, and KuCoin have all stated that they will support the asset.
1/ @THORChain Mainnet is opening up the floodgates! @binance, @kucoincomand @cryptocom all announced they’ll support native $RUNE the past few days. What an exciting time to be a #ThorChad! LFG!
— ImpossibleHunter77âš¡ (@ImpossibleHunt7) June 23, 2022
The project was launched 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 multi-million dollar hacks.
The team notes that it has also gone from being a fully centralized project to a community-driven one in the last four years whose “network is controlled by only 100 decentralized nodes”.
Although the introduction of the core network does not necessarily imply any fundamental changes in the way the protocol works, apart from fewer failures and stability/security of the network, sThis will bring key changes to how the project is governed and adopted, as well as marking Thorchain’s move towards a full-fledged network.
Before launching your own network, THORChain initially launched with two variants of its token on Binance Chain and Ethereum, and the team has raised concerns about the minting characteristics behind these two assets in the past, along with the division of trading markets for the asset.
As part of its mainnet launch, THORChain expects to roll down these two RUNE variants over the next six months as part of a push to introduce the new fully native and unified variant of the token. The team stated that this will also help more wallets to support the asset.
THORChain validators this week started the vote to start the disconnection (Kill Switch) of the IOU RUNE token.
the @THORChain node operators have begun voting to activate the Kill Switch
Details on the importance https://t.co/ZbsguIfC45 pic.twitter.com/kV5fg2h3ZU
— Dan Smith (@smyyguy) June 20, 2022
In the future, the team stated that it will work on developing an Architecture Design Registry (ADR) to track changes to the network and the governance process. It will also try to establish new chain integrations, wallet integrations, aggregator implementations, and a one-sided performance feature. Greater decentralization has also been identified as a key objective.
“Centralized points of failure need to be eliminated because they are a risk to the future of the network. The biggest centralized point that remains is the management of the Treasury. The Treasury plans to relinquish full control to the community soon,” the team wrote.
RUNE’s rally this week follows the sharp rise in native decentralized finance (DeFi) tokens from competing platforms, like synthetic crypto derivatives exchange Synthetix, which has seen its SNX token has soared 75% in the last seven days to stand at $3.06.
It seems that the price has skyrocketed in response to the Synthetix Improvement Proposal 120 which was implemented last week, which increased the speed of operations on the platform.
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