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THORChain’s native RUNE token has rallied 35% following the restart of Ethereum trading on the protocol.
THORChain Rallies on Ethereum Restart
THORChain is back on Ethereum.
The protocol’s native RUNE token rallied 35% Thursday after trading interoperability with the Ethereum network was re-enabled. While the rally has since cooled off, RUNE is still trading up over 27%.
USD/RUNE chart. Source: CoinGecko
Users can once again trade native Ethereum and ERC-20 tokens through THORChain. However, those wishing to provide liquidity for Ethereum pairs will need to wait for the treasury to rebalance pools before doing so.
Trading on the THORSwap exchange has more than tripled following the restart, hitting $43 million, the highest daily volume ever recorded. The protocol appears to be running at full steam, with over $22 million in trading volume on the Binance USD pool, despite only containing $15 million of liquidity.
THORChain is a liquidity protocol that facilitates cross-chain trading between networks. Users can connect to exchanges built on the protocol, such as THORSwap, to directly swap assets like Bitcoin for tokens on other blockchains without going through a centralized exchange.
THORChain halted trading on the Ethereum network in July after a series of hacks cost users a combined $13 million. The chain’s native RUNE token was hit hard, falling more than 82% from all-time highs. While the RUNE token has since recovered, it has been unable to retest the highs achieved in May.
Now that trading has been re-enabled with the Ethereum network, THORChain is back at full operational capacity. Users can now trade assets between all five supported blockchains: Bitcoin, Ethereum, Binance Chain, Litecoin, and Bitcoin Cash.
The THORChain team have also announced plans to integrate more chains in the future, allowing users to exchange assets such as Dogecoin, Monero, and Dash through the protocol.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
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