Users were reportedly drawn to native asset settlement protocol THORChain due to the high yield provided adjacent to its native token Rune, which contributed to the third-highest trading volume among decentralized exchanges over the past week.
DefiLlama reports that THORChain’s trading volume reached $1.32 billion last week, ranking it third only to PancakeSwap and Uniswap, which reached $10.85 billion and $2.77 billion, respectively.
THORChain has the second-highest 24-hour trading volume at $334.3 million, approximately $50 million higher than the volume recorded by third-placed PancakeSwap.
CoinGecko reports that RUNE has risen by over 200% in the last 30 days and 51% over the past week.
Meanwhile, unlike what THORChain core developer Chad Barraford initially estimated would occur before the end of 2023, THORChain surpassed Curve Finance significantly earlier.
“Okay, this happened much faster than I thought. Just took 2 days instead of 2 months,” Barraford noted in a Nov. 13 X (formerly Twitter) post.
Okay, this happened much faster than i thought. Just took 2 days instead of 2 months. But its happened, @THORChain has more trade volume in a week than @CurveFinance.