THORChain Becomes Third Largest DEX, 50% Week Rise in Rune

THORChain follows Uniswap and PancakeSwap among decentralized exchanges in terms of trading volume, which reached $1.32 billion in the previous week.

THORChain Becomes Third Largest DEX, 50% Week Rise in Rune

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.

A multichain variant of Uniswap, THORChain enables users to exchange Bitcoin for Ether.

The decentralized exchange known as THORSwap operates on the THORChain protocol.

While the platform’s average annual percentage rate (APR) is approximately 44%, certain liquidity pools offer significantly higher APRs, including Bitcoin and Rune pairs, surpassing 353%.

In the 24 hours between November 11 and 12, THORChain processed nearly 2%, or $224 million, of the total spot Bitcoin trading volume, according to Bitcoin advocate Erik Voorhees.

“Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary… which is the entire point of Bitcoin,” Voorhees iterated.

A group of developers introduced the THORChain initiative during the Binance Dexathon in 2018.

However, many of its initial developers have chosen to remain anonymous.