Thorchain Emerges as DeFi Powerhouse

Thorchain, within the realm of decentralized finance (defi), has amassed significant volumes. The DeFi functions as a decentralized cross-chain infrastructure, enabling the seamless transfer of native assets for settlement across multiple blockchain networks. 

Thorchain lets users deposit assets to generate yields from swaps or exchange native assets between supported chains. The DeFi was constructed utilizing the Cosmos SDK, a Golang framework for building blockchain applications.

According to data archived on defillama.com, Thorchain ranked third in dex volume this week, amassing $1.854 billion. Pancakeswap had approximately $2.974 billion, whereas Uniswap disclosed $12.021 billion.

Uniswap has amassed an aggregate volume of $1.767 trillion, whereas Pancakeswap has accumulated $626.52 billion.

Thorchain has a $12.426 billion total volume, lower than the $86.278 billion of Trader Joe’s and the $53.697 billion of Raydium.

Compared to the other ten dexes, Thorchain experienced the most substantial weekly percentage growth, increasing by 144%.

Uniswap generated $1.619 billion in volume over the previous twenty-four hours, while Pancakeswap amassed $444.9 million and Thorchain earned $263.97 million.

At this time, the DeFi supports seventeen trading pairs; last weekend, the most active pair is BTC/RUNE. RUNE, the native token of Thorchain, is employed for governance, node bonding, and settlement.

Shapeshift founder Erik Voorhees remarked on November 16 regarding the increasing Bitcoin transaction volumes on Thorchain.

Voorhees, an advocate of this DeFi, has engaged in extensive discourse regarding the matter on X (previously Twitter), a social media platform.

Voorhees stated, “2% of global BTC spot trading is no longer happening through centralized intermediaries.” “Satoshi would take great pride in this.

Notwithstanding its accomplishments, the DeFi has encountered controversy, most notably garnering media attention when the FTX infiltrator channeled millions of dollars via the DeFi.

The following week, Thorswap ceased operations and implemented modifications to prevent illegal trade.