The trading price of RUNE, the native token for the THORChain protocol has reportedly undergone a strong rally. Due to the rally, the trading price of RUNE has been boosted by 16%. The reason behind the boost in the trading price of RUNE was the launch of the mainnet.
The teams behind the development of the recent mainnet announced that they had successfully implemented it on Wednesday.
The Mainnet Launched With a Rollout
The THORChain theme confirmed that the mainnet was launched on a particular day. They also launched the “Rune in a Million Campaign” to cement the success of the newly launched mainnet.
The team confirmed that the particular campaign had been launched through Binance. The participants of the campaign will be able to win up to $1 million worth of rewards in the form of RUNE.
The announcement of the mainnet alongside the launch of the campaign experienced a significant bump in RUNE’s trading price. The price of RUNE went up by 16%, moving to a high of $2.18. A look at the trading price of RUNE in the past 7-days shows that it has been pumped up by 31.6%.
Still, the price of RUNE is down 31% from what it was at the beginning of June 2022. When the month of June began, RUNE’s trading price was at a high of $3.21.
Some Information About THORChain
The protocol ‘THORChain’ behind RUNE is a network for proof-of-bond and cross-exchange. It has been allowing users the opportunity to interact with the liquidity pools for the purpose of swapping assets. For a while, the users have been able to do this through multiple networks.
Some of the most prominent networks that the particular protocol interacts with include Bitcoin, Dogecoin, Ethereum, and Binance Smart Chain. Even the synthetic assets’ trades are supported by the THORChain protocol.
From the time of its launch until now, THORChain has been responsible for the swapping of over $3.7 billion. At the time of writing, the total value locked (TVL) on the protocol is just around $299.7 million.
The native token of THORChain, RUNE is reportedly supported by all major cryptocurrency exchanges. Some of the top exchanges supporting RUNE include KuCoin, Coinspot, Binance, Swyftx, and Crypto.com.
The Benefit of the Current Mainnet and Future Projects
The implementation of the recent mainnet makes no changes to the fundamental features of the protocol. Instead, it fixes issues that the protocol had been facing in terms of network security/stability and bugs.
Some of the prominent changes the mainnet introduces include changes to the project’s adoption and governance. With the launch of the mainnet, THORChain has now become a network that is complete.
In near future, the teams behind THORChain aim to introduce Architecture Design Record (ADR), single-yielded features, aggregator implementations, wallet integrations, and new chain integrations.
All these developments would eventually push the trading price of RUNE higher in near future.
