FTX exploiter moved over $17M in ETH in the last 24 hours
A significant portion of the 7,749 ETH, worth roughly $13 million, was directed toward the THORChain router and Railgun contract.
THORChain price is $1.94, up 1.16% in the last 24 hours, and the live market cap is $584,112,131. It has circulating supply volume of 500,000,000 RUNE coins and a max. supply volume of 500,000,000 alongside $311,956,339 24h trading volume.
THORChain (RUNE) is a permissionless cross-chain liquidity platform. It has the ability to support interoperable blockchain communication and is a non-custodial liquidity marketplace that allows users to swap assets easily through multiple networks. These are known as cross-chain transfers.
To achieve this, the THORChain (RUNE) builds bi-directional bridges between two blockchains, and as such, as a user, you have the ability to freely swap through multiple networks in a permissionless, non-custodial way. The idea behind this protocol is the cross-chain transactions, and the team behind the project genuinely believes that centralized exchanges have a flawed transfer system and that users cannot find sufficient liquidity within them.
Thorchain has no CEO, no founder, and no directors behind it, all future development is organized through Gitlab. Those that work on the project are anonymous.
In terms of its technology, THORChain does not only work as a protocol but also relies on a set of technologies that allows a solution to a variety of issues found within the DeFi space. The protocol uses an automated market maker (AMM) technology which allows users to trade assets in a permissionless as well as the automatic way where the system uses CLPs to provide liquidity instead of relying on an order book method when it comes to finding the buyers as well as the seller.
Furthermore, THORChain (RUNE) is a Tendermint-based network which is a replication software that allows developers to build customized blockchains as well as decentralized applications (dApps) and uses Byzantine Fault Tolerance (BFT) consensus where it sets a trust-issue situation where the system needs to reply on the actors in order to address failures or attacks, and in the goal of avoiding Sybil attacks, THORChain uses a proof-of-stake (PoS) algorithm. This impacts Thorchain price.
THORChain runs a system that is conducted through validators that need to bond RUNe which is the native asset of the protocols and they are allowed to validate the transactions as well as run network nodes through the process of staking their tokens.
In other words, Thorchain uses the adoption of another DEX's lending system, Bancor's continuous landing pools in order to facilitate trades. Within these trades, all of the assets are deposited in liquidity pools and shared with one other asset that is the token.
RUNE is then swapped against other assets in all trades, and in a swap for one asset for another, the protocol conducts two trades. The double swapping is what allows the decentralized swapping of assets across chains to be non-custodial.
Regarding the RUNe token itself, it is used for governance, staking, bonding, rewards as well as trading, and is what makes Thorchain work. RUNE is traded against other assets in every pool on Thorchain and provides a bridge for assets from different blockchains. Staking RUNE earns users' votes on the governance proposals and fees from trading, and bonding RUNE lets nodes validate the transactions and earns new RUNE generated each block.
Due to the fact that incentives push users to bond 2x the amount of RUNE that is provided to the liquidity pool, the tokenomics are developed in a way through which the price of RUNE increases deterministically. According to the team, the price of RUNE naturally increases.
Note that the nodes underpin all of the THORChain services and they have three primary functions, Bonding RUNE, creating vaults, and producing blocks. Every node is run by a node administrator and they receive bond rewards for helping in the maintenance of the network, and the total they earn is two-thirds of all system income.
The nodes are created every three days and need to compete with one another using the bonded capital.
Now, in order for the network to remain fresh, the older nodes need to be churned out of the system and replaced, and the nodes benefit from their anonymity with plausible deniability across all of the transactions.
The Thorchain network is a decentralized liquidity network that offers deep liquidity and cross-chain token swaps by liquidity providers. Thorchain tags and tendermint consensus mechanism use the governance token RUNE as a base currency and have information contained in multiple blockchains. It can use Cosmos SDK as well, and all of this impacts the THorchain price.
Instead of just being a protocol, it provides far more than just a protocol would and is a complete ecosystem specifically designed to solve all of the problems regarding cryptocurrency exchanges in their current state.
THORChain has an available supply of 272,006,997 and a total supply of 500,000,000 coins. If you want to buy, sell or trade THORChain (RUNE), you can do so on exchanges such as Binance Futures, Binance, FTX, WazirX, and CoinTiger.
Check out our step by step guide on how to buy THORChain
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