After four years of waiting, THORChain has finally released its new mainnet. “This marks the completion of a fully functional protocol with many features and strong community,”
Since June 22, when the project officially launched its mainnet, the price of THORChain token RUNE has risen 16%
On Wednesday, the team announced the launch of the mainnet and the rollout on Binance of a “Rune in a Million Campaign”, which contains $1 million in RUNE rewards for users.
Following the announcement, RUNE saw a 16% increase to $2.18 at the moment of writing. The price has risen 31.6% in the past seven days. Although the surge has brought some relief to RUNE, the price is still 31% lower than $3.21 at June’s beginning.
THORChain, a cross-chain platform and proof-of bond network, allows users to swap assets via liquidity pools over various networks like Binance Smart Chain (ETH, Dogecoin, and Bitcoin). The exchange supports trading in synthetic assets (tokenized derivates that replicate the value of other assets).
The project claims that it has processed more than $3.7B worth of native on chain swaps and has approximately $299.7M in total value locked (TVL).
“Mainnet is the completion of a fully functional protocol that has many features and a strong community. This milestone has been long in coming, and everyone is excited,” said the team.
Binance, Crypto.com and Swyftx have all indicated that they will support this asset.
The project was launched in 2018. THORChain’s beta version, dubbed “multichain chaosnet”, went live in April 2021. It was the subject multimillion-dollar hacks in past.
It has been noted that the team has changed from being a fully centralized project to being a community-driven one over the past four years. The “network” is controlled solely by 100 decentralized nodes.
Although the mainnet won’t bring about any major changes in the protocol’s operation, other than less bugs and better network stability/security it will make key changes to the way the project is managed and adopted. It also marks Thorchain’s transformation into a fully functioning network.
THORChain launched its first blockchain with two versions of its token, on Binance Chain, and Ethereum. The team expressed concern about the minting methods behind the assets and divided the trading markets.
THORChain will be closing down the two RUNE variants as part of its mainnet launch. This is part of a push to introduce the fully native and unified token. This will allow more wallets to support the asset, according to the team.
THORChain validators began the vote to initiate the IOU RUNE token “kill Switch” this week.
The team announced that they will be developing an Architecture Design Record to track network changes and governance. It will also be looking to create new wallet integrations and chain integrations as well as a single-sided yield feature. A key goal is further decentralization.
“Centralized points for failure must be eliminated as they pose a threat to the network’s future. Treasury management is the largest remaining central point. The team stated that Treasury will soon hand over complete control to the community.
This week’s rally in RUNE follows a sharp rise of native DeFi tokens on competing platforms like Synthetix , whose SNX pump has risen 75% over seven days to $3.06.
The Synthetix Improvement Proposal 120, which went live last Wednesday, seems to have caused the price to rise. This increased speed allowed for more trades on the platform.