After THORChain announced the opening of its mainnet on Wednesday, RUNE’s value has risen by 16 percent. Mainnet launch and Binance’s “Rune in a Million” campaign were both announced on Wednesday. Binance is offering its customers a total of $1 million worth of RUNE incentives.
RUNE/USDT: Source: TradingView
It has been seven days after the announcement, and RUNE’s price has up 55.2 percent, to $2.38 at the time of this writing as per CMC. Despite the rise, RUNE’s price is still down 31% from the $3.21 it was trading at the beginning of June.
Strong Support of Community Visible
Cross-chain exchange and proof-of-bond network THORChain allows users to transfer assets through liquidity pools across several networks, such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin. Synthetic assets may also be traded on the exchange. According to the organisation, more than $3.7 billion worth of native on-chain swaps have been completed, and there is around $299.7 million in total value locked (TVL).
A fully working, feature-rich protocol with a vast ecosystem and a strong community has been achieved with Mainnet. According to the development team, the community is ecstatic about this significant milestone, which has been a long time in the making. There have been several notable announcements on the asset’s future support. These include those from Binance, Crypto.com, Coinspot, SWYFX, and KuCoin.
There was a “multichain chaosnet” beta version of THORChain that went online in April 2021, and the project began in 2018. In the past, it was the target of multimillion-dollar cyberattacks.
There will be no fundamental changes to the protocol with the launch of the mainnet other than fewer bugs and improved network stability/security. Still, it will signal a significant step forward in the governance and adoption of the project and the maturation of Thorchain into a full-fledged network.
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