THORChain (RUNE)
What Is THORChain (RUNE)?
THORChain is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks including Bitcoin and Ethereum without losing full custody of their assets in the process. With THORChain, users can simply swap one asset for another in a permissionless setting, without needing to rely on order books to source liquidity. Instead, market prices are maintained through the ratio of assets in a pool (see automated market maker). The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem and is also used for platform governance and security as part of THORChain's Sybil resistance mechanisms — since THORChain nodes must commit a minimum of 300k RUNE to participate in its rotating consensus process. THORChain was funded through an initial DEX offering (IDO) which launched through the Binance DEX in July 2019. Its single-chain chaosnet launched in April 2021, the multi-chain upgrade was launched in April 2021 and Mainnet is now live as of Jun 2022.. Learn more here
Who Are the Founders of THORChain?
According to an official representative of THORChain, the platform has no CEO, no founder and no directors. Instead, the further development of the protocol is organized via Gitlab with nodes as the ultimate deciders of which codebase to run. Those currently working on the project are largely anonymous. Again, an official representative of THORChain states that this is to "protect the project and ensure that it can decentralize." A tweet by the project sheds some light on the theory behind maintaining a project with an anonymous team, as quoted below: “-> Developers work for the Nodes, by shipping code that makes the system more valuable. -> Nodes work for the, liquidity providers by securing assets and being online. -> Liquidity providers bring capital, placed on-market for the Swappers and arbitrageurs. -> Swappers and arbitrageurs pay fees, bringing economic activity.”
What Makes THORChain Unique?
THORChain enables native asset settlement, allowing users to swap Bitcoin, Ether, Stablecoins, and other coins across 9 distinct blockchains. THORChain does not wrap or peg assets, instead it allows value to be exchanged from one coin on one blockchain to another coin on another chain. THORChain uses a unique system to help mitigate the issue of “impermanent losses” — or the often temporary losses that a liquidity provider can experience when contributing to liquidity pools. It achieves this by using a slip-based fee to help ensure liquidity stays where it is needed. THORChain combines a range of novel technologies, including on-way state pegs, a state machine, the Bifröst Signer Module and a TSS protocol to seamlessly facilitate cross-chain token swaps permissionlessly. This is all kept behind the scenes, making the platform accessible to even inexperienced traders. The protocol isn't profit-oriented. All fees generated by the protocol go directly to the participants eg. node operators and liquidity providers, and there are no provisions for the team. Instead, the team is incentivized by simply holding RUNE — just like everyone else. THORChain enables Streaming Swaps which allow large swaps to be broken up into many smaller swaps over time, which significantly reduces swap fees for users. Other than swaps, THORChain offers single-sided liquidity provision through Savers. Users can provide Layer 1 assets such as BTC and earn single-sided yield without impermanent loss. THORChain also hosts a flagship Lending protocol where users can borrow against their native BTC or ETH and receive a USD-denominated debt in the asset of their choosing. The loans have no liquidations, no interest, and no expiration.
How Many THORChain (RUNE) Coins Are There in Circulation?
As of June 2022, there are 308.0 million RUNE in circulation out of a total supply of 500 million. As we touched on earlier, THORChain initially launched following an IDO on the Binance DEX. As part of the IDO, 20 million RUNE were sold. Prior to this, a total of 130 million RUNE were sold in earlier funding rounds. According to the official Binance DEX proposal, 10% of the total supply (50 million tokens) was allocated to the team, and locked until the launch of the mainnet — unlocking at 20% per month thereafter. Much of this allocation was on-sold to raise further funds for the protocol. The team own less than 1% of all RUNE. As of July 2023, all RUNE is 100% vested and unlocked. ERC-20 and BEP-2 RUNE have been deprecated after a 2.5 year period to upgrade to native RUNE.
How Is the THORChain Network Secured?
THORChain is built using the Cosmos SDK and is powered by the Tendermint consensus mechanism. This keeps the network safe from attacks through a novel BFT proof-of-stake (PoS) system that sees a large number of validators work together to propose and finalize blocks of transactions. Beyond this, THORChain’s smart contracts have been audited by several third-party security firms, including one by Certik — which found no vulnerabilities.
Where Can You Buy THORChain (RUNE)?
RUNE is a popular cryptocurrency that is available to purchase and trade on a large number of both centralized and decentralized exchange platforms. The most prominent of these are Binance (centralized) and THORChain interfaces found at THORSwap (decentralized). RUNE is most liquid on the THORChain AMM which can be accessed by any ecosystem interface. As of June 2022, the vast majority of RUNE trading pairs are crypto/crypto pairs. However, RUNE can be bought with Korean won (KRW) on ProBit Exchange and US dollars (USD) on Binance. For more on buying cryptocurrencies with fiat, see our popular guide.
What tools does Nimbus offer for effortlessly monitoring THORChain?
Nimbus provides a user-friendly tracking solution equipped with intuitive tools to monitor THORChain effortlessly. These tools are specifically designed for user convenience, allowing individuals to stay seamlessly updated on the latest trends, prices, and information related to THORChain. Users can also explore the world of cryptocurrency effortlessly while simultaneously tracking THORChain prices. The platform also offers insights into profit and loss, providing a comprehensive experience without the complexity typically associated with monitoring cryptocurrencies.
How does Nimbus enable tracking THORChain prices with profit and loss?
Nimbus facilitates the tracking of THORChain prices with profit and loss through seamless integration with your crypto wallet for portfolio monitoring. By connecting with your crypto wallet, Nimbus provides a clear and comprehensive overview of various metrics, including profits, losses, revenue, expenses, return on investment (ROI), and other essential financial indicators. This integration ensures that users can analyze their cryptocurrency portfolio with precision, gaining valuable insights into their financial performance. With Nimbus, users can navigate the cryptocurrency landscape with a perfect blend of simplicity and sophistication, enhancing their ability to make informed investment decisions.
How does Nimbus analyze THORChain, and what insights does it provide?
Certainly! Nimbus possesses a robust analysis tool that is adept at evaluating and interpreting THORChain . The tool employs diverse strategies, including delving into metadata details, tracking marketplace data, and calculating performance metrics such as Return on Investment (ROI). Through these methodologies, Nimbus provides users with valuable insights into the composition and performance of their THORChain. Users can gain a comprehensive understanding of their investment. The analysis tool ensures that users are equipped with the necessary information to navigate the cryptocurrency landscape with confidence and intelligence.
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RUNE Market Statistics
Price USD
$3.69Market Cap
$1,236,784,349.28Total Volume USD
$85,603,192.31Total Supply
413,784,842.00 RUNECirculating Supply
335,430,168.00 RUNEFully Diluted Market Cap
$1,525,690,487.55Socials
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