The capitalisation of the crypto market in March shrank by 5% to $1.79 trillion, leading investors to look at projects demonstrating significant growth against the grain. One of these was THORChain, whose native RUNE coin rose from $3.80 to its current $8.00 in March.
THORChain was developed in 2018, and its testnet launched in November 2020. This is a young project that recently entered the Top 50 cryptocurrencies by market capitalisation, coming in at $2.6 billion. THORChain is a cross-chain liquidity exchange platform built with Cosmos SDK and the Tendermint proof-of-stake consensus algorithm. Its native RUNE coin is used for intra-economic transactions and to pay rewards to validators.
THORChain is maintained by a group of anonymous developers. However, with the release of its mainnet, the admin keys will be destroyed, and control is planned to be handed over to RUNE holders. The main network's launch date is scheduled for some time in 2022.
Growth in March was driven by the launch of trading in synthetic assets, as well as the inclusion of Terra (LUNA) in the THORChain network. The introduction of the LUNA coin and the UST stablecoin provides users with even more opportunities for trading and staking. Currently, the THORSwap decentralised exchange supports six types of wallets and eight blockchains.
At the same time, THORChain remains an extremely attractive staking instrument, with the yield on some pairs exceeding 50%. The launch of the Thor Financial platform is expected closer to summer, which will add lending and borrowing tools to the ecosystem.
THORChain is a young project with ambitious plans. Recently, the developers shared the idea of launching their own algorithmic stablecoin, THOR.USD, based on the example of UST in Terra. The successful implementation of planned innovations and the deployment of the mainnet will ensure RUNE's long-term growth.
StormGain analysis group
(a platform for trading, exchanging and storing cryptocurrencies)