The highly anticipated THORChain launch has sent its native token, RUNE, surging to an all-time high on the morning of April 13.
The long-awaited launch day of THORChain’s cross-chain decentralized exchange (DEX) and “chaosnet” platform has arrived.
The launch has received a lot of attention as it’s a first for the crypto industry. The DEX will enable multi-asset, cross-chain, trading, and swaps without using bridging technology, synthetic assets, or wrapped token variants.
It’s all facilitated by the RUNE token, which has also skyrocketed to new highs today.
Get ready for THORChain
The Thorchain DEX runs on the Tendermint consensus mechanism. It will initially offer trustless trading and token swaps for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Binance Coin. It also plans to support other crypto assets and their native blockchains in the future.
For example, when a user wants to swap ETH for BNB, the trade is made via the RUNE token. This acts as the intermediary on the high-speed blockchain. It enables assets from one network to be traded for another in a decentralized manner without using bridges or wrapped tokens.
The system is dubbed MCCN — Multi-Chain ChaosNet. It hopes to revolutionize the DeFi space by eliminating third-party custodians such as wBTC’s BitGo.
The THORSwap Finance client is maintained by the BEPSwap BSC protocol developer team. There is also a native wallet called Asgard X. This wallet will interact directly with the multi-chain environment. The platform will also allow a single wallet to hold tokens of their respective blockchains.
THORChain has been in development for three years. And today’s launch could bring big improvements to the rapidly evolving DEX space.
RUNE rips to new high
As expected, the massive momentum has driven RUNE prices to an all-time high. According to CoinGecko, RUNE has surged 14% on the day to reach a peak of $12.66.
The asset had retreated to $12.15 at the time of press but is still trading 24% higher than last week. Since the beginning of 2021, RUNE has made a monumental 950% to current prices.
There is a maximum supply of 500 million tokens, giving RUNE a market capitalization of $2.8 billion. It’s currently #51 on the CoinGecko charts.