Popular cross-chain connections, a flourishing community. The growing interest in DeFi projects are all contributing to the current rally in THORChain.
Numerous altcoins burst out of their sideways ranges to post twofold gains last week. It appears that investors are viewing the current trend as the beginning of a new altcoin season.
According to historical data, these altcoin breakouts typically occur after Bitcoin (BTC) enters a consolidation phase following a strong rally like the market has seen in the last three weeks.
Technical analysis traders drives many of the previous large moves simply capitalizing on tokens that have a bullish market framework. Those are on the verge of a flare-up due to rising volumes. However, there are also coins that are campaigning due to a variety of fundamental factors.
THORChain (RUNE)
More than just FOMO investors powers tokens including RUNE. The piece of data is also one of the biggest altcoins in 2020.
In 2018, the THORChain project was launched with the goal of creating an independent blockchain capable of facilitating cross-chain transfers. The project is currently focusing solely on BEP2 Binance chain tokens. This contradicts its chain-agnostic goals, but the company added the additional chains in the future.
The native RUNE token of THORChain is currently distributed to traders who provide liquidity to the platform. Holders can also participate in the staking pool. Liquidity pools are incentivized and managed in the same way as Uniswap, but they are made up of 50% RUNE tokens.
The RUNE token has increased by 95% in the last two weeks. While there is no set timeline for the Mainnet launch, the company expects it to be based on the Cosmos blockchain.
BEPSwap DEX has been in beta since August 2020, and the team has been granting regular, detailed weekly updates on how the growth of the THORchain ecosystem is improving.
The official THORchain Twitter account announces that the tested Bitcoin cross-chain integration is complete. The team also proposed that the project’s next goal would be cross-chain integration with Ethereum.
Haven Protocol integration with THORchain
Haven Protocol announced on December 31st that its integration with THORchain completes in three months. According to the post, adding HXV and xUSD to the Haven Protocol liquidity pools enables taking.
THORChain reached a new milestone last week when it processed 10 million transactions in three months, but several analysts slammed the project for its small number of nodes.
According to Delphi Digital data, there are currently 67 nodes, AWS or Digital Ocean run the majority of the 67 nodes. The large amount of RUNE required to become a validator explains part of the problem.
According to The Tie data, price changes were accompanied by changes in social media activity. This effect corresponds to announcements of development activities and partnership. Their growing community shares and positively comments on this information.
Its society and altcoin investors currently views and favors the system. However, its continued prosperity may be contingent on the team’s ability to keep its promises.
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