Yes, it is still time for THORChain, which we discussed just a few days ago, to report an incredible increase in its reference cryptocurrency, RUNE. A full-fledged AMM that allows us to exchange tokens in a decentralized manner and with the standard (albeit not trivial) algorithm for adjusting prices and matching supply and demand for a given token.
Why do we keep talking about it?
Because, even in the last 24 hours, the token has returned to growing at very high rates and in the double digits. It partly due to its own merits and partly due to the cryptocurrency sector experiencing a genuine internal revolution.
Decentralized finance projects are gaining traction, both in terms of market value and the volume traded within them. While everyone is focused on Bitcoin and Ethereum, there is a massive and limitless decentralized undergrowth that is driving the sector today.
BTC: no longer Relevant
Undergrowth, from which THORChain is fully apart, is also due to management without profits. It rewards all network participants. The first important conclusion we can draw from the recent market analysis is that Bitcoin is no longer relevant. It is still worth more than half of the total market, but other projects have pushed the market capitalization overall.
Those that, to our chagrin, we referred to as “altcoins” until recently, as if they were merely a minor alternative to the far more solid Bitcoin. Within the macro-category of altcoins, several subgroups have emerged today. Today, the most important in terms of growth and use is DeFi, or tokens that are integrated into decentralized finance systems, such as RUNE by THORChain.
Blockchain’s NFTs support
The second trend, which is also very important in terms of value, is that of blockchains in support of NFTs, which continues to thrive thanks to the incredible hype of recent months, with average values increasing more than tenfold year on year.
THORChain is a fully automated DEX, a system that exchanges tokens automatically, similar to Sushiswap and Pancakeswap. It is based on user-supplied and paid-for liquidity reserves. The project’s main strength is that the system does not charge any fees.
Everything that is generated in terms of payment of commissions is equally distributed to all operators on the network. It is in proportion to the resources they have made available. Even for a solid blockchain system like THORChain, the next few months will be difficult. Many people have realized that decentralized finance will be one of the sector’s future branches.
As a result
New projects continue to emerge, often becoming more specialized or integrating complete functionality, as in the case of Avalanche AVAX. It will be difficult for RUNE and THORChain to maintain and expand their niches. However, this appear to be very easy today.
Those looking to invest in this token will have to look, as we always recommend, especially in the medium and long term. Especially in light of recent news that has already seen large increases in value.
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