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THORChain’s 7-Day Trading Volume Hits $1.32 Billion, Third to Uniswap and PancakeSwap

Source / Sam Cooling

THORChain, a decentralized crypto trading protocol capable of cross-chain swaps, has become the third-largest decentralized exchange (DEX) in terms of trading volume over the past seven days.

Over the past week, THORChain recorded a trading volume of $1.32 billion, third to Uniswap, which registered $10.85 billion, and PancakeSwap with $2.77 billion, according to data from DefiLlama.

THORChain’s trading volume continues to remain strong, with $334.3 million traded in the past 24 hours alone, surpassing PancakeSwap by almost $50 million.

The growing trading volume of THORChain is accompanied by the substantial growth of its native token, Rune, which has seen a 51% increase over the past week and over 200% growth in the last 30 days, as reported by CoinGecko.

At the time of writing, Rune is trading at $5.16, almost flat over the past day.

THORChain operates as a multichain version of Uniswap, allowing users to swap native Bitcoin for Ether (ETH).

The decentralized exchange powered by the THORChain protocol is called THORSwap.

THORChain’s High Yield Attracts Users

One of the key factors attracting users to THORChain is the high yield it offers, with an average annual percentage rate (APR) of nearly 44%.

Some liquidity pools on THORChain provide even higher yields, such as Bitcoin and Rune pairs, which offer an APR of over 353%.

Notably, THORChain has caught the attention of Bitcoin advocate Erik Voorhees, who highlighted its significance for the Bitcoin community.

Voorhees emphasized that THORChain enables the trading of Bitcoin at scale without an intermediary, aligning with the fundamental principles of Bitcoin.

“Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary… which is the entire point of Bitcoin,” Voorhees said.

Principled Bitcoiners should be familiar with @THORChain

It is the *only market* to trade #Bitcoin at scale without an intermediary… which is the entire point of Bitcoin.

>$200m of native non-wrapped BTC was traded here in the past 24 hrs, permissionlessly.

If you’d like…

— Erik Voorhees (@ErikVoorhees) November 12, 2023

The THORChain project was initially launched by a team of developers during the Binance Dexathon in 2018.

While many of the project’s founding developers have chosen to remain anonymous, their innovative approach to decentralized asset settlement has garnered significant attention and support from the cryptocurrency community.

Aside from growing trading volume across DeFi, spot trading volumes on centralized crypto exchanges also saw a significant surge last month, marking the highest month-on-month increase since early 2021.

As reported, the total spot trading volume rose by 87.2% to $632 billion in October, the highest monthly volume recorded since March 2023.

The increase marks the highest MoM rise in spot trading volumes since January 2021.

“The return of volatility, combined with the bullish price action, has hinted at an uptick in interest in digital asset markets, with the potential approval of spot Bitcoin ETF on the horizon,” a report by CCData said.

Derivatives trading volumes on centralized exchanges also saw a significant increase, rising by 44.4% to $1.94 trillion. This marks the highest monthly derivatives volume recorded since June 2023.

The post THORChain’s 7-Day Trading Volume Hits $1.32 Billion, Third to Uniswap and PancakeSwap appeared first on Cryptonews.

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