The price of THORChain RUNE token has increased by 16% since the project announced the official launch of its mainnet on Wednesday.
The team announced the launch of the mainnet on Wednesday, along with the launch of the “Rune in a Million Campaign” on Binance containing a total of $1 million in RUN rewards for exchange users.
The announcement was followed by a 16% rise for RUNE to $2.18 at the time of writing, with the price up 31.6% over the past seven days. The increase provided some much-needed relief for RUNE, although the price was still down 31% from $3.21 at the beginning of June.
THORChain is a cross-chain exchange and bond proof network that enables users to exchange assets through liquidity pools across different networks such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin. The exchange also supports the trading of synthetic assets (token derivatives that mimic the value of other assets).
According to the project, it has processed more than $3.7 billion in original on-chain swaps and has approximately $299.7 million in total locked value (TVL).
“Mainnet represents the realization of a fully functional, feature-rich protocol with a large ecosystem and strong community. It has been a long time and the community is very excited about this milestone,” the team stated.
Notably Binance, Crypto.com, Coinspot, Swyftx and KuCoin have all stated that they will support the asset.
The project was launched in 2018 and THORChain is moving from its beta version dubbed “multichain chaosnet”, which was launched in April 2021. It has been the subject of a multi-million dollar hack in the past.
The team notes that it has also moved over the past four years from a fully centralized project to a community-driven project whose “network is only controlled by 100 decentralized nodes”.
While the introduction of the mainnet does not necessarily result in any fundamental changes to how the protocol operates, aside from fewer bugs and network stability/security, it will provide major changes in how the project is managed and built and mark the evolution of Thorchain into an integrated network.
Prior to launching its own blockchain, THORChain initially launched with two variants of its token on Binance Chain and Ethereum, and the team has expressed concerns about the features of minting these assets in the past, as well as splitting the trading markets for the asset.
As part of the mainnet launch, THORChain hopes to finalize these two variants of RUNE within the next six months as part of the push towards the new, fully unified, original release of the token. The team stated that this will also help more wallets provide support for the asset.
THORChain validators began voting on the initiation of the “Kill Switch” for the IOU RUNE token this week.
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Going forward, the team stated that it will develop an Architectural Design Registry (ADR) to track network changes and the governance process. You’ll also be looking to build new blockchain integrations, portfolio integrations, aggregator implementation, and a one-sided payout feature. More decentralization has also been designated as a major goal.
Central points of failure must be removed because they pose a risk to the future of the network. The biggest remaining central point is treasury management. The Treasury plans to hand over full control to the community soon,” the team wrote.
This week’s rally in RUNE follows a sharp rise in the original DeFi token from rival platforms such as Synthetix, which has seen Synthetix (SNX) pump 75% over the past seven days to settle at $3.06.
The price appears to have risen in response to the Synthetix 120 improvement proposal launched last week, accelerating trading on the platform.