THORChain (RUNE) had a bad year. It went through a number of exploits on log that resulted in its $ 8 million being drawn from its reserves, and these successive attacks took a heavy toll on the price of RUNE.
This week, THORChain’s announcement of the reopening of the Ethereum pool along with various Altcoin and Bitcoin-based pools has had a positive effect on the RUNE price.
Data from TradingView shows that RUNE’s price has risen nearly 300% since hitting a low of $ 2.95 on July 20 to currently $ 12.98 and has seen an amazing trading volume as well.
RUNE / USDT. 1 day chart | Source: TradingView
The two reasons for the recovery and building the strength of RUNE are the relaunch of the transaction functions on 5 supported blockchains, including the Ethereum (ETH) network, and the imminent start of further projects. New project in the THORChain network.
Ethereum pools are open again
The factors behind RUNE’s upward momentum are the reactivation of trading services on all supported blockchain networks, with Ethereum on Oct.
– THORSwap (@THORSwap) October 21, 2021
“The transaction was activated in the Ethereum chain. THORChain restarted all 5 blockchains – BTC, ETH, BNB, LTC, BCH. Ethereum LP is activated when the pool price is adjusted. “
Trading activity was restricted after the April hack, and after a code review, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools are in the process.
follow data powered by THORChain, the pent-up demand for trading the protocol was demonstrated by a trading volume of nearly $ 2 million for ERC-20 tokens minutes after the pool reopened.
Publications sign and airdrops in the future
Another reason for the bullish development towards RUNE is the imminent start of many new projects in the THORChain network, which will soon be listed on the Thorstarter (XRUNE) platform, a decentralized launch pad for the RUNE ecosystem.
– FOMOcraft (@FOMOcraft) October 18, 2021
“With THORChain in the process of regaining its multi-blockchain fame, it’s time to check out some of the more exciting tokens on the Asgardian horizon. Once Thereum is reactivated, the ThorFi ecosystem will explode!
Some of the major upcoming launches are THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap, and XDEFI Wallet.
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According to Cointelegraph