In the fast-paced and often unpredictable world of cryptocurrencies, there are those digital coins that are captivating the crowds and those that are quietly but rising at an impressive rate. THORChain undoubtedly belongs to the latter category. It has positioned itself as the “dark horse” in the crypto race and is making waves that have even the most die-hard investors sit up and take notice. But what is behind this impressive rise? How was THORChain able to capture the market so quickly? In this THORChain price prediction, we take you on an exciting journey to unravel the mystery behind the RUNE token.
What is THORChain?
THORChain is a blockchain-based platform focused on the Provision of decentralized liquidity specialized. It allows users to trade crypto assets between different blockchains exchange seamlessly and securely, like Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Dogecoin, Bitcoin Cash and Litecoin.
It does this without the need for intermediaries or centralized exchanges, reducing the risk of hacks or theft. The unique design of the network allows the Price differences between the supported blockchains minimized become, resulting in a more efficient and smooth exchange. One should particularly scalable, economical and secure cross-chain communication be made possible.
Unlike other solutions, the Swaps completed entirely with no wrapped or pegged tokens become. In addition, users do not need any RUNE to pay for their transaction fees. The users have Due to the decentralized approach, you have control over your assets at all times.
The core of THORChain is the RUNE tokenwho both as Security is used as well as Attraction for those providing liquidity to earn a return through the swaps. However, the earnings of the liquidity providers do not have to be in RUNE. The token derives its value from the number of assets that are paid into the network.
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So far, according to the information provided by THORChain DefiLama to a TVL (Total Value Locked) of $112.46M. In doing so, on the website of 76,000 unique token exchangers with already 12.74 million transactions reported being a daily trading volume of $56.6 million should come together. THORChain provides, among other things, the infrastructure for well-known providers such as e.g ShapeShift and trust wallet.
So far, synthetic assets, DEX aggregation, single-sided yield and protocol-owned liquidity have already been introduced. Rune’s next steps are Lending and Order Book.
What has been moving the THORChain price lately?
The following is an overview of the factors that have influenced the THORChain price the most recently:
THORChain Introduces Lending (16 August 2023)
THORChain is working on the new feature called “Lending” while testing the Stagenet and the ADR (Alternative Dispute Resolution) has already been released. It will be as that missing piece, which should round off the THORFi ecosystem. The functionality is reminiscent of other decentralized money markets such as the Ethereum-based MakerDAO, one of the pioneers in this area.
THOR Chain Lending allows borrowers to post collateral including any tokens or coins already supported by the platform become. Likewise, it enables them Secure loans without interest, liquidation or forfeiture.
The unique aspect of THORChain Lending is that the borrower can take out a loan without the risk of liquidation, regardless of the volatility of the collateral. This is due to the slip fees and the excess collateral permanently burned $RUNE tokenswhich in turn could have a price-increasing effect on the RUNE course.
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upcoming @THORChain Credit Protocol:
– No liquidations
– No Loan Interest
– No expirationInitially:
– Capped (5 million $RUNE)
-Natives $BTC & native $ETH as collateral.
— Jatin Kalra (@Jatinkkalra) August 12, 2023
Introduction of streaming swaps
THORChain launched Streaming Swaps on July 26th to provide a better price on token exchange to offer. She split the trade into smaller portions and send them over a long period of timeto reduce slippage.
In total streaming swaps improve pricing and efficiency of THORChain and could thus have a positive impact on the future prognosis and acceptance of THORChain. The streaming swaps from the THORChain are included has seen an increase in demand since its launchbeing on almost 150 swaps per day come.
First, the new streaming swaps will be offered through THORSwap. Work is being done on merging L2s and other EVM blockchains that have not yet been integrated.
THORChain Price Prediction
THORChain is currently on 63rd place of the largest cryptocurrencies on CoinMarketCap, with a Market cap of $503 million. Of the total of 500 million RUNE tokens, there are already 68.11% in circulation, however, investors need to consider an inflation rate when making their investments. In the first two and a half years, the circulation supply increased massively, but has remained constant since the beginning of 2022, so that the inflation rate is currently 0%.
THORChain is still there 92.57% from its all-time high removed from May 2021 at $21.26. The coin has to be there Dropped low from the bear market in June this year which was a very bearish signal. However, since the announcement of the lending program and the slow adoption of streaming swaps, optimism has returned to investors.
But the trading volume of THORChain has also seen a massive increase. At the same time it rose from around $21 million to as much as $217.95 million at. Since August 16, however, a decrease has been recorded again, with currently at $55.65 million is only about a quarter. Thus, due to the waning interest, the probability of further course corrections also increases.
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The RUNE price could break out impulsively on August 8th. In this regard, the token surged to the resistance at $1.663 by more than 75% at. After that, it corrected to the 23.6 Fibonacci level and horizontal resistance at $1.453. However, THORChain is now heavily overbought according to RSI and the market environment is very difficult, so a correction seems likely.
The next supports for the bulls are in $1.324, $1.219, $1.114 and $0.965. If, on the other hand, the rally continues, the next ones are located Resistances at $1.663, $1.965, $2.253 and $2.667.
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About the author: Simon Feldhusen first came into contact with the stock market 17 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de, Coincierge.de and P2E News.com.