THORChain’s RUNE token, a decentralized liquidity protocol that allows users to easily exchange cryptocurrencies across a variety of networks without losing full custody of their assets, has become the most valuable altcoin today. So why is RUNE soaring?
RUNE became the highest rising altcoin project of the day
As we reported , this year THORChain has suffered from various hack attacks and these successive attacks caused the RUNE price to drop. However, this week, the protocol announced that it will reopen the Ethereum pool along with other altcoin and BTC-based pools. Having experienced a 19 percent rise in the last 24 hours, the announcement appears to have had a positive impact on the price of RUNE. Since dropping to $2.95 on July 20, RUNE’s price has risen nearly 300 percent to $12, according to the data, and there has also been a noticeable increase in trading volume.
According to experts, the two reasons behind the recovery and building power seen in RUNE are the resumption of trading capabilities on all five supported blockchains, including the Ethereum (ETH) network, and the imminent launch of multiple new projects on the THORChain network.
Ethereum pools open on THORChain
According to experts, the main development driving the momentum behind RUNE was the re-enablement of trading services on all supported Blockchain networks, with the Ethereum pool reopening on October 21. Trading activity was curtailed after the attack in April, and after rechecking the code, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools are in the process of reopening.
According to data provided by THORChain, the demand from those who want to trade on the protocol was evident when the trading volume of ERC-20 tokens saw almost $2 million within minutes of the pool reopening.
Future airdrops and token launches
Another reason for the rising price action for RUNE, according to experts, is the imminent launch of a large number of new projects on the THORChain network, which will soon be listed on the Thorstarter (XRUNE) platform, a decentralized launch for the RUNE ecosystem. Some of the major upcoming launches include THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap and XDEFI wallet.