THORChain, one of the popular altcoin projects, saw a 35% rise with the resumption of Ethereum transactions. The cross chain liquidity protocol has restarted trading for ETH and ERC-20 tokens. Details Cryptocoin. com follow e.
Big breakout in altcoin project
THORChain’s native token RUNE rose 35% after the resumption of Ethereum transactions with a protocol. The return of THORChain to Ethereum started a dramatic rally in RUNE. The protocol’s native RUNE token rose 35% on Thursday following the re-enablement of interoperability with the Ethereum network. While the rally has since cooled off, RUNE is still trading over 27%.
Users can once again exchange native Ethereum and ERC-20 tokens via THORChain. However, those looking to provide liquidity for the Ethereum dual-dollar series will need to wait for the treasury to rebalance the pools before doing so. Trading on the THORSwap exchange more than tripled after the restart, reaching $43 million, the highest daily volume ever recorded. The protocol appears to be running at full throttle with over $22M in trading volume in the Binance USD pool, despite only holding $15M in liquidity.
What can THORChain do?
THORChain is a liquidity protocol that facilitates cross-chain transactions between networks. Users can connect to exchanges built on the protocol like THORSwap to directly exchange assets like Bitcoin for tokens on other blockchains without going through a centralized exchange. THORChain stopped trading on the Ethereum network in July after a series of attacks cost users a total of $13 million. Chain’s native RUNE token has been hit hard, dropping more than 82% from its all-time high. While the RUNE token has since rebounded, it was unable to retest the highs achieved in May.
THORChain has returned to full operational capacity, now that the transaction with the Ethereum network has been reactivated. Users can now transact assets between all five supported blockchains: Bitcoin, Ethereum, Binance Chain, Litecoin, and Bitcoin Cash. The THORChain team also announced plans to integrate more chas in the future, allowing users to exchange assets such as Dogecoin, Monero, and Dash via the protocol.