THORChain (RUNE)

THORChain cryptocurrency

ThorChain is a cryptographic network based on blockchain technology that enables the exchange of digital assets between different Blockchain networks, using a protocol containing a cross-bridge system called the Bifrost protocol. The main goal of the project is to enable decentralized direct exchange of tokens based on different blockchains. Thanks to this, it will be possible to exchange, for example, Ethereum ERC-20 tokens for Binance Chain BEP-20 tokens. This will ensure increased liquidity and allow much greater exchange possibilities. The platform itself works very much like decentralized exchanges, i.e. largely identical to Uniswap. Currently, a trial version of the application is available. ThorChain has its own RUNE token which you can use to participate in the network, add liquidity and claim rewards.

THORChain forecasts

RUNE is currently ranked 66th in terms of capitalization. The ATH cryptocurrency took place on May 19, 2021 reaching $20.87. Currently, almost 160 million tokens out of a total of 500 million are in circulation. The draft in the prospectus quite scrupulously gives the dates of introducing subsequent batches of tokens to the market. The daily turnover of RUNE is less than 11 million dollars. The cryptocurrency is listed on only two exchanges, Binance and BitMax, but the Binance exchange is responsible for over 98% of the turnover.

History of THORChain

The project was created in 2018, based on the assumption that the transfer of cryptocurrencies between different chains using centralized exchanges is defective. The founders of THORChain decided to build an independent Blockchain enabling transfers between external chains, operating in a manner analogous to DEX. The team working on the project itself is unknown. On the website you can find information that this anonymity is to protect the project. The team is constantly working on the implementation of further technical aspects, which are quite meticulously listed and updated on the project website. Thanks to this, users know that the project is constantly developing and fulfilling its technical assumptions.

Principle of operation

ThorChain uses the Bifrost protocol that enables the transfer of digital assets between different Blockchain networks. Bancor smart tokens called Continuous Liquidity Pools facilitate exchanges by rewarding users for contributing to the liquidity of each pool. More specifically, pools provide traders with access to liquidity without having to find or contact other buyers or sellers. THORChain also distributes RUNE rewards to each user who adds tokens to the liquidity pool. At the same time, token owners can bet their assets and earn from fees collected from other users accessing the pool. The THORChain chain is based on Tendermit using Tendermint BFT (Byzantine Fault Tolerance) as a consensus mechanism. Additionally, the Project also uses Proof of Stake for resistance to Sybil. As part of PoS, the validator system can set RUNE tokens in order to run subsequent network nodes and verify the correctness of transactions. As part of this, ThorChain enables token holders to delegate them to validators, which maintains stability and allows delegators to part of each block reward. Currently, RUNE and the decentralized BEPSwap exchange, which is still in BETA, operate on the Binance Chain.

Wallet for THORChain

The RUNE cryptocurrency is an ERC-20 token, so all wallets that allow you to store this type of tokens can be used to hold a RUNE, for example MyEtherWallet, Metamask. Also, hardware wallets such as Ledger or Trezor allow you to store cryptocurrencies on your devices. However, it should be remembered that by storing RUNE tokens in this way, you lose the possibility of receiving a part of the reward for the block excavated.