THORChain's native token, RUNE, is experiencing a resurgence, with its price up 8.23% and breaking through important technical levels on Monday
THORChain released its Q3 2024 report, detailing network upgrades, key metrics, and roadmap for the future. The report highlights the implementation of new features such as RUNEPool, a network upgrade (hard fork), and a strategic shift to the Application Layer (App Layer). This shift aims to reduce the risk of the base protocol and allow new teams to develop smart contracts by leveraging THORChain's liquidity.
RUNE is now on the verge of a new resistance zone at $5.41 / TradingView
New Q3 2024 Features on the THORChain Network
RUNEPool: This new functionality allows users to provide liquidity with RUNE and earn a yield in RUNE.
Minimum Swap Fee: Nodes implemented a minimum fee for swaps with the goal of increasing system revenue for nodes and liquidity providers.
RUNE Burn for System Revenue: A proposal to burn a portion of system revenue, reducing the maximum supply of RUNE, was approved.
Hard Fork: The THORChain network was successfully upgraded, removing old code, updating the Cosmos SDK version, and implementing support for Bitcoin Taproot addresses.
New Integrations: Added integrations with OKX (via SwapKit), Zengo, and Li.Fi for Bitcoin swaps.
Key metrics for Q3 2024
Total USD volume: $8.17 billion
24-hour peak volume: $284 million
Increase in total liquidity: $259 million to $289 million (+12%)
Swap fees collected: $6.37 million
Affiliate revenue: $3.22 million
Profit distribution for liquidity providers: 39.55% swap fees - 60.45% block rewards
Strategy for the future
Base chain integration: The Nine Realms team is working on integrating the Base chain into the THORChain mainnet.
Solana chain integration: Solana integration requires more background work due to its different encryption type. The team is working on the architectural changes needed to support Solana and other chains with this encryption type.
Base Layer Risk Reduction in Favor of Application Layer: New lending options have been paused and Savers performance has been slightly reduced. The intent is to simplify the base layer and make it more predictable and secure.
Application Layer: THORChain will deploy a CosmWasm execution environment known as the Application Layer, allowing for the development of new protocols on top of THORChain liquidity without adding additional risk to the base layer.
IBC Connection: THORChain will use IBC to onboard additional assets to the Application Layer, increasing the liquidity available to the network.
THORChain Flashes Bullish Signals
THORChain’s native token, RUNE, is experiencing a resurgence, with its price up 8.23% and breaking through important technical levels on Monday. Following a bullish crossover of the 25-day and 50-day exponential moving averages, RUNE is in a favorable position to continue its climb.
What is driving this rally?
Several factors could be contributing to RUNE's strong performance:
Golden cross: The bullish crossover of the moving averages is a classic technical signal that suggests a trend change in favor of buyers.
Recovering a key support: After finding support at $2.93, RUNE started an upward movement, overcoming the obstacles it had previously encountered.
Positive market sentiment: The low prices of alternative cryptocurrencies would be attracting investors, in view of the stagnation of bitcoin prices.
The next objective: to overcome $5.41
RUNE is now at the doors of a new resistance zone at $5.41. If buyers manage to overcome this level, the doors will open to further gains. However, it is important to note that the trading volume has not yet accompanied this upward movement with the necessary force, which could indicate some indecision in the market.
Despite short-term fluctuations, RUNE has proven to be a profitable long-term investment. Over the past 12 months, the token has recorded gains of over 217%, far outperforming many other cryptocurrencies.
Disclaimer: This information is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves risk and readers are advised to conduct their own research before making any investment decisions.