THORChain, a cross-chain decentralized liquidity protocol, has seen a surge in its trading volume and native token price. The platform has surpassed PancakeSwap, the leading DEX on Binance Smart Chain, to become the second most popular DEX in terms of volume traded over the last 24 hours. What makes THORChain stand out from other DEXs is its ability to swap native Bitcoin and other cryptocurrencies without intermediaries or custodial exchanges.
THORChain Volume Unstopable
According to DeFiLlama data, THORChain turned over $334.3 million in the past 24 hours, while PancakeSwap recorded $286.8 million. This makes THORChain the second-largest DEX by volume, only behind Uniswap, which had $10.85 billion. The trading volume on THORChain has also increased by over 102% in the past week, outperforming Uniswap and PancakeSwap, which grew by 34% and 15.5%, respectively.
However, THORChain still lags behind its competitors in terms of total value locked (TVL), which measures the amount of assets deposited in a protocol. THORChain has a TVL of $264 million, while Uniswap and PancakeSwap have $3.6 billion and $1.5 billion, respectively.
The rising volume on THORChain reflects the growing demand for its unique value proposition: enabling direct swaps between native BTC and other cryptocurrencies without relying on intermediaries or custodial exchanges. This is different from other leading DEXs such as Uniswap, which only support wrapped or synthetic versions of Bitcoin, such as WBTC or renBTC, that require trust in third parties.
Swap Unwrapped Bitcoin
THORChain offers a unique value proposition to crypto traders looking for decentralized swaps. Unlike other leading DEXs such as Uniswap, which only support wrapped or synthetic versions of Bitcoin, THORChain allows direct swaps between native BTC and other cryptocurrencies without relying on intermediaries or custodial exchanges.
THORChain achieves this by using a network of nodes that run specialized software called THORNodes. These nodes act as bridges between different blockchains, such as Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos, Dogecoin, Bitcoin Cash, and Litecoin. Each node stakes the protocol’s native token, RUNE, as collateral to secure the cross-chain swaps and earn fees from the users.
THORChain’s RUNE token has also benefited from the platform’s growing popularity, as it has recorded +40% spike over the last 24 hours to $4.9 at the time of writing. Moreover, RUNE hit a yearly high of $5.39 on November 12, marking a 79-week high. RUNE began trending higher after reaching a local bottom of $1.51 on October 19. Since then, the token has posted a remarkable 240% jump in its market price.