Cross-chain DeFi volume sees a leader emerge, with Thorchain boasting a remarkable $4.82 billion in transactions.
Thorchain, a decentralized platform for trustless asset swapping, has been making waves in the cryptocurrency world. Similar to Uniswap, Thorchain enables users to swap assets without relying on a centralized intermediary.
What sets Thorchain apart is its stream swaps technology. This innovation minimizes slippage in swaps, even with lower liquidity, making it a standout among cross-chain swap platforms. As a result, Thorchain has processed more cross-chain transactions than Cosmos' Inter-Blockchain Communication (IBC) protocol over the past month, according to recent reports.
Thorchain's transaction volume during this period reached a staggering $4.82 billion, surpassing that of Polygon POS ($564 million) and Arbitrum Bridge ($1.21 billion), the leading layer-2 bridge in terms of volume.
The platform's native token, RUNE, has also been on an upward trajectory. Despite a market change on January 3, RUNE has shown resilience and is currently trading in a bullish pattern. A potential breakout above $6.5 for RUNE could cause increased demand and potentially drive the token to new heights in 2024.
It's worth noting that RUNE has grown significantly from its 2023 lows. This growth is evident in the decentralized finance (DeFi) sector, where Thorchain has attracted over 91,000 users and has a trading volume of over $61 billion.
Thorchain's unique selling point lies not only in its asset-swapping capabilities but also in its lending features. Unlike traditional lending protocols like Aave, Thorchain offers trustless lending free from liquidity and interest risks.
Developed and operated by a decentralized community and multiple teams contributing to its open-source ecosystem, Thorchain reflects a leaderless and community-driven design. This decentralized approach has been instrumental in its growth and success.
As of the report, Thorchain's Total Value Locked (TVL) stands at approximately $322 million, according to DeFiLlama. While this figure is not provided for Polygon POS or Arbitrum Bridge, it's clear that Thorchain is making a significant impact in the DeFi sector.
In conclusion, Thorchain's innovative approach, high transaction volume, and resilient native token make it a platform to watch in the ever-evolving world of cryptocurrency.
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