THORChain Expands Bitcoin-Based DeFi Capabilities
Date: 2024-09-27 Author: Gabriel Deangelo Categories: BLOCKCHAIN
As part of its push for greater decentralization, THORChain (RUNE) has announced a project to integrate decentralized finance (DeFi) with Bitcoin, the most popular cryptocurrency by market cap. This initiative will be a major step in strengthening the protocol’s position in the digital asset market.
Since the beginning of October 2023, the total amount of funds locked in THORChain (TVL) has grown from $225.96 million to over $1.458 billion by March 2024. The platform’s TVL currently stands at $902.55 million, representing significant growth over the past 12 months. At the same time, the blockchain revenue has exceeded $100 million, highlighting the successful development of the project.
One of the key factors of THORChain decentralization is the regular network upgrades - every 72 hours new validators are added and old nodes are removed. Currently, there are 111 nodes in the network, and 32% of the circulating RUNE tokens (about 107 million) are locked. The project expects a significant increase in activity as the 120 node limit approaches, which may lead to an increase in the price of RUNE.
On the back of this news, the price of RUNE has skyrocketed from $5.2759 to $5.70, reflecting the general rise in the cryptocurrency market. The cryptocurrency sector has been showing positive dynamics lately due to the improving global economic situation.
Growth of digital assets
Over the past 10 days, the cryptocurrency market has shown significant growth, especially Bitcoin, which rose from a low of $59,476 (September 18) to $65,847. The market revival is associated with the confirmation of the long-awaited interest rate cut by the US Federal Reserve and new economic stimulus measures in China. In addition, PayPal announced that US merchants will be able to buy and sell cryptocurrencies through its platform, marking a major step towards mass adoption of digital assets.
October is expected to bring further gains, with analysts predicting that Bitcoin could reach $80,000. This would provide a strong boost to altcoins like RUNE, which could lead to new all-time highs.
RUNE Current Price
Amid the overall crypto market rally, RUNE is also showing positive dynamics. Yesterday, its value jumped by 81%, rising from $5.2759 to $5.70 in just four hours. The token is currently trading at $5.50 after a minor pullback. A significant 10% increase in trading volume is supporting optimism among buyers, indicating a continuation of the uptrend.
