THORChain has been experiencing strong growth in trading volume since the implementation of streaming swaps.
According to data from the DeFi Llama platform, THORChain has become the second decentralized exchange or DEX with the highest trading volume in the blockchain ecosystem.
Data shows that THORChain's trading volume in the past week has increased by more than 690%, exceeding $1.770 billion dollars at the time of writing. Just over 27% of this trading volume has been transacted through the DEX in the past 24 hours.
Source: DeFi Llama
THORChain is a decentralized protocol that allows users to execute permissionless native token swaps on multiple blockchains, including Bitcoin, Ethereum, Dogecoin, and BNB Chain, among others. Its popularity in the crypto ecosystem is due to the accessibility and ease it offers users to perform asset and token swaps across different blockchains and within a decentralized environment.
However, since the launch of streaming swaps, at the end of August, the popularity of THORChain has been growing more significantly.
THORChain becomes a strong competitor in CeFi and DeFi
In the Q3 status report, the THORChain developer team highlighted that the implementation of streaming swaps has made the protocol “a strong competitor” to centralized exchange platforms, significantly increasing its daily trading volume.
According to the report, the volume of transactions transacted in the third quarter through THORChain amounts to a total of $2.380 billion dollarsDuring this same period, liquidity commission fees totaled $3,38 million.
The most requested trading pair on THORChain was BTC/RUNE, followed by BTC/ETH, ETH/RUNE, USDC/RUNE and BNB/RUNE pairs.
As part of the protocol's growth and expansion, THORChain integrated several new features in Q3 to expand the services it offers its users and improve its opportunities in the decentralized ecosystem. Some of these features were streaming swaps, lending, and implementation on BNB Chain.
Regarding loans, Bitcoin or Ethereum holders can take their cryptocurrencies as collateral to request loans denominated in TOR (USD) in the cryptocurrency or token of their choice. According to the developers, loans on THORChain have no settlements, no interest, and no maturity, which is why they have become quite popular among users of this protocol.
As of September 30, a total of XNUMX had been opened. 455 loan positions, burning over 1 million RUNE tokens, THORChain’s utility and governance token.
On the other hand, streaming swaps have allowed the protocol to become faster and cheaper to use, benefiting the number of users.
In the week of the streaming swaps launch, the price of RUNE rose by more than 35%. However, despite the favorable metrics reported by THORChain in the quarterly report, the current price has fallen by 9,6% on the week and by 1% in the last few hours, trading at around $1,76 per unit.
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