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THORChain’s 7-Day Trading Volume Hits $1.32 Billion, Third to Uniswap and PancakeSwap

today 11/13/2023
THORChain, a decentralized cryptocurrency trading protocol that allows for cross-chain swaps, has become the third-largest decentralized exchange (DEX) in terms of trading volume in the past seven days. Its trading volume over the week reached $1.32 billion, ranking below Uniswap with $10.85 billion and PancakeSwap with $2.77 billion. The trading volume of THORChain remains strong, with $334.3 million traded in the past 24 hours. This growth in trading volume is accompanied by a significant increase in the value of its native token, Rune, which has seen a 51% rise in the past week and over 200% growth in the last 30 days. THORChain operates as a multichain version of Uniswap and offers high yields to users, with an average annual percentage rate (APR) of nearly 44%. Some liquidity pools on THORChain provide even higher yields, such as Bitcoin and Rune pairs with an APR of over 353%. The project has caught the attention of Bitcoin advocate Erik Voorhees, who highlighted its significance for the Bitcoin community. THORChain allows for trading Bitcoin at scale without an intermediary, aligning with the principles of Bitcoin. The THORChain project was initially launched in 2018 and has gained attention and support from the cryptocurrency community for its innovative approach to decentralized asset settlement. In addition to the growth in trading volume in decentralized finance (DeFi), spot trading volumes on centralized crypto exchanges also experienced a significant surge, reaching the highest monthly volume since March 2023. The increase in trading volume is attributed to the return of volatility and bullish price action in the digital asset markets. Derivatives trading volumes on centralized exchanges also saw a significant increase, reaching the highest monthly volume since June 2023.
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