THORChain, one of the popular altcoin projects, has seen a 35% rise with the resumption of Ethereum transactions. The cross chain liquidity protocol has restarted trading for ETH and ERC-20 tokens. Details cryptocoin.comFollow from.
Big breakout in altcoin project
THORChain’s native token RUNE is up 35% after the resumption of Ethereum transactions with a protocol. THORChain’s return to Ethereum started a dramatic rally in RUNE. The protocol’s native RUNE token rose 35% on Thursday following the re-enablement of interoperability with the Ethereum network. While the rally has since cooled off, RUNE is still trading over 27%.
Users can once again exchange native Ethereum and ERC-20 tokens via THORChain. However, those looking to provide liquidity for Ethereum pairs will need to wait for the treasury to rebalance the pools before doing so. Trading on the THORSwap exchange more than tripled after the restart, reaching $43 million, the highest daily volume ever recorded. The protocol seems to be running at full throttle with over $22 million in trading volume in the Binance USD pool despite only holding $15 million in liquidity.
What can THORChain do?
THORChain is a liquidity protocol that facilitates cross-chain transactions between networks. Users can connect to exchanges built on the protocol like THORSwap to directly exchange assets like Bitcoin for tokens on other blockchains without going through a centralized exchange. THORChain stopped trading on the Ethereum network in July after a series of attacks cost users a total of $13 million. The chain’s native RUNE token has been hit hard, dropping more than 82% from its all-time high. While the RUNE token has since rebounded, it was unable to retest the highs achieved in May.
Now that the transaction has been reactivated with the Ethereum network, THORChain has returned to full operational capacity. Users can now transact assets between all five supported blockchains: Bitcoin, Ethereum, Binance Chain, Litecoin, and Bitcoin Cash. The THORChain team also announced plans to integrate more chas in the future, allowing users to exchange assets such as Dogecoin, Monero, and Dash via the protocol.
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