Why is THORChain (RUNE) up 74% to daily high of $5.57?

THORChain (RUNE) took investors on a roller coaster ride in 2021, peaking at $20.31 but eventually falling back below $4 due to a series of hacks and interest rates.

Data from TradingView shows that after hitting a low of $3 on Feb. 24, RUNE price has surged 74.2% to an intraday high of $5.57 as of this writing, while 24-hour block trading volume has increased by 388 % has increased.

RUNE/USDT 4 hour chart | Source: TradingView

The data suggests that investors may be taking a closer look at RUNE, and some factors likely to drive the upside include the protocol’s recent integration into the Terra and Cosmos ecosystems, impending mainnet launch, and attractive yields that offered to liquidity providers.

Runes built into Terra

One development that has excited the RUNE community is the integration of Terra (LUNA) with the THORChain protocol, which also allows the platform to support all Cosmos-based projects.

“To clear up any ambiguity, the Terra integration is complete. We are currently working with TerraSCV to review the integration before moving things forward. After we get the green light and everything is settled, UST and LUNA will appear on THORChain.”

The Terra integration brings LUNA and the stablecoin TerraUSD (UST) to the THORChain ecosystem, giving users more trading and staking options.

THORChain currently supports six wallets and eight blockchains on its cross-chain decentralized exchange (DEX) THORSwap. THORChain is also in the process of adding support for Haven and Monero.

Wallet and Blockchain powered by THORSwap | Source: Twitter

As part of the Terra and Cosmos SDK rollout, THORChain will be updated through a hard fork that will be fully tested on testnet, followed by further testing on Stagenet after Terra launch and first on ChaosNet when mainnet launches.

Bulls Predict Next Mainnet Launch

The second reason for RUNE’s price increase could be the upcoming mainnet launch on THORChain. This event has been highly anticipated since late 2021 but has been delayed due to many factors.

“With the upcoming mainnet there will be more integrations. Dev.thorchain.org will allow this.”

The exact mainnet launch date has yet to be announced, but there’s no lack of interest from community members who have stayed loyal during the past year’s struggles and hacks.

The prerequisites for launching the mainnet are to complete all of the testnet’s objectives, including practicing adding and removing chains, removing Bitcoin (BTC) and Litecoin (LTC) from the testnet, and several test runs with Fork Chain (Fork chains).

High staking yields attract new deposits

The third factor that contributes to user attractiveness and liquidity for THORChain is the high yield offered to the liquidity providers in the protocol.

APR is set to THORSwap | offered Source: THORSwap

Some of the top yields on offer include 55% on Binance USD (BUSD), stablecoin DAI at 30%, LTC at 26%, and Dogecoin (DOGE) at 24%.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.