Last Updated on November 13, 2023 by Bitfinsider

THORChain, a native asset settlement mechanism, has had the third-highest trading activity over the past week on decentralized exchanges. Users are reportedly drawn to the high yield that THORChain’s native token, RUNE, offers.

According to DefiLlama, THORChain’s trade volume over the past week reached $1.32 billion, placing it third only after Uniswap and PancakeSwap at $10.85 billion and $2.77 billion, respectively.

With $334.3 million in trading volume over the past 24 hours, THORChain has also recorded the second-largest volume, about $50 million more than PancakeSwap, which is in third place.

According to CoinGecko, RUNE has surged by 51% in the past week and by more than 200% in the past 30 days.

THORChain core creator Chad Barraford first projected that the flippening would occur by the end of 2023, but this was considerably later than expected when THORChain surpassed Curve Finance.

“All right, things happened a lot quicker than I anticipated. Just took two days as opposed to two months,” Barraford wrote on November 13 on X (previously Twitter).

Because users can exchange native Bitcoin for Ether, THORChain is seen as a multichain variant of Uniswap. The decentralized exchange that runs on the THORChain protocol is called THORSwap.

The platform provides an average annual percentage rate (APR) of approximately 44%; however, certain liquidity pools, such the Bitcoin and RUNE pairs, offer APRs of over 353%.

Advocate for bitcoin Erik Voorhees observed that in the 24 hours between November 11 and 12, THORChain handled about 2%, or $224 million, of the total spot Bitcoin trading volume.

“THORChain should be familiar to principled Bitcoiners. The whole purpose of Bitcoin is to be traded at scale without the need for a middleman, and that is the only market that does so, according to Voorhees.

During the 2018 Binance Dexathon, a group of developers introduced the THORChain project. Numerous of its original developers have chosen to remain anonymous.