Cryptocurrency

Base

THORChain

Shiba Inu

Rewards

<p class="p1">THORChain, a <a href="https://insidebitcoins.com/buy-cryptocurrency/best-defi-coins" rel="noopener noreferrer nofollow">decentralized</a> liquidity protocol, has recently witnessed a substantial increase in its weekly liquidity fees. This notable growth follows a prolonged period of over four months where fees remained relatively stagnant. However, last week saw liquidity fees break through the $500,000 barrier, reaching an impressive $744,800. This figure marks a 71% rise compared to the previous week, signaling a significant breakthrough for the protocol.</p>
<h2 class="p1" id="users-continue-to-engage-despite-fee-increases">Users Continue to Engage Despite Fee Increases</h2>
<p class="p1">One of the most remarkable aspects of this surge is that it occurred during the first complete week after the protocol implemented a hike in its minimum Layer 1 (L1) swap cost, raising it to 0.15%. Even with this increase in fees, the users of THORChain have shown remarkable resilience, continuing to engage actively with the platform. The average daily volume for L1 swaps remained stable at $30.8 million, despite the heightened costs. This stability underscores the value that users place on <a href="https://thorchain.org/" rel="noopener noreferrer nofollow">THORChain’s services</a>, as they appear undeterred by the higher charges.</p>
<h2 class="p1" id="significant-revenue-growth-driven-by-fee-increase">Significant Revenue Growth Driven by Fee Increase</h2>
<p class="p1">The increase in swap costs has had a profound impact on the revenue generated by the protocol. Since the implementation of the fee hike, the average daily swap fees have surged from $9,100 to $47,600, representing a fivefold increase. What makes this growth particularly noteworthy is that it occurred even though swap volumes have remained steady, indicating that <a href="https://insidebitcoins.com/buy-cryptocurrency/best-cheap-crypto" rel="noopener noreferrer nofollow">the protocol has significantly benefited from the higher fees.</a></p>
<p class="p1">Furthermore, for the first time in 2024, the fees generated by the network exceeded the block rewards distributed. In the last week alone, liquidity fees accounted for 51% of the total incentives distributed by the protocol. This shift highlights the growing significance of fee revenue in THORChain’s overall financial structure.</p>
<p><iframe title="How THORChain Is Dominating DeFi with Founder JP Thor" width="640" height="360" src="https://www.youtube.com/embed/u3gnyH_YZXU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p>
<h2 class="p1" id="user-growth-and-trading-volume-on-the-rise">User Growth and Trading Volume on the Rise</h2>
<p class="p1">In addition to the impressive financial performance, THORChain has also seen a substantial increase in its user base. According to recent reports, the protocol’s user base has grown by 41% in 2024, reaching over 510,000 unique users. This expansion in the user base has been mirrored by a corresponding increase in trading volume, which has now exceeded $71 billion. In a particularly noteworthy achievement, the protocol recorded $3 billion in trading volume within just a few weeks this year.</p>
<p class="p1">Meanwhile, the native token of THORChain, RUNE, was trading at approximately $4.10 at the time of writing. This price reflects a 4% increase over the previous 24 hours, placing RUNE among <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">the top five gainers on CoinMarketCap during that period.</a></p>
<h2 id="thorchain-s-strengths">THORChain’s Strengths</h2>
<p>THORchain, as a decentralized liquidity protocol, was designed to facilitate seamless and secure asset swaps across different blockchains without relying on centralized intermediaries. At the heart of Thorchain’s functionality is its unique use of Continuous Liquidity Pools (CLPs) and the Tendermint consensus mechanism, which allows it to operate as a multi-chain decentralized exchange (DEX) and liquidity provider. Unlike <a href="https://insidebitcoins.com/buy-cryptocurrency/best-crypto-exchanges" rel="noopener noreferrer nofollow">many other platforms</a>, Thorchain enables users to trade native assets from different blockchains directly, without the need for wrapped tokens or synthetic assets. This direct cross-chain swapping is not only more secure but also eliminates the dependency on potentially vulnerable bridges.</p>
<p>One of Thorchain’s most recent innovations is the introduction of <a href="https://medium.com/thorchain/introducing-streaming-swaps-eff37f6150f3" rel="noopener noreferrer nofollow">streaming swaps</a>, a feature that allows users to execute swaps over a period of time rather than instantaneously. This is particularly beneficial for large trades, as it helps mitigate slippage—a common issue in crypto trading where large orders can significantly affect the price of an asset. By spreading the swap over time, streaming swaps reduce the impact on the market and provide users with more control over their trades. This feature further enhances the flexibility and efficiency of the Thorchain protocol, making it an attractive option for traders dealing with substantial volumes or those who prefer a more gradual approach to swapping assets.</p>
<p>Thorchain stands out in the crowded decentralized finance (DeFi) space due to its commitment to true cross-chain interoperability and continuous innovation. While many DEXs are confined to a single blockchain or rely on wrapped tokens for cross-chain functionality, Thorchain’s architecture enables native asset swaps across multiple blockchains in a decentralized manner. The platform also incentivizes liquidity providers by offering them a share of the fees generated from swaps, and it employs a dynamic fee model to safeguard against impermanent loss. With the addition of features like streaming swaps, Thorchain continues to push the boundaries of decentralized trading, offering users more security, flexibility, and control than many other similar projects in the DeFi ecosystem.</p>
<h2 class="p1" id="base-dawgz-a-multi-chain-meme-token-with-community-rewards">Base Dawgz: A Multi-Chain Meme Token with Community Rewards</h2>
<p class="p1">Base Dawgz has emerged as a notable meme token and is considered one of the top cryptocurrencies to invest in this year, largely due to its multi-chain capabilities. <a href="https://insidebitcoins.com/visit/basedawgz" rel="noopener noreferrer nofollow">Developed on the Base blockchain, this token stands out for its ability to operate across multiple chains</a>, including Ethereum, Solana, Avalanche, and BNB Chain. This is made possible through the use of advanced technologies such as Wormhole and Portal Bridge, allowing for seamless storage and transfer across these networks.</p>
<h3 class="p1" id="community-engagement-and-gamified-rewards">Community Engagement and Gamified Rewards</h3>
<p class="p1">A key feature that sets Base Dawgz apart is its community-centric approach, which rewards positive engagement through a gamified airdrop system. Participants in the Base Dawgz ecosystem can earn rewards by interacting on social media platforms like Twitter, creating memes, posting content, and accumulating points. This system encourages active participation and fosters a strong community around the token.</p>
<p><iframe title="TOP MEME COIN TO BUY IN AUGUST 2024" width="640" height="360" src="https://www.youtube.com/embed/BVJ3fclpbzg?start=412&amp;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p>
<h3 class="p1" id="position-within-the-base-ecosystem">Position within the Base Ecosystem</h3>
<p class="p1">Base Dawgz has also secured its place as a foundational meme coin within the Base ecosystem, further solidifying its position as a top cryptocurrency to buy. The Base ecosystem itself is substantial, with tokens within it boasting a market capitalization that exceeds $4 billion. Among these, Base meme coins are particularly prominent, ranking among the top four. The imagery associated with Base Dawgz, featuring a Shiba Inu dressed in base jumping gear and descending through the skies, adds to its appeal and aligns with the adventurous tone of the token.</p>
<h3 class="p1" id="future-potential-and-presale-opportunity">Future Potential and Presale Opportunity</h3>
<p class="p1">These distinctive attributes are expected to enhance the value of Base Dawgz once it becomes available on cryptocurrency exchanges. For now, those interested in acquiring this token can participate in <a href="https://insidebitcoins.com/visit/basedawgz" rel="noopener noreferrer nofollow">its presale by visiting basedawgz.com.</a></p>
<p style="text-align: center"><a href="https://insidebitcoins.com/visit/basedawgz" class="su-button su-button-style-3d" style="color:#000000;background-color:#F9A602;border-color:#c88502;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px" target="_self" rel="noopener noreferrer nofollow"><span style="color:#000000;padding:0px 24px;font-size:18px;line-height:36px;border-color:#fbc14e;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px;text-shadow:none;-moz-text-shadow:none;-webkit-text-shadow:none"> <strong>Buy </strong><strong>Base Dawgz</strong></span></a></p>
<h3 id="b-related-news-b"><b>Related News</b></h3>
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 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/next-cryptocurrency-to-explode-thursday-august-29-thorchain-pendle-mobox-optimism" rel="noopener noreferrer nofollow"><span class="s2">Next Cryptocurrency to Explode Thursday, August 29 — THORChain, Pendle, Mobox, Optimism</span></a></span></li>
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THORChain’s Liquidity Fees Surge by 71% Amidst Fee Increases, RUNE Shows Positive Momentum

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