THORChain price

RUNE

#64

According to an official representative of THORChain, the platform has no CEO, no founder and no directors. Instead, the further development of the protocol is organized via Gitlab with nodes as the ultimate deciders of which codebase to run.

Nine Realms, an organization formed from the community, now manages the codebase and coordinates software upgrades with the node community.

THORChain enables native asset settlement, allowing users to swap Bitcoin, Ether, Stablecoins, and other coins across 9 distinct blockchains. THORChain acts as a decentralised cross-chain exchange, facilitating native asset settlement.

THORChain uses a unique slip-based fee system to help mitigate the issue of “impermanent losses” — or the often temporary losses that a liquidity provider can experience when contributing to liquidity pools. It achieves this by using a slip-based fee to help ensure liquidity stays where it is needed.

THORChain uses deterministic swap ordering to order its trades by the amount of liquidity fees paid. This approach eliminates frontrunning, sandwich attacks, and MEV strategies.

THORChain combines a range of novel technologies, including on-way state pegs, a state machine, the Bifröst Signer Module and a TSS protocol to seamlessly facilitate cross-chain token swaps permissionlessly. This is all kept behind the scenes, making the platform accessible to even inexperienced traders.

THORChain enables Streaming Swaps which allow large swaps to be broken up into many smaller swaps over time, which significantly reduces swap fees for users.

As of October 2024, there are 337 million RUNE in circulation out of a total maximum supply of 500 million.

THORChain initially launched following an IDO on the Binance DEX. As part of the IDO, 20 million RUNE were sold. Prior to this, a total of 130 million RUNE were sold in earlier funding rounds.

According to the official Binance DEX proposal, 10% of the total supply (50 million tokens) was allocated to the team, and locked until the launch of the mainnet — unlocking at 20% per month thereafter. Much of this allocation was on-sold to raise further funds for the protocol. The team own less than 1% of all RUNE. As of July 2023, all RUNE is 100% vested and unlocked.

ERC-20 and BEP-2 RUNE have been deprecated after a 2.5 year period to upgrade to native RUNE, coordinated by the validators. Only mainnet RUNE is accepted by the protocol.

THORChain is built using the Cosmos SDK and is powered by the Tendermint consensus mechanism. This keeps the network safe from attacks through a novel BFT proof-of-stake (PoS) system that sees a large number of validators work together to propose and finalize blocks of transactions.

THORChain’s native asset vaults are secured by GG-20 Threshold Signatures. Every 3 days, all active validators are “churned”. Old validators are removed from the active set, as well as the lowest bonding and the worst performing. New validators join based on their bond amount. The new validator set uses Threshold Signatures to create new native asset vaults and all funds held by the network are migrated to new addresses.

RUNE is most liquid on the THORChain AMM which can be accessed by any ecosystem interface.

RUNE is a popular cryptocurrency that is available to purchase and trade on a large number of both centralized and decentralized exchange platforms. The most prominent of these are Binance (centralized) and THORChain interfaces found at THORSwap (decentralized).