THORChain jumps 35% on restart of Ethereum Trading

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THORChain’s native RUNE token increased by 35% after restarting Ethereum trading on the protocol.

THORChain joins forces with Ethereum restart

THORChain is back on Ethereum.

The protocol’s native RUNE token rose 35% on Thursday after the interoperability swap with the Ethereum network was reactivated. While the rally has since calmed down, RUNE is still trading above 27%.

USD / RUNE Chart. Source: CoinGecko

Users can once again trade native Ethereum and ERC-20 tokens through THORChain. However, those who wish to provide liquidity to Ethereum pairs will have 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 upper daily volume never recorded. The protocol appears to be working at full capacity, with over $ 22 million in trading volume on the Binance USD pool, despite only containing $ 15 million in cash.

THORChain is a liquidity protocol that facilitates inter-chain exchanges between networks. Users can connect to protocol-built exchanges, such as THORSwap, to directly trade assets like Bitcoin for tokens on other blockchains without going through a centralized exchange.

THORChain halted trading on the Ethereum network in July after a series of hacks cost users $ 13 million. The chain’s native RUNE token has been hit hard, falling more than 82% from all-time highs. Although the RUNE token has since recovered, it has not been able to retest the highs reached in May.

Now that trading has been reactivated with the Ethereum network, THORChain is back to full operational capacity. Users can now trade assets between the five supported blockchains: Bitcoin, Ethereum, Binance Chain, Litecoin, and Bitcoin Cash.

The THORChain team also announced plans to integrate more chains in the future, allowing users to trade assets like Dogecoin, Monero, and Dash through the protocol.

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.

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