The price of THORChain’s RUNE token has risen 16% since the project announced the official launch of its mainnet on June 22.
The team announced the launch of the mainnet on Wednesday, alongside the rollout of a “Rune in a Million Campaign” on Binance that contains a total of $1 million in RUNE rewards for users of the exchange.
The announcement was followed by a 16% surge for RUNE to $2.18 at the time of writing, and the price has risen 31.6% over the past seven days. The surge has brought some much-needed relief to RUNE, although the price is still down 31% from $3.21 in early June.
THORChain is a cross-chain exchange and proof-of-obligation network that allows users to exchange assets by liquidity pools on various networks such as Binance Smart Chain, Ethereum, Dogecoin, and Bitcoin. The exchange also supports the trading of synthetic assets (tokenized derivatives that mimic the value of other assets).
According to the project, it has processed over $3.7 billion in native on-chain exchanges and has approximately $299.7 million in total value locked (TVL).
“Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and a strong community. This has been a long time coming and the community is very excited about this milestone,” the team said.
Notably Binance, Crypto.com, Coinspot, Swyftx and Ku Coin have all said they will support the asset.
— ImpossibleHunter77⚡ (@ImpossibleHunt7) June 23, 2022
The project was launched in 2018 and THORChain is in the process of moving from its beta version dubbed “multichain chaosnet”, which went live in April 2021. It has been subject to multi-million dollar hacks in the past .
The team notes that it has also moved over the past four years from a fully centralized project to a community-based project whose “network is solely controlled by 100 decentralized nodes.”
While the introduction of the mainnet won’t necessarily bring fundamental changes to how the protocol works other than fewer bugs and network stability/security, it will bring key changes to how the project is governed and adopted, and marks the development of Thorchain into a full-fledged network.
Prior to launching its own blockchain, THORChain initially launched with two variants of its token on Binance Chain and Ethereum, and the team has raised concerns about the minting features behind these two assets in the past, while dividing trading markets of the asset.
As part of the mainnet launch, THORChain hopes to discontinue these two RUNE variants over the next six months as part of the phased rollout of the new fully native and unified variant of the token. The team said it will also help more wallets support the asset.
THORChain validators kicked off the vote on launching the IOU RUNE token “kill switch” this week.
The @THORChain node operators have started voting to activate the Kill Switch
Details on significance https://t.co/ZbsguIfC45 pic.twitter.com/kV5fg2h3ZU
—Dan Smith (@smyyguy) June 20, 2022
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Going forward, the team said it will work to develop an Architecture Design Document (ADR) to track network changes and the governance process. It will also seek to establish new chain integrations, wallet integrations, aggregator implementations, and unilateral yield functionality. Further decentralization was also identified as a key objective.
“Centralized points of failure must be removed because they pose a risk to the future of the network. The biggest remaining centralized point is cash management. Treasury plans to hand over full control to the community soon,” the team wrote.
This week’s RUNE rally follows the surge in native DeFi tokens from competing platforms such as synthetic derivatives trading platform Synthetix, which has seen its SNX pump 75% in the past seven days to s sit at $3.06.
The price appears to have surged in response to the Synthetix 120 improvement proposal that went live last week, which increased the speed of trading on the platform.