Cross-chain DeFi transactions reach a staggering $4.82 billion, with Thorchain taking the lead.
In the dynamic world of decentralised finance (DeFi), Thorchain continues to make waves with its innovative stream swaps technology. This technology allows users to execute swaps with minimal slippage, even in scenarios of lower liquidity, making it a preferred choice for many.
Thorchain's popularity is evident with over 91,000 users attracted to its platform. The native token of Thorchain, RUNE, has shown resilience despite a market change on January 3. Notably, RUNE has grown significantly from its 2023 lows, indicating a positive trend for the token.
Recent research conducted by CriptoInforme reveals that Thorchain's transaction volume has surpassed $61 billion, outshining Cosmos' Inter-Blockchain Communication (IBC) protocol's volume of $3.35 billion over the same period. This high transaction volume indicates Thorchain's growth in the DeFi sector and its increasing favour as a choice for cross-chain asset transfers.
Thorchain's transaction volume over the past month has reached $4.82 billion, a testament to its robust infrastructure. In comparison, other competitors such as Polygon, have transaction volumes of $694 million, showcasing Thorchain's significant lead.
Arbitrum Bridge has handled the highest volume among layer-2 bridges with $1.21 billion in cross-chain volume, but Thorchain's volume exceeds this figure, underscoring its dominance.
DeFiLlama reports a Total Value of approximately $322 million on Thorchain. Similar to Uniswap, Thorchain enables users to maintain control over their funds, eliminating the need for intermediaries. Additionally, Thorchain offers a unique lending feature that supports trustless lending of assets without the risks associated with liquidity or interest.
The potential bull run for THORChain's RUNE token, as suggested in a Q3 report, is another factor contributing to its growing appeal. A breakout above $6.5 for RUNE could cause increased demand and potentially drive the token to new heights in 2024.
In conclusion, Thorchain's stream swaps technology, growing user base, and robust transaction volume position it as a leading player in the DeFi sector. Its unique lending feature and trustless asset-swapping capability further set it apart from its competitors. As we move forward, it will be interesting to see how RUNE performs and whether it lives up to the bullish predictions.
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