From an $8M exploit to becoming third-largest DeFi project – Here’s the story of…
ambcrypto.comThorchain works a lot like other automated market makers (AMMs) such as Uniswap. But with an important difference. It enables trades of real cryptocurrencies from completely different blockchains – not “wrapped” or synthetic versions. However, its native token RUNE tumbled in markets after the blockchain suffered an exploit for the second time in two weeks in July 2021.
According to Messari, THORChain is now the third-largest project in DeFi, after Uniswap and Maker. It even went ahead of well-known projects like Aave and PancakeSwap. THORChain core developer Chad Barraford tweeted this development.
<p lang=«en» dir=«ltr» xml:lang=«en»>According to @MessariCrypto, @THORChain is the third largest DeFi project in crypto. pic.twitter.com/UiRAuEjJ52— Chad Barraford (@CBarraford) March 9, 2022
Following this, the price of RUNE spiked by 34% in a day. Its value increased by 21% over the past 24 hours to rest at $5.27. Although, at press time, the price had settled under the $5 mark with a 3% hike in 24 hours.
Cross-chain protocol THORChain went live with synthetic assets trading on its platform earlier on 10 March. This caused the price of its native token RUNE to jump as discussed above.
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