THORChain’s 7-Day Trading Volume Hits $1.32 Billion, Third to Uniswap and PancakeSwap
THORChain, a decentralized crypto trading protocol capable of cross-chain swaps, has become the third-largest decentralized exchange (DEX) in terms of trading volume over the past seven days.
Over the past week, THORChain recorded a trading volume of $1.32 billion, third to Uniswap, which registered $10.85 billion, and PancakeSwap with $2.77 billion, according to data from DefiLlama.
THORChain’s trading volume continues to remain strong, with $334.3 million traded in the past 24 hours alone, surpassing PancakeSwap by almost $50 million.
The growing trading volume of THORChain is accompanied by the substantial growth of its native token, Rune, which has seen a 51% increase over the past week and over 200% growth in the last 30 days, as reported by CoinGecko.
At the time of writing, Rune is trading at $5.16, almost flat over the past day.
THORChain operates as a multichain version of Uniswap, allowing users to swap native Bitcoin for Ether (ETH).
The decentralized exchange powered by the THORChain protocol is called THORSwap.
One of the key factors attracting users to THORChain is the high yield it offers, with an average annual percentage rate (APR) of nearly 44%.
Some liquidity pools on THORChain provide even higher yields, such as Bitcoin and Rune pairs, which offer an APR of over 353%.
Notably, THORChain has caught the attention of Bitcoin advocate Erik Voorhees, who highlighted its significance for the Bitcoin community.
Voorhees emphasized that THORChain enables the trading of Bitcoin at scale without an intermediary, aligning with the fundamental principles of Bitcoin.
“Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary… which is the entire point of
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