Since the project announced the formal launch of its mainnet on Wednesday, the price of THORChain’s token RUNE has increased by 16%.
The mainnet launch was announced on Wednesday along with the introduction of a “Rune in a Million Campaign” on Binance, which offers users of the exchange a total of $1 million in RUNE awards. THORChain has already been trading profitably and recovering more quickly than other, more established cryptocurrencies. After four years of work and study, the design team behind such a project, Nine Realms, announced the mainnet debut. As of this writing, THORChain (RUNE) is trading at $2.30, having made profits of 14 and 35 percent during the previous day and week, respectively.
THORChain Mainnet Launch Followed By Price Increase
The announcement appears to be receiving a favorable response from the market. Users of cryptocurrencies on the Binance exchange will have the opportunity to take part in a promotional campaign and win a portion of a $1 million prize as part of the announcement. To allow users to supply cross-chain liquidity before mainnet, THORChain was working with the Multichain Chaosnet (MCCN).
According to the official article, this enabled the project to test its features in real-world scenarios and transition from a centralized to a decentralized and community-driven platform. The project introduced its native token RUNE as part of this deployment and has asked all token holders to exchange their non-native RUNE for the former asset.
According to the BEP2 standard, the protocol will include a “Killswitch” and “kill” the non-native asset once 67 percent of the network is running on native RUNE. InvestorsObserver on Thursday gave THORChain (RUNE) an extremely optimistic rating. While the whole cryptocurrency market is up 1.86 percent, the Decentralized Exchange asset is up 14.11 percent to $2.05.