2021 was a busy year for THORChain (RUNE), with price peaking at $20.31 but then dropping below $4 as a series of breakouts and interest in decentralized finance waned. 2022
The data suggests that investors may be taking a closer look at Rune, and several potential positive factors may include the protocol’s recent integration with Terra and the Cosmos ecosystem, the upcoming launch of the mainnet and the attractive returns offered to liquidity providers.
RUN/USDT, 4-hour map. Source: Trading View
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.00 on February 24, RUNE price surged 74.2% to a daily high of $5.23 on March 1 due to a 388% increase in 24 hours. interval. Trading volume.
Rune integrates with Terra
One of the exciting developments in the RUNE community is the integration of Terra (LUNA) into the THORChain protocol. This integration also allows the platform to support all Cosmos-based projects.
Integration with Terra brings the LUNA token with the TerraUSD (UST) stablecoin into the THORChain ecosystem and gives users more trading and betting options.
THORChain now supports six types of wallets and eight blockchains on the THORswap platform for decentralized cross-chain exchange. THORChain is also adding support for Haven and Monero.
Wallets and blockchains powered by THORSwap. Source: Twitter
As part of the Terra and Cosmos rollout, the THORChain SDK will be updated through a hard fork that will be fully tested on the testnet, followed by further testing on Stagenet after the launch of Terra and on ChaosNet before the mainnet launch.
Bulls are waiting for the next mainnet launch
The second reason for the increased interest in RUNE could be the upcoming launch of the mainnet on THORChain. This event has been waiting since the end of 2021 when its launch was originally planned, but it was postponed due to several factors.
An exact release date for the mainnet has not been revealed, but there is no lack of interest from community members who have been loyal over the past year despite the battles and hacking.
Mainnet launch requirements meet all test network goals, including adding and removing chains, removing Bitcoin (BTC) and Litecoin (LTC) from the test network, and running multiple tests using fork chains.
Related: THORSwap gets the point: consensus incentives are cryptographic superpowers
High yields attract new deposits
The third factor that contributes to attracting users and liquidity to THORChain is the high return offered by the protocol’s liquidity providers.
Annual interest rates are offered on THORswap. Source: THORSwap
Some of the highest returns offered include 55% for Binance USD (BUSD) and 30% for DAI stablecoin. LTC deposits earn 26% and Dogecoin (DOGE) 24%.
VORTECS data from Cointelegraph Markets Pro started revealing positive prospects for RUNE ahead of the recent price increase.
VORTECS Men’s Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions drawn from a range of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Result (in green) and RUNE Prize. Source: Cointelegraph Markets Pro.
As you can see in the chart above, RUNE’s VORTECS™ jumped to a peak of 78 on February 25, about 57 hours before the price started to rise 55% over the next two days.