Rune hits new record after launch of THORChain
By Neil Dennis
08:41, 14 April 2021
Momentum in Rune continued into Wednesday, hitting a fresh all-time high, after surging on Tuesday.
The native cryptocurrency of the THORChain, which launched on Tuesday, rose to a new high of $15.36 (£11, Є13) on Wednesday morning.
Cross chain trading
THORChain's launch was highly anticipated as it powers the technology behind the first decentralised exchange to enable cross chain, multi-asset trading without the need for bridging technology or the use of other synthetic assets.
The exchange will initially offer trading and token swaps for Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Binance Coin, although other cryptoassets are likely to be supported in the future.
The Rune token will act as intermediary between all transactions on THORChain and enables seamless trading between digital assets from one network to another without using bridges or wrapped tokens.
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Potential game changer
Yan Liberman and Medio Demarco, analysts at Delphi Digital said in a report published a year ago - but made public on Tuesday that the project could be a game changer.
They said: The first project to deliver on this will usher in a paradigm shift for how digital assets are traded, away from centralised exchanges and towards a truly decentralised future.
This would improve the resiliency of the entire space. Due to the inherent network effects of pooled liquidity, this project could find itself in a winner-take-most situation.
Rune wins
On Tuesday, the Rune token rose 9% to a closing high of $13.27. On Wednesday, it extended its run to hit a new record high of $14.85. Since the start of this month, the Rune has nearly doubled in price in dollar terms.
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