Reactivated Ethereum swimming pools set off a 78% surge in THORChain worth
Earlier this year, THORChain was subjected to a series of protocol exploits that resulted in the drain of $ 8 million from its reserves, and these successive attacks had a serious impact on the RUNE price. This week, the protocol announced it would reopen its Ethereum pool along with other altcoin and BTC-based pools, and the announcement appears to have had a positive impact on the RUNE price.
Data from Cointelegraph Markets Pro and TradingView show that RUNE’s price has risen 283% from its $ 2.95 low on July 20 to $ 11.64, and trading volume has also increased noticeably.
RUNE / USDT 1-day chart. Source: TradingView
Two reasons for RUNE’s recovery and build-up are the reintroduction of trading capabilities on all five supported blockchains, including the Ethereum (ETH) network, and the imminent launch of several new projects on the THORChain network.
Ethereum pools are open
The main development driving the momentum behind RUNE has been the reactivation of trading services on all supported blockchain networks, with Ethereum reopening on October 21st.
Trading has been activated on the Ethereum chain. @THORChain restarted all 5 blockchains – $ BTC, $ ETH, $ BNB, $ LTC, $ BCH.
Ethereum LP will be activated when pool prices are corrected. Https://t.co/gNyDIEmCkL pic.twitter.com/gIJqA1fFgL
– THORSwap ⚡ (@THORSwap) October 21, 2021
Trading activity was restricted after the April hack and after the code was checked again, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools were reopened.
According to THORChain, the pent-up demand to trade the protocol was evidenced by the almost instantaneous trading volume of $ 2 million for ERC-20 tokens minutes after the pool reopened.
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Future airdrops and token launches
Another reason for the bullish price movement for RUNE is the imminent start of several new projects in the THORChain network, which will soon be listed on the Thorstarter (XRUNE) platform, a decentralized launchpad for the RUNE ecosystem.
With @THORChain temptingly close to rebooting in all of its multi-blockchain glory, it’s time to check out some of the more exciting tokens on the Asgardian horizon.
Once #Ethereum is reconnected, the # ThorFi ecosystem will explode! $ RUNE $ THOR $ TGT $ BRO $ SKIP $ XDEFI pic.twitter.com/VpMhnVbCCT
– Fomocraft (@FOMOcraft) October 18, 2021
Some of the major upcoming launches are THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap, and XDEFI Wallet.
According to data from Cointelegraph Markets Pro, market conditions have been favorable for RUNE for some time.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS ™ Score (green) vs. RUNE price. Source: Cointelegraph Markets Pro
As can be seen in the graph above, the VORTECS ™ Score for RUNE has been rising in the green for most of the past week, hitting a high of 74 on October 18th, about 19 hours before the price rose 29% over the next two Days.
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