THORChain launches mainnet as RUNE climbs 11%

The THORChain multi-chain liquidity protocol team announced the project’s mainnet launch. Its native utility token RUNE reacted with an 11% uptick, according to CoinGecko.

❗️Announcing: Mainnet

Since April 2021, THORChain has been hardening under its beta label, Multichain Chaosnet, which will now transition to Mainnet.

Read: https://t.co/aLOpEUp9iQ (🧵1/8)

— THORChain (@THORChain) June 22, 2022

“Since its inception in 2018 and to the present, THORChain has largely been a research project. The mainnet marks the protocol’s maturation into a fully functional product with a large number of capabilities, a rich ecosystem and a strong community,” according to developers’ statement.

Over the last week, the price of RUNE rose by 30%. At the time of writing, the token is trading near $2.19.

THORChain is a decentralized protocol that allows users to exchange assets through liquidity pools across networks such as BNB Chain and Ethereum. The project also supports synthetic-asset operations.

According to the developers, during its lifetime the protocol has processed on-chain swaps totaling more than $3.8 billion. The amount of assets locked in its smart contracts exceeds $300 million.

Initially, the RUNE token was issued on BNB Chain and Ethereum. With the mainnet launch, support for these assets will be gradually phased out. Holders were advised to exchange them for the native token.

A number of centralized exchanges have already announced listings for it, including Binance and Crypto.com.

1/ @THORChain Mainnet is opening up the floodgates! @binance, @kucoincom, and @cryptocom all announced they’ll support native $RUNE the past few days. What an exciting time to be a #ThorChad! LFG!

— ImpossibleHunter77⚡ (@ImpossibleHunt7) June 23, 2022

As part of the marketing campaign around the mainnet launch, THORChain unveiled a Binance-backed initiative with Rune in a Million. The latter envisions distributing $1 million in RUNE among platform users.

Earlier in November 2021, the THORSwap decentralized exchange built on THORChain attracted $3.75 million in a private token sale.

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