Earlier this year, THORChain was subject to a series protocol exploits that saw $8 million taken from its reserves. These successive attacks took a heavy blow on the RUNE price. The protocol announced this week that it would reopen its Ethereum pool along with other altcoin- and BTC-based pools. This announcement seems to have had a positive effect on RUNE price.
Cointelegraph Markets Pro and TradingView data show that RUNE’s price has increased 283% since July 20th, when it was at $2.95. There is also an increase in trading volume.
RUNE/USDT 1-day chart. Source: TradingView
The relaunch of trading capabilities on all five blockchains, including Ethereum (ETH), and the upcoming launch multiple new projects on THORChain are two reasons RUNE has seen a recovery and build strength.
Open Ethereum pools
RUNE’s main achievement has been the activation of trading services across all supported Blockchain networks. Ethereum reopened on October 21.
Trading is now possible on the Ethereum chain. @THORChain has restarted all five blockchains: $BTC (ETH), $BNB, $LTC and $ETH (LTC), $BCH (Chain). Ethereum LP will be enabled when the pool prices are corrected.https://t.co/gNyDIEmCkL pic.twitter.com/gIJqA1fFgL
— THORSwap October 21, 2021 (@THORSwap).
After the April hack, trading activity was restricted. However, after rechecking the code, the Bitcoin (BTC), Litecoin(LTC), Binance Coin [BNB], Ethereum and Bitcoin Cash pools were reopened.
According to data from THORChain the rapid $2 million increase in trading volume for ERC-20 tokens was a sign of the high demand for trading on this protocol, which was evident by the close-to-instant $16 million in transactions within minutes after the pool reopened.
Related: Texas firefighters’ pension fund reportedly allocates $25M for Bitcoin and Ether
Future token launches and airdrops
The bullish price movement for RUNE can also be explained by the upcoming launch multiple projects on the THORChain Network. These new projects will soon be listed on Thorstarter (XRUNE), which is a decentralized launchpad to the RUNE ecosystem.
The @THORChain ecosystem is poised to explode once #Ethereum has been plugged back in. Once #Ethereum is plugged back in, the #ThorFi ecosystem is set to explode!$RUNE $THOR $TGT $BRO $SKIP $XDEFI pic.twitter.com/VpMhnVbCCT
— Fomocraft (@FOMOcraft) October 18, 2021
Among the most important upcoming launches are THORSwap THORWallet Brokkr Finance Skipp Swap DeFiSwap XDEFI wallet and THORWallet
Cointelegraph Markets Pro data shows that RUNE has enjoyed favorable market conditions for some time.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.
VORTECS(tm), Score (green) vs. the RUNE price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for RUNE has been in the green zone most of the week. It reached a peak of 74 on October 18, nineteen hours after the price rose 29% over the following two days.
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