On October 5th, ThorChain, a decentralized liquidity protocol, recorded a staggering transaction volume record, achieving a total of 355 million dollars in just one day. This milestone is merely a part of a larger trend where the cumulative transaction volume over five days exceeded 1 billion dollars.
Recently, ThorChain has been gaining significance in the cryptocurrency world. Analysis shows that the dynamic increase in transaction volume is linked to the rising number of swaps on the network. Precisely on October 5th, when the transaction volume approached 355 million dollars, the number of swaps was 115,630. Compared to the previous day, when there were 61,877 swaps and the total volume was only 170.8 million dollars, the growth is impressive – a full 107.6% in one day.
Observing the charts from September 29th, one can notice a consistent rise in transaction volumes. The network reported a volume of about 34.45 million dollars then, which rose to 60.14 million the next day, and on October 1st reached 166.4 million dollars. Over five days, from October 1st to 5th, the total transaction volume amounted to 1.063 billion dollars.
Increases in transaction volumes did not go unnoticed in relation to network revenues. On October 4th, liquidity revenue was around 109 thousand dollars, and bond revenue was 66.7 thousand dollars. However, on October 5th, revenues from liquidity and bonds were 164.35 thousand dollars and 101.96 thousand dollars, respectively.
Analysts suggest that the sudden surge in volume might be related to escalating hacker activities, especially BTC inter-chain transactions. In response to these adverse events, ThorSwap, a product of ThorChain, was suspended and went into maintenance mode. The decision to put the THORSwap platform into maintenance mode was made to quickly halt any potentially illegal activity.
Regarding the price of ThorChain’s native coin, Rune, red numbers dominated the last 24 hours. Starting the day at 2.048 dollars, the token rose to 2.1 dollars before dropping to around 1.93 dollars. Nonetheless, over the past week, Rune traded in the green, reaching 2.23 dollars on October 2nd before falling to 1.88 dollars on October 4th.
Despite daily price fluctuations, assets mainly remained at one level over the past five days. Nevertheless, over the last week, Rune gained about 3.02% in value, reflecting its stability in the cryptocurrency market.
