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In the past week, trading activity on the decentralized exchange (dex) Thorchain has experienced a significant surge, reaching $1.854 billion in trade volume. Data shows that Thorchain is currently the third-largest dex in terms of volume, following the popular dex protocols Uniswap and Pancakeswap.
2% of Global Bitcoin Spot Trading Channeled Through Thorchain
In the world of decentralized finance (defi), Thorchain has been recording notable volumes. At its core, Thorchain is a decentralized cross-chain infrastructure that facilitates the settlement of native assets across various blockchain networks.
Thorchain allows users to swap native assets between supported chains or deposit assets to earn yields from swaps. Thorchain was developed using the Cosmos SDK — a framework for building blockchain applications in Golang.
Archived statistics from defillama.com reveal Thorchain as the third-largest dex this week, with a total volume of $1.854 billion. Uniswap reported $12.021 billion, while Pancakeswap had around $2.974 billion.
In terms of overall volume, Uniswap has reached $1.767 trillion, and Pancakeswap has accrued $626.52 billion. Thorchain’s total volume stands at $12.426 billion, less than Trader Joe’s $86.278 billion and Raydium’s $53.697 billion.
Among the top ten dexes, Thorchain saw the largest week-over-week percentage increase, climbing 144% higher. In the last 24 hours, Uniswap recorded $1.619 billion in volume, Pancakeswap had $444.9 million, and Thorchain achieved approximately $263.97 million.
Thorchain currently supports 17 trading pairs, with BTC/RUNE as the top pair this weekend. RUNE, Thorchain’s native token, is utilized in settlement, governance, and node bonding. On November 16, Shapeshift founder Erik Voorhees posted about Thorchain’s rising bitcoin trade volumes.
Voorhees, a supporter of Thorchain, has repeatedly discussed the subject on the social media platform X (formerly Twitter). “2% of global BTC spot trading is no longer going through centralized intermediaries,” Voorhees stated. “Satoshi would be proud.”
Despite its achievements, Thorchain has faced controversy, notably making headlines when the FTX hacker moved millions of dollars through Thorswap. Thorswap halted operations the following week and introduced modifications to curb illicit trades.
What do you think about Thorchain’s volumes this week? Share your thoughts and opinions about this subject in the comments section below.