THORChain Breaks Records: 510k Users and $71 Billion Volume

• THORChain’s user base surged by 41% in 2024, reaching over 510,000 unique users.
• THORChain’s total trading volume surpassed $71 billion, with a record-breaking $3 billion in weeks this year.

In a tweet, on-chain analyst Hess shared the latest developments on THORChain. The network, which currently has 510,000 unique users and has conducted 19.7 million transactions, has seen its total trading volume exceed an astonishing $70 billion.

This astonishing milestone demonstrates THORChain’s expanding significance and popularity in the decentralized finance (DeFi) industry.

With 510,000 unique users and 19.7 million transactions, @THORChain's total trading volume has exceeded 70,000,000,000 USD!

Let's Dive in👇 pic.twitter.com/mkYH1dNUds

— Hess (@0xhess) August 12, 2024

THORChain Sees Significant User and Volume Growth in 2024

Since the beginning of 2023, the weekly number of THORChain users has increased significantly, as has the level of activity. In January 2023, the platform had approximately 2,000 weekly users.

However, the number of users has increased significantly in recent months, reaching 15,000 in a single week. The weekly average currently stands at over 8,000 users, indicating a constant increase in user engagement.

The user base has grown significantly this year, with over 41% of THORChain’s total users joining in 2024. This surge equates to 206,000 new users since January 2024 alone, with an average of 6,200 individuals joining the network each day.

This rapid expansion shows the growing popularity of THORChain’s products in a highly competitive DeFi market.

Over the last three years, THORChain has generated $71.1 billion in trade volume, with 2024 accounting for the majority of this amount.

Trading volumes have reached as high as $3 billion in some weeks this year, a milestone not previously surpassed by the network. This rise in trading activity reflects the platform’s growing popularity among traders and investors alike.

RUNE, THORChain’s native token, has emerged as the most actively traded asset on the platform, with a total buy volume of $35 billion. Following it are Ethereum (ETH) and Bitcoin (BTC), which together have a $20 billion total volume.

This rating emphasizes RUNE’s essential role in the THORChain ecosystem and its appeal to a diverse set of market actors.

According to the most recent data, RUNE has seen a large price gain, rising 12.65% over the last 24 hours to $3.66, with a daily trading volume of $193.37 million. This spike has made it the day’s top gainer on CoinMarketCap.