THORChain (RUNE), a cross-chain decentralized exchange (DEX) that has been making waves with its latest features and capabilities. With the introduction of streaming swaps and the highly anticipated THORChain Lending Protocol, THORChain is proving to be a pioneer in adoption and usage while bucking broader market trends.
Despite a series of positive developments, RUNE has become the largest loser in a 24-hour period, according to Prices.org. At press time, the altcoin has fallen more than 7.50%. Despite this, RUNE’s weekly performance has remained in the green thanks to the positive momentum the project gained in the week leading up to the launch of the Lending Protocol and the introduction of streaming swaps.
Streaming Swaps Revolutionize Cross-Currency Trading
In an effort to improve user experience and optimize trading strategies, THORChain recently introduced the streaming swaps feature on its THORSwap platform. This new functionality allows users to break down a chain of trades into smaller, manageable chunks that can then be executed over a longer period of time. This departure from traditional trading methods not only optimizes pricing, but also solves the floating issues that plague the decentralized finance (DeFi) space.
Before the introduction of Streaming Swaps, traders had to manually execute multiple swaps to get low turnover, which often resulted in high gas fees and increased complexity. The introduction of Streaming Swaps simplifies this process by allowing users to make a single transaction, which is then managed by the THORChain protocol to ensure the best price. This innovation not only improves the trading process, but also reduces the hassle associated with executing multiple transactions.
The Rise of Streaming Swaps and Price Movement
Since its launch earlier this month, Streaming Swaps has quickly gained popularity among users, especially large traders, or “whales.” DeFi researcher “Hercules DeFi” has stated that these influential players have begun to use Streaming Swaps for important transactions. In the largest exchange on the THORChain platform, 3,150 ETH were exchanged for a staggering 2,482,348 RUNE tokens, equivalent to nearly $3.65 million. This use of streaming swaps by prominent traders highlights its effectiveness in streamlining trades and increasing confidence in the protocol’s capabilities.
Moreover, THORChain’s trading volume has seen a notable increase over the past few days, in contrast to the overall downward trend seen in the broader cryptocurrency market. This upward momentum has been particularly beneficial for the RUNE token, which has struggled to recover from a significant drop, down more than 90% from its previous peak.