Key Points
- THORChain (RUNE) experienced a 14% price surge, with a one-day trading volume exceeding $272 million.
- The price surge is partly due to THORChain’s new partnerships and Bitcoin’s recent market performance.
The decentralized cross-chain liquidity protocol, THORChain (RUNE), witnessed a 14% price increase on the morning of August 14, placing it amongst the top performers in the cryptocurrency market.
The protocol’s trading volume surpassed $272 million in a single day, with the RUNE token appreciating by approximately 13.6% and trading around $3.70 at the time of writing. RUNE enables cryptocurrency users to exchange digital tokens across several blockchains, including Bitcoin (BTC).
New Partnerships Boost THORChain’s Performance
The recent improvement in THORChain’s market performance can be attributed, in part, to its new partnership with Kujira. This collaboration aims to increase liquidity within Kujira’s suite of decentralized finance applications, promoting growth and stability for both platforms.
A unique aspect of this partnership is the community-driven token raise, which contrasts with traditional fundraising methods by promoting broader community participation. This initiative aims to manage existing financial commitments and align the economic interests of both Kujira and THORChain communities, fostering greater interconnection and resilience within their ecosystems.
Strategic Alliances and Bitcoin’s Influence
In addition to Kujira, THORChain has also partnered with SwapKit and Noble to incorporate stablecoins into the THORChain AppLayer. Noble will aid this integration by issuing native USDC, enhancing the user experience by simplifying deposits into the AppLayer with single-click functionality.
These collaborations are representative of a larger trend in the decentralized finance space, where platforms are coming together to enhance liquidity, user engagement, and overall financial stability.
Furthermore, the recent surge of Bitcoin (BTC) past the $61,000 mark on August 13 likely had a significant impact on THORChain’s performance. Bitcoin, the largest cryptocurrency, rose by over 3%, with trading volumes around $29.2 billion.
Bitcoin’s market cap also increased by 3.14% to $930 billion. This increase in Bitcoin’s metrics occurred a day after spot Bitcoin exchange-traded funds experienced net positive flows, which were more than five times greater than those of spot Ethereum ETFs.
Simultaneously, the global cryptocurrency market cap also increased by 2.3% in the last 24 hours, standing at $2.14 trillion at the time of writing.
