THORChain recently went through many different protocol exploits in the beginning of this year. This led to the depletion of their reserves by about $8 million. These successive attacks also pool sooner rather than later. The protocol said that it would also reopen the BTC-based and altcoin pools. This announcement helped strengthen the RUNE price.
Data from TradingView and Cointelegraph Markets show that ever since it hit the $2.95 low on 20th July, RUNE price had shot up to $11.64, representing a 283% increase. There were also some notable upticks in trading value.
The April hack is what led to the restriction of Trading activity. However, after thoroughly checking the code again, the Binance Coin (BNB), Litecoin (LTC), Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) pools will now soon be reopened once again. According to THORChain, the almost instant trading volume worth $2 million for ERC-20 coins a few minutes after the reopening showed.
Token Launches and Future Airdrops
Another reason RUNE had such bullish prices is that they’re set to launch several new interesting projects on their network, all of which will be on the XRUNE (Thorstarter) platform. This is the RUNE ecosystem’s decentralized Launchpad. Some of the other launches include XDEFI, DeFiSwap, Skipp Swap, Brokkr Finance, THORWallet, THORSwap. According to Cointelegraph Markets Pro, RUNE market conditions have been good for quite some time.
Cointelegraph exclusive VORTECS Score is algorithmic comparisons of the current market and historical conditions derived from data points including Twitter activity, recent price movements, trading volume and market sentiment.
THORChain administrators have showcased the projects that need to cover stolen assets from users. They made a Telegram post that stated how treasury can cover funds lost through hacks or theft. They said that they were looking to implement something called bug bounty.