The price THORChain today is 6.69 USD, and the trading volume in 24 hours - 95,837,029 USD. The crypto asset has grown by -9.84% over the day. Currently, the coin’s market capitalization is 1,501,173,956 USD, and has 224,410,215 coins in circulation with the max supply of 10,000,000 coins RUNE.
What is ThorChain (RUNE)?
ThorChain is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across different networks without losing full responsibility for their assets.
With ThorChain, users can simply exchange one asset for another in a no-permission mode, without having to rely on order books for liquidity. Instead, market prices are supported by the asset ratio in the pool.
Token of ThorChain's own utility platform - RUNE. It is used as a base currency in the ThorChain ecosystem, and for platform management and security as part of Sybille ThorChain resistance mechanisms - as ThorChain nodes must allocate a minimum of 1 million RUNE to participate in its circular consensus process.
Who are the founders of ThorChain?
According to a ThorChain official, the platform has no CEO, founder or directors. Instead, further development of the platform is organized through Gitlab.
On top of everything, those who are now working on the project are mostly anonymous. Again, a ThorChain official says this is done to “protect the project and ensure its decentralization.”
What makes ThorChain unique?
ThorChain uses a unique system to help mitigate the problem of “non-permanent losses,” or often called temporary losses, that a liquidity provider may experience when replenishing liquidity pools. This is achieved through the use of commission fees to ensure liquidity stays where it is needed.
On top of all, ThorChain combines a number of new technologies, including state-in-process binding, finite automaton, Bifröst signature module, and TSS protocol for seamless exchange tokens between chains. All this lurks behind the scenes, making the platform accessible even to inexperienced traders.
The platform is not focused on making a profit. All fees generated by the protocol go directly to users, and there are no provisions for the team. Instead, the team is motivated by simply holding RUNE like everyone else.
The RUNE token is currently available in several blockchains, including Binance Chain (as a BEP-2 token) and Ethereum (as an ERC-20 token).
How many ThorChain (RUNE) coins are in circulation?
As of February 2021, there are 158.4 million RUNE in circulation out of a total of 500 million.
As we mentioned earlier, ThorChain was initially launched after IEO on Binance DEX. As part of IEO, 20 million coins were sold. Prior to that, a total of 130 million RUNE had been sold as part of previous funding rounds.
According to Binance DEX's official proposal, 10% of the total offer (50 million tokens) was allocated to the team and locked until the main network was launched, after which the unlock was 20% in month.
How is ThorChain network protected?
ThorChain is built using the Cosmos SDK and operates on the basis of the Tendermint consensus mechanism. This protects the network from attacks thanks to the new BFT Proof-of-Stake (POS) system, in which a large number of validators work together to offer and complete transaction blocks.
In addition, ThorChain smart contracts were audited by several third-party security companies, including one by Certik, which found no vulnerabilities.
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