THORChain (RUNE) price has made a huge comeback rallying 26% yesterday after a week of consistent growth that saw a total of 51% increase over the past week. In recent days, it has been one of the networks that crypto enthusiasts are keeping a keen eye on.
At the time of writing, it is trading at $5.57 after hitting a high of $5.77 and a low of $5.25.
What is THORChain (RUNE)?
Before getting into what is behind the current RUNE price hike, let’s first look at what it is.
THORCHain is a decentralized liquidity protocol that enables users to exchange cryptocurrency assets with full custody of their assets. Its native token is referred to as RUNE.
Why is the price of THORChain (RUNE) price rising?
There are several factors behind the current RUNE price surge but the factors are Terra integration and intermediaries bridges elimination.
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Terra integration
In a tweet sent on Tuesday, March 1, 2022, the crypto comapany said that Terra integration is ready for release to the public. Terra Smart Contract Auditor is working together with its developers to ensure that the integration is in full operation before the launching of the mainnet.
THORChain-integrated chains users will be able to exchange stablecoins and LUNA tokens once the integration is complete. Besides, It is also working on DeFiSpot, a decentralized multi-chain, that is built on top of THORChain and it is also ready for a debut alongside Terra.
In addition to the recent strong returns on THORChain-integrated chains, this project offers “boosted APYs’’ where users can now earn 17% on Bitcoin, 19% on native Ethereum, and 60% on Binance USD.
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Intermediaries bridges elimination
THORChain is also working on eliminating intermediaries to allow users to transfer assets across the blockchain directly.