THORChain, the decentralized liquidity protocol that allows for cross-chain swaps, is at a crucial juncture. After a spate of recent misfortunes, the cryptocurrency community is questioning the protocol’s future and—by extension—a future for cross-chain swaps. The protocol has amassed a $200M debt, and its token, $RUNE, is in freefall. Meanwhile, the “ecosystem” as a whole seems to be in chaos. On top of all this, THORChain has recently announced that it will cease paying out block rewards to liquidity providers and nodes. This is an enormous red flag and calls into question the long-term survival of THORChain. THORChain’s Revenue Model
The post Is THORChain in Crisis? Examining the $200M Debt, Falling $RUNE Price, and the End of Block Rewards appeared first on The Merkle News.
]]>On August 18, Runes transactions accounted for an impressive 70.52% of all Bitcoin transactions, a significant leap from their usual range of 40%-70% over the past month. Despite this dominance, the Runes Marketplace saw its lowest single-day transaction volume, registering just $907,000—marking the smallest secondary market activity since Runes’ inception. On August 18, Runes transactions accounted for 70.52% of the total Bitcoin transactions. In the past month, Runes daily transactions accounted for about 40%-70%. However, on August 18, Runes Marketplace transaction volume was only $907,000, the lowest single-day secondary market… — Wu Blockchain (@WuBlockchain) August 19, 2024 Leadership Race Intensifies
The post Runes Transactions Dominate Bitcoin Network Amid Diverging Strategies In Leadership Race appeared first on The Merkle News.
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Ordinals explorer Ord.io has announced the launch of ‘Degen Chat’, a new feature that introduces Rune-gated live chats for every Rune. This platform allows users to connect their wallets and start chatting instantly. The Degen Chat also introduces unique features such as Holder rank flairs and Mint count flairs. Ord.io founder, Leonidas, emphasized that every […]
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While bitcoin and ethereum have gathered 8.9% and 13.5% gains against the U.S. dollar this week, a large handful of crypto assets recorded double-digit rises. At present, the crypto economy is now valued at $2.72 trillion, up 3.62% over the past day. Crypto Economy Swells to $2.72 Trillion On Monday, over two dozen crypto assets […]
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The team stated that the next steps were to find the source of the non-determinism, release an update, and restart the state machine, but there have been no updates since.
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The BEP-2 and ERC-20-based variants are being swapped out for the upgraded native RUNE token after THORChain’s long-awaited mainnet late last month.
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After four years of waiting, THORChain’s new mainnet “marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community.”
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Following two consecutive sessions of declines, DOT saw its price rebound on Friday, as it moved away from a multi-week low. While DOT rose away from these lows, RUNE dropped, with the token falling towards them. Prices of RUNE are down by over 10% as of writing. Polkadot (DOT) DOT was a notable mover during […]
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Tron rallied during today’s session, as it headed towards a one-week high, following recent declines. This came as Thorchain’s RUNE continued to trade lower, with today’s drop pushing prices closer to their lowest point since January 2021. Tron (TRX) Tron (TRX) surged towards a seven-day week high during Thursday’s session, as prices rebounded following a […]
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Since last week’s Terra implosion and the demise of the blockchain project’s native token LUNA — and the algorithmic stablecoin terrausd (UST) — crypto tokens based on the Cosmos ecosystem have seen significant losses. Two months ago, the top Cosmos ecosystem coins collectively were worth $61.6 billion and since then, the Cosmos economy has lost […]
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