THORChain Flips Curve Finance on Weekly Trade Volume on DEXs

• THORChain recorded the third-highest trading volume on decentralized exchanges last week.
• The trade volume surge took THORChain ahead of Curve Finance in terms of weekly trade volume. 
• THORChain’s technical lead, Chad Barraford, said the flipping happened faster than he predicted.

THORchain, a cross-chain decentralized liquidity protocol, had the third-highest trading volume among non-centralized exchanges in the previous week. The uptick led to the platform jumping Curve Finance in weekly trade volumes. 

According to THORChain’s technical lead, Chad Barraford, the flipping happened faster than he projected. Earlier on November 10, Barraford predicted that THORchain would surpass Curve Finance. 

THORChain’s trading volume surpassed $1.32 billion last week, narrowly edging Curve Finance to sit as the third-largest, according to data from DefiLlama. Only Uniswap and PancakeSwap had more, with $10.85 billion and $2.77 billion, respectively. 

Along the same line, Eirk Voorhees, CEO of the crypto exchange ShapeShift, highlighted that THORChain processed about 2%, or $224 million, of total spot Bitcoin trading activity over the weekend. “Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary, which is the entire point of Bitcoin,” he said.

The platform’s trade volume boom follows an upsurge in its native token, Rune. At the time of press, CoinMarketCap data showed that Rune has seen a 2.1% drop in the past 24 hours to sit at $5.202. On the weekly price chart, the token has amassed an impressive 56.6% increase in its value. 

Recently, THORChain published it’s third-quarter 2023 report. In the report, the platform noted significant progress, with milestones such as a 114% increase in total USD volume and liquidity fees reaching $3.38 million.