Thorchain $RUNE is one of the few DeFi narratives in this round that can keep up with the times. For DeFi veterans, in addition to mining and arbitrage every day, the sexy narrative is the full-chain native asset Swap.

1. The rise of Swap, the native asset of the whole chain, also indirectly benefits from the grand narrative of #BTCETF . Thorchain is almost the only way besides CEX to conduct native BTC transactions on the chain in a decentralized manner.

2. On the other hand, the popularity of the BTC ecosystem has also increased the transaction demand for native BTC.

3. In Thorchain’s flywheel effect, transaction volume is the engine that starts the flywheel. In Multicoin Capital’s research report, the operation of the flywheel:

(1) Higher trading volume -> Higher returns for LPs -> Attract more LPs -> TVL rises -> Better depth supports more trading volume

(2) Higher transaction volume -> Node incentives increase, TVL increases -> More RUNE pledges need to be purchased -> Network security improvements support more transaction volume