Date: Tue, Sept 10, 2024, 05:30 PM GMT
The cryptocurrency market has started to show some bullish momentum, with several altcoins breaking out of their downward trends. Among them is Thorchain (RUNE), a decentralized cross-chain liquidity protocol that enables users to swap assets between different blockchain networks. Over the past 24 hours, $RUNE has surged by an impressive 6.24%.
A well-known crypto analyst on X (formerly Twitter), @ZAYKCharts, recently shared his analysis of Thorchain. According to him, the 1-day timeframe of RUNE is forming a falling wedge pattern, a bullish signal that could indicate a potential breakout. He mentioned that if RUNE manages to break past the trendline, we could see a significant bullish rally ahead.

As of now, RUNE is trading at $4.02, just below the key resistance level. If it breaks out as anticipated, this could be an exciting time for RUNE holders, as the price might continue to climb.
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Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always do your research before making any investment decisions.
#Thorchain #RUNE #NFA✅

In March, the decentralized liquidity protocol saw its highest-ever monthly trading volume, reaching record levels. However, despite this success, some Bitcoin enthusiasts remain cautious about using the protocol for borrowing.
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THORChain, a decentralized liquidity protocol, has achieved a significant milestone by surpassing $10 billion in total monthly trading volume for the first time ever. Meanwhile, Bitcoin’s price has dropped to $70,095, sparking debate among its supporters about the safety of using THORChain for borrowing.

THORChain Milestone and Bitcoin Maximalist Debate
On March 27, the official social media account for THORChain, known as X, proudly announced a historic milestone. Runscan data revealed that the decentralized liquidity protocol had surpassed $10.26 billion in trading volume for the month.

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Source: THORChain
Following this announcement, a lively debate ensued among Bitcoin maximalists regarding the security of THORChain and its suitability for Bitcoin holders seeking interest-free loans. Mathematician and Bitcoin investor Fred Krueger ignited the discussion by endorsing THORChain as a “real” platform, indicating that BTC-backed loans on the protocol were a safe option for those seeking liquidity.
However, Bitcoin analyst Dylan Le Clair challenged Krueger’s assertion, expressing skepticism about the safety of Bitcoin collateralized loans on THORChain. Le Clair argued that relying on the exchange rate of an altcoin for a “0% interest, no liquidation risk” loan merely shifts the risk rather than eliminating it.

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Source: Fred Krueger
THORChain operates as a decentralized liquidity protocol facilitating seamless asset swaps across various blockchains. It enables users to obtain interest-free loans against major cryptocurrencies like Bitcoin and Ethereum without imposing liquidations or fixed expiry dates.
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THORChain’s Evolving Lending Model
In its latest upgrade on January 30, THORChain implemented significant changes to its collateral requirements for Bitcoin and Ether. These requirements were reduced from 400% to 200%, enabling users to borrow up to half of the total value of their provided assets.

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On March 10, analyst Chris Blec commented on THORChain’s no-liquidation lending model, describing it as “interesting.” However, he highlighted two major concerns associated with this concept.
Firstly, investors face the risk of lending their Bitcoin to a protocol that may collapse or become vulnerable to exploitation. THORChain experienced such an incident in 2021, although the funds were ultimately returned.
Secondly, investors are dependent on a centralized provider not altering its terms and conditions in the future, potentially exposing their loans to unforeseen risks.
It’s worth noting that THORChain encountered difficulties in 2023, forcing the protocol to halt its mainnet twice due to reported security vulnerabilities. These incidents underscore the ongoing challenges in maintaining the security and stability of decentralized platforms like THORChain.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#Rune #Altcoin #Cryptocurrency #CryptoNews #Thorchain $RUNE

What is Thorchain and Why You Should Care

If you’re into crypto you’ve probably heard of Uniswap, the decentralized exchange that allows you to swap any ERC-20 token for another. But what if you want to swap BTC for ETH, or ATOM for BNB? That’s where #Thorchain comes in.

Thorchain is a protocol that provides the infrastructure for cross-chain swapping of assets. It’s like Uniswap on steroids. You don’t need any bridges or wrapped tokens, which can be risky and inefficient. Thorchain does it safer and better.

How Thorchain Works and What Makes It Unique

How? By using a network of nodes that run their own blockchains and communicate with each other through a consensus mechanism called Threshold Signature Scheme (TSS). This way, each node can verify and execute swaps without trusting anyone else. #crypto101

Why $RUNE Is a Must-Have Token for Your Portfolio

But that’s not all. Thorchain also has its own native token, $RUNE, which powers the whole system. $RUNE is used as collateral by nodes to secure the network, as well as a medium of exchange by users to pay fees and access liquidity pools.

$RUNE is also designed to be scarce and valuable. There will only be 500 million $RUNE ever minted, and half of them will be burned over time as more users join the network. This creates a deflationary pressure that increases the demand and price of $RUNE.

The Future of Crypto Is Cross-Chain: How Thorchain Is Leading the Way

The future is definitely cross-chain and there’s a big market for what ThorChain is trying to do. If they manage to keep their position as industry leaders, their token will blow up in the next bull market. This is not going to be easy. Protocols like LayerZero are coming in hot, and they have a lot of funding and support.

The Challenges and Opportunities for Thorchain in a Competitive Market

But Thorchain has some advantages that make it stand out from the crowd. For one thing, it has been around since 2018 and has proven its technology through multiple testnets and audits. It also has a strong community of supporters who believe in its vision and contribute to its development.

How to Join the Thorchain Revolution and Profit from $RUNE

Thorchain is not just a project, it’s a movement. It’s changing the way we think about crypto and opening up new possibilities for innovation and interoperability. It’s giving us more freedom and control over our assets and our future.

That’s why I’m bullish on Thorchain ($RUNE) and you should be too. This is not financial advice, but I think $RUNE has the potential to reach newer all times highs (that's a 13x back to previous ATH from here!!) as long as it continues to deliver on its roadmap and attract more users and partners. #buildtogether

So don’t miss out on this opportunity. Do your own research, check out $RUNE today (you can buy it on #Binance or SushiSwap), stake it on Thorchain (you can use Asgardex or XDEFI), earn passive income from fees (up to 50% APY), and enjoy the ride. #bicasso