Reactivated Ethereum pools trigger a 78% surge in THORChain price

Published at: Oct. 24, 2021

Ealier this year THORChain underwent a series of protocol exploits which led to $8 million being drained from its reserves and these successive attack took a heavy tool on RUNE price. This week, the protocol announced that it would re-open its Ethereum pool, along with other altcoin and BTC-based pools and the announcement appears to be having a positive impact on RUNE price.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.95 on July 20, the price of RUNE has increased 283% to a$11.64 and there is also a noticable uptick in trading volume.

Two reasons behind the recovery and building strength seen in RUNE include the relaunching of trading capabilities on all five supported blockchains including the Ethereum (ETH) network and the upcoming launch of multiple new projects on the THORChain network.

Ethereum pools are open

The main development driving the momentum behind RUNE has been the reactivation of trading services across all supported blockchain networks, with Ethereum reopening on Oct. 21.

Trading has been enabled on Ethereum chain.@THORChain restarted all 5 blockchains - $BTC, $ETH, $BNB, $LTC, $BCH.Ethereum LP will be enabled when the pool prices are corrected.https://t.co/gNyDIEmCkL pic.twitter.com/gIJqA1fFgL

— THORSwap ⚡ (@THORSwap) October 21, 2021

Trading activity was restricted following the April hack and after checking through the code again, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools in the process of being reopened.

According to data provided by THORChain, the pent up demand for trading on the protocol was demonstrated by the near instant $2 million in trading volume for ERC-20 tokens minutes after the pool re-opened.

Related: Pension fund for Texas firefighters reportedly allocates $25M to Bitcoin and Ether

Future airdrops and token launches

Another reason for the bullish price move for RUNE is the upcoming launch of multiple new projects on the THORChain network which will soon be listed on the Thorstarter (XRUNE) platform, which is a decentralized launchpad for the RUNE ecosystem.

With @THORChain tantalizingly close to restarting in all of its multi #blockchain glory, it's time to look at some of the more exciting tokens on the Asgardian horizon.Once #Ethereum is plugged back in, the #ThorFi ecosystem is set to explode!$RUNE $THOR $TGT $BRO $SKIP $XDEFI pic.twitter.com/VpMhnVbCCT

— Fomocraft (@FOMOcraft) October 18, 2021

Some of the major upcoming launches include THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap and XDEFI wallet.

According to data from Cointelegraph Markets Pro, market conditions for RUNE have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS™ Score for RUNE has been elevated in the green zone for the majority of the past week and it reached a high of 74 on Oct. 18, around nineteen hours before the price increased 29% over the next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Tags
Markets
Markets Pro
Trading
Ethereum
Altcoin
Cryptocurrency Exchange
Cryptocurrencies
Defi
Decentralized Marketplace
Decentralized Exchange
Dex
Launch
Related Posts
Altcoin roundup: There’s more to DeFi than just providing liquidity
The growth of the decentralized finance (DeFi) sector has been a recurrent headline throughout 2021 and to date, hundreds of billions of dollars in crypto assets are locked on protocols across numerous blockchain networks and earning a yield for their holders. What started off as a simple Ethereum-based swap interface that allowed ERC-20 tokens to be exchanged in a decentralized manner, called Uniswap, has exploded into a vast ecosystem full of decentralized exchanges, yield farms, lending protocols and staking platforms. As development continues and older protocols become more established, newer projects have emerged to incorporate more pieces from the traditional …
Decentralization / Sept. 24, 2021
DeFi tokens see double-digit gains as Ethereum and Bitcoin chase new highs
Momentum in the cryptocurrency market is back on the rise on Nov. 8 after a solid rally from Bitcoin (BTC) placed the price back above $66,000 and Ether hit a new all-time high at $4,793. The gains from the largest two cryptocurrencies helped to kickstart a market-wide rally that lifted the total cryptocurrency market cap above $3 trillion for the first time. Unlike previous rallies where BTC would make significant gains at the expense of the altcoin market, this time a majority of tokens in the top 200 are likewise in the green with many projects seeing double-digit gains. Data …
Bitcoin / Nov. 8, 2021
3 reasons why Harmony (ONE) rallied back to its all-time high this week
Bitcoin price is still a ways from its $69,000 all-time high but this isn't stopping altcoins from moving toward new highs. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.13 on Dec. 4, the price of Harmony (ONE) has risen 163% to establish a new all-time high of $0.38 on Jan. 14 Three reasons for the growing strength of Harmony include an expanding ecosystem, the launch of multiple cross-chain bridges and developers interest in finding Ethereum network alternatives. ONE benefits from Harmony's $300 million ecosystem development fund One of the biggest boosts to the …
Nft / Jan. 16, 2022
Altcoin Roundup: JunoSwap, Solidly and VVS Finance give DeFi a much-needed refresh
Decentralized finance (DeFi) was the talk of the town in early 2021, but it has since taken a back seat to more appealing sectors like nonfungible tokens (NFTs), memecoins and blockchain gaming. Now that cross-chain bridges and interoperability have allowed for the easier migration of assets to competing chains, a new class of DeFi protocols is arising to challenge those left from 2021. Here’s a look at three DeFi projects that have launched on some of the up-and-coming layer-1 blockchain networks, catching the eye of the crypto community. VVS Finance VVS Finance is the largest DeFi protocol on the Cronos …
Markets / March 4, 2022
REN price gains 65% after Catalog launch brings a cross-chain DEX to its blockchain
Decentralized finance projects like Ren pumped in 2021, only to finish the year right back when they started as high fees on Ethereum (ETH) led to decreased activity for many protocols and DeFi took a backseat to more popular sectors like nonfungible tokens (NFTs). Now, it appears as though that downtrend is in the process of reversing course after recent global events highlighted the benefits of DeFi and holding assets outside the traditional financial system. This week REN price climbed 69% from a low of $0.247 on Feb. 24 to a daily high of $0.418 on March 3. Three reasons …
Blockchain / March 4, 2022