- 1 THORChain total TVL, along with the liquidity pool, has observed a decline in the past few months.
- 2 The RUNE price is currently trading near the value of $4.93, with a decline of 2.37% in the intraday session.
THORChain is a decentralized liquidity protocol that allows users to exchange assets across various networks. The protocol facilitates the native asset settlement in between Bitcoin, Ethereum, BNB, AVALANCHE, Doge, Bitcoin Cash, and Litecoin, as per their website.
It was built to minimize trust and become more scalable while being economically feasible. It is a cross-chain communication and data transfer protocol. The protocol also allows native cross-chain swaps without wrapped or pegged assets.
Source: Thorchain.org
Recently, THORChain launched a new primitive called Trade Assets onto their platform. Per their documents, the trade assets are twice as capital-efficient as the synthetic assets.
Arbitrageurs can get twice as much benefit from using the same capital. The Trade assets primitive has over 6 seconds of finality with no outbound delays or confirmation counting.
One has to pay only $0.2 of the native gas fees of the THORChain while trading. Let’s have a look at the on-chain analytics of the THORChain.
THORChain TVL Plunges Along with the Pool Liquidity
Thorchain native asset settlement without pegging or wrapping the asset makes it different from the other protocols in the market. It has a unique system that helps you mitigate the Impermanent loss that liquidity providers sometimes experience while providing the liquidity. The network provides a bonding APY of 8.6% with a liquidity APY of 8.4%.
Source: Thorchain liquidity by ViewBlock
Thorchain has observed a strong decline in the overall pool liquidity over the past few days. It has declined from a high of $522 Million in MAR 2024 to a low of $298 Million. Meanwhile, the overall swap volume of the protocol has observed a slight surge, currently at nearly $142 Million. The liquidity earning and the bond earning of the protocol have seen a slight surge and are near $190k.
Source: Thorchain TVL By Defillama
Thorchain protocol has observed a decline in the overall TVL and has reached a low of $300 Million. The overall protocol revenue has also taken a hit and has declined to a new low of $46k on a daily average basis. Let’s look at the price action scenario of the RUNE Token.
Will the RUNE Bears Push the Price Below $3?
Thorchain has a market cap of over $1.9 Billion and is currently ranked 57th in the crypto-verse. RUNE’s overall volume has observed a surge of 27%, while the VM ratio of the protocol suggests a consolidation in the trend. The RUNE token price is trading near the value of $4.93, with a slight drop in the intraday session.
The RUNE price is currently trading in a bearish parallel channel. It is currently trading below the 50 and 100 EMA. The upside trend of RUNE can see a halt near the value of $6. Meanwhile, the support of the asset price can be observed near $4.
The RSI of RUNE is currently near 31 with no slope in it. The overall sentiment of the RSI is bearish.
Conclusion
ThorChain has recently launched Trade Assets, which are a milestone in their journey. The protocol is observing a decline in the overall TVL and pool liquidity. The RUNE token price is currently in a bearish mode but can see a new high in the future.
