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Overview

In this dashboard, I will answer this question from Flipside Crypto:

• Q.107 There has been a big push for users to upgrade their ETH.RUNE + BNB.RUNE -> native RUNE, as the wrapped versions will be depreciated.

• Have you seen an uptick in the amount of $RUNE being upgraded recently?

• Look at both the $RUNE volume + number of wallets. What is the trend over time + also how much is ETH vs BNB?

What is Thorchain ?

• Thorchain aims to decentralize cross-chain cryptocurrency liquidity via a network of public THORNodes and ecosystem products. Thorchain is a decentralized liquidity network by design, which enables much more than just swaps -- synthetics, composites and self-paying loans. Access to its native and cross-chain liquidity is open to any person, product or institution.

What is $RUNE Token ?

• RUNE is the asset which powers the THORChain ecosystem and provides the economic incentives for THORNodes validators in order to secure the network economically. THORNodes validators are rewarded with RUNE tokens for validating transactions that are happening on THORChain.

• THORNodes validators have to bond their own $RUNE capital to make is safe for Liquidity Providers to pool their assets in the THORChain network. For the network to operate in the optimal state of security, for each unit of pooled capital there are two units of bonded capital. For instance, if RUNE-BTC liquidity providers provided $1M worth of $RUNE and another $1M worth of $BTC onto the THORChain network, THORNodes validators would have to bond $2M worth of $RUNE by design.

• If THORNodes validators steal from their own vault, the mechanism is designed to slash 1.5X the amount stolen from their bonded tokens. They would end up losing more than they gained, which makes zero economic sense for them to steal.

• You can read here for more information

Rune is the native asset to the THORChain ecosystem. With the native $RUNE token, a holder has the ability to make their tokens productive in several ways.

1. AS LIQUIDITY: As the settlement asset of the THORChain blockchain, Rune is used by swappers to pay for transaction fees, as well as by Liquidity providers (LPs), who provide liquidity using Rune to earn yield through fees
2. AS SECURITY: Node operators, also known as Thornodes or NOs, bond Rune in order to help secure the network and sign transactions
3. AS GOVERNANCE: Rune acts as on-chain governance asset for determining the priority for nodes, assets, and chains voting
4. FROM INCENTIVES: Gas on the THORChain network is subsidized for network participants. Additionally, for contributing to the security of the network, Node Operators and Liquidity Providers are paid out emissions. 5.(Coming soon) One will be able to mint synthetic assets for cross-chain savings accounts by depositing Rune. Do note there are currently 3 types of Rune tokens:

• BNB.RUNE (Binance-based Rune) and ETH.RUNE (Ethereum-based Rune) Rune in the BNB/ETH “wrapped” form is not productive, aka it cannot be LP’ed, used to pay transaction fees, or bonded into nodes to secure the network.There is a phase-out (termed “killswitch”) planned for these legacy tokens, intended to eventually incentivize all BEP2 RUNE and ERC20 RUNE to be converted to native Rune.
• THOR.RUNE (Native Rune) Do note: only native Rune is used on THORChain and must be upgraded from BNB/ETH based Rune in order to be used for productive utility. This is why we call it upgrading to native Rune, which will be its final form on the blockchain once all IOUs for wrapped Rune are phased out.
• You can read here for more information

Method

• The chart above shows the number of wallets that have been upgraded over time.
• The chart shows 3 mutations that occurred in 2021.
• Of these 3 mutations, 2 have upgraded ETH.RUNE.
• From 4 days ago, the number of wallets upgraded by ETH.RUNE exceeded the number of upgraded BNB.RUNE

• The diagram above shows the volumes that have been upgraded to native RUNE
• On Jan 3, 2022, the biggest BNB.RUNE upgrade took place. In this upgrade, 198.22 million upgrades were made.
• Most recently on June 14, 54.52 million BNB.RUNE was upgraded to native RUNE
• Most of the time the BNB.RUNE upgrade is more than the ETH.RUNE upgrade

• Of the total upgrades, only 3.09% were upgrades to ETH.RUNE

• The chart above shows the volumes and wallets that have been upgraded to native RUNE side by side as a weekly average.
• There is a trend between volumes and wallets that have been upgraded to native RUNE, which has increased since its inception until today.
• On October 4, 2021, January 3, 2022, and June 13, 2022, the charts have increased

• this tx have most upgraded to native RUNE

Conclusion

Contact data

-> the writer : sajjadsmoke

-> discord : sajjadsmoke#5567

1. Most recently, on June 14, 2022, approximately 54 million $RUNE (BNB.RUNE) was upgraded to native RUNE.
   • On this day, 7,000 ETH has also been upgraded
2. There is a trend between volumes and wallets that have been upgraded to native RUNE, which has increased since its inception until today.
3. Of the total upgrades, only 3.09% were upgrades to ETH.RUNE The rest of the upgrades are related to BNB.RUNE 96.6%

Thanks for reading !

Introduction

->

• > To solve this question and get this data according to the question guide,

• > I used the thorchain.upgrades table

• > All the information was there for analysis, and I came up with the answers by writing different functions and categorizing the information.

• > Also find upgrade transactions from the flipside_prod_db.thorchain.switch_events table

  • > I used and filtered the upgrades that had more than 1 million using the having command

Chart & Analyze;