Rune upgrades in the past 3 months

    Rune is the central native asset of Thorchain. It is extremely liquid as it provides the means of connecting all supported assets on all chains. This also means that it draws its value from any asset it provides liquidity to! Rune exists on the Ethereum and the Binance smart chains as a non-native token as well and it is possible to 'upgrade' these tokens to Thorchain native Runes. What was the volume of these conversions?

    Loading...

    Most conversions have been initiated from the Binance smart chain averaging between a few thousand to a 100k Runes per day until October the 21st. Since then Runes started exiting both chains in much greater volume. Millions of runes were burnt and sent to Valhalla each day, culminating on October 26th with 31.134M Runes! Considering that Rune is capped at 500M with all tokens minted at genesis single days volume represented 6.2% of the total supply.

    Movement from the Ethereum chain was nearly non-existent before October 21 and was dwarfed by the volume emanating from BNB since then, except for one day. On October 23 over 1 million runes were upgraded from Ethereum to Thorchain.

    Loading...

    Almost all volume on October 26th arrived to one address and taking a look at the address on viewblock.io we can see that all those Runes proceeded to the Reserves.

    db_img