Introduction

What is THORChain?

THORChain is a decentralized cross-chain liquidity protocol that allows users to swap assets between blockchain networks.

One of the most significant innovations to come out of the decentralized finance (DeFi) space is the automated market maker (AMM) model. AMMs allow crypto users to deposit a specific ratio of cryptocurrencies to a so-called liquidity pool. Participants then use these pooled funds to execute trades, with the pooled cryptocurrencies acting as the trading pair.

DeFi protocols like Uniswap and Balancer use liquidity pools to let users swap assets in a peer-to-peer, decentralized manner. However, the majority of AMMs only allow trades to take place within a single blockchain network, such as Ethereum.

THORChain provides a solution in the form of a decentralized exchange (DEX) based on the Cosmos software development kit (SDK). Its AMM-based protocol provides the backend technology needed to swap cryptocurrencies between blockchains that were previously non-interoperable.

The RUNE token powers the THORChain network. RUNE is used as a pairing token that accompanies each asset in the platform’s liquidity pools. As such, RUNE serves as the second token that users deposit in the liquidity pool to execute trades against, driving both its utility and value on the network. RUNE is also used to pay for fees, provide a basis for governance and secure the THORChain network. Source

Upgrading to Native RUNE

OU Tokens (BNB.RUNE and ETH.RUNE) will be deprecated after mainnet. Nodes will activate a “killswitch”, which will slowly reduce the redemption rate from 1.0 to 0.0 over the course of a year. After a year the upgrade code will be entirely removed and IOU tokens will no longer be supported. Upgrade your IOU tokens now. Why IOU tokens?

THORChain is a proof-of-bond network, run autonomously by anon operators. If the network was launched with no prior distribution phase, the THORChain treasury could dictate the genesis node operators, eroding the decentralised qualities of the network.

Instead, IOU RUNE on two networks, Binance Chain and Ethereum, was circulated for permissionless acquisition for 18 months prior to multichain chaosnet launch. As such, anyone could have acquired enough RUNE to run a THORNode. Source

Metrics

1.Number of ETH.RUNE & BNB.RUNE upgraded
2.Ratio of upgraded
3.Total upgraded amount
4.Amount wallets upgraded
5.Rune Transfer Volume

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All data used are from Flipside Crypto
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Conclusion

First we look the amount of wallet: amount wallets recently has grown well.The volume of transfer of RUNE like wallets number has frown.The total amount rune upgraded Rune was around 459M.The ratio of upgraded BNB.RUNE was higher than ETH.RUNE.