"Streaming Swaps" Launch Brings Sky-High Volume to THORChain

THORChain facilitates swaps between a vast number of crypto assets. It is a settlement layer that is secured by its native token, RUNE. The platform can execute swaps between Bitcoin, Ethereum, Litecoin, Dogecoin, BNB Chain, Cosmos Hub, Bitcoin Cash, and Avalanche. With high functionality, the platform has become a favorite of so many users.

Recently, the network witnessed a surge of 40% in its stock prices. RUNE’s price hit a four-month high of $1.64 despite a wide selloff in various markets. More than that, it facilitated over $100M of trades. Analysts attribute this stellar rally to Streaming Swaps.

What are Streaming Swaps?

Streaming Swaps is a new feature of THORChain. Its major function is to break up cross-chain trades into smaller parts. This trait simplifies the whole transaction and makes it easier as well. Its launch timing is also considered great as the investors developed an inclination towards other platforms.

FamiliarCow is one such application that started to grab the attention of many traders. It facilitated large swaps and made it faster for users. Its largest swap executed 2,482,348 RUNE for 3150 ETH at $3.65M. The network officials said that they haven’t seen such big transactions before. They also gave credit to Streaming Swaps for it.

In a very short span, the feature has shown tremendous potential. It expedited the trade and made way for arbitrageurs too. These opportunistic traders do a great job of maintaining the profitability of the pool. Also, the feature is paving the way for a new market. This emerging space is increasing overall participation in the markets.

Amidst all this, THORChain emerges as an ultimate gainer. That is because of its unique position in the DeFi space. It’s functioning like an exchange processing swaps of tokens. It is processing a large volume of transactions without facing any challenges. Another factor that’s going in favor of THORChain is the ongoing legal battle between Binance and Coinbase with the SEC.

Both perform the same job but their tussle with the regulator makes the former a better option for trade. FamiliarCow even went on to compare its platform with the crypto giants. Its officials emphasized the fact that they’re totally replacing the centralized exchanges.

THORChain’s Journey and Scope for Future

It’s not that THORChain succeeded right off the bat, it had its share of roadblocks. In July 2021, the project suffered consecutive hacks that caused a loss of $13M. When DeFi tokens peaked in May 2021, RUNE hit $20.24 with a 90% spike. Furthermore, the project faced a security threat recently. An independent blockchain revealed that traders were paying high funding fees to short RUNE.

The node operator also highlighted that the infiltrators wanted to exploit THORChain after they launch their lending product. THORChain is going to launch its collateralized lending services soon. The platform already supports BTC and ETH. Now, it’s going to expand its list of assets. It’s becoming a go-to choice for exchanging tokens. As it’s achieving new milestones, the network shows very strong signs for the future as well.