Hello dear hustlers!
As many of you have asked about an update on the developments of Rune.
This newsletter will be covering key metrics that can provide valuable insights into the current state of the project, along with interesting recent developments.
Market Cap
The market capitalization of RUNE stands at $282.87 million. This figure represents the total value of all RUNE tokens in circulation and is a key indicator of the token's overall worth in the market.
The market capitalization of RUNE is still relatively high compared to other cryptocurrencies in its category, which suggests that there is still a lot of interest in the project.
Staked Amount
Approximately $78.46 million worth of RUNE tokens (about 27.74% of the market capitalization) are staked. More than 1/4th of the tokens being staked shows that investors are confident and committed to the project.
24h Volume
Over the past 24 hours, the trading volume for RUNE is $29.6 million. Such a high trading volume despite the challenges the crypto market has faced is a positive sign for the overall health and stability of Rune.
THORChain's Progress in the Bear Market and Plans for the Future
Despite the challenges posed by the bear market, THORChain has made significant strides in its development during the last three months.
The protocol has introduced several key features and is gearing up for the next bull market with fee reductions and network resilience improvements.
Highlights of Q2 2023
During the past quarter, THORChain achieved significant milestones:
Dynamic Outbound Fee Improvement
THORChain has implemented a new feature called dynamic outbound fees. This means that the gas fees that users pay when making transactions are now approximately half the amount.
This makes it more cost-effective to use THORChain.
Best Effort Refunds from Inactive Vaults
THORChain has also implemented a refund mechanism for users who send liquidity to inactive vaults. This means that if a user accidentally sends liquidity to an inactive vault, they will be refunded the amount. This helps to protect users from losing their assets.
Node Keyshare Backups
THORChain has also enabled encrypted TSS keyshare backups on-chain by default. This significantly enhances the network's resiliency and censorship resistance. This means that the network is better protected and can quickly recover from any disruptions.
Ongoing Developments
THORChain is actively working on various developments that will shape its future. These include:
Lending
- THORChain is implementing the first-ever lending product with zero interest, no liquidations, and no expiry.
- Users can provide assets as collateral and receive other assets as debt, creating new opportunities for earning yields and participating in DeFi.
Streaming Swaps
- A new feature called streaming swaps will automatically break up large swaps into smaller ones.
- This reduces slippage fees and makes it easier and more cost-effective to perform large cross-chain swaps.
BNB Smart Chain Integration
- THORChain has completed the integration of Binance Smart Chain (BSC).
- The launch is delayed until sufficient capacity is ensured to ensure a successful integration.
- This integration will allow for more assets and liquidity to be added to the network.
Affiliate Preferred Assets
- A new module will be created to allow affiliates to specify their preferred asset for automatic distribution.
- This gives affiliates more flexibility in rewards and incentives, enhancing their participation in the ecosystem.
What the future holds
Despite market fluctuations, THORChain has continued to deliver new features and improvements, laying the groundwork for a promising future.
As the cryptocurrency market transitions into a potential bull market, the groundwork laid by THORChain positions the project to capitalize on the market's upward momentum.
For now, stay tuned for more updates and announcements as the project enters the anticipated bull market phase.
Happy hodling, and let's embrace the exciting times ahead!
Zain from Team Inspired Analyst
-Signing off
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Thank you ❤️
Next Defi summer RUNE must touch new ath.