Our Network: Issue #70 (Part 2)
Coverage on Balancer, 1inch Network, 0x, Uniswap, and Thorchain.
|Spencer Noon||May 7||2|
📈 Thorchain Reaches $1.5M Daily Volume
Over the past two weeks, Thorchain has approximately averaged a daily volume of $1.5 million in assets (such as BNB, USDT, SUSHI, etc), including those in its cross-chain asset swap functionality. RUNE, Thorchain’s governance token, averages 1 million in daily volume and comprises 50% of the volume on the network.
Thorchain reached nearly 670 million TVL on May 7th, 11th below DEXes such as Nerve and Raydium and above 1inch and dYdX. Across all DeFi protocols it is 35th in TVL. While not the highest ranking by TVL, Thorchain managed to double their TVL in just over one month, an indicator of strong growth.
From stats directly pulled from the Thorchain network explorer, Thorchain currently has ~50,000 monthly transactions on its network — relative to competitor chains and AMMs this figure is somewhat low, showing that they still need to increase adoption and tx count to better compete.
About the editor: Spencer Noon is an investor at Variant, a first-check crypto VC fund.