Thorchain competes with decentralized trading platforms
The Thorchain platform has achieved remarkable growth in the decentralized finance sector, as it serves as a cross-blockchain infrastructure and facilitates settlement operations across various blockchain networks.
Thorchain allows users to exchange cryptocurrencies between compatible blockchain networks or deposit them for returns through swaps.
Thorchain was developed using the Cosmos SDK, a framework that allows building blockchain applications using the Golang language.
According to statistics from defillama.com, Thorchain ranked third this week with a total trading volume of $1.854 billion, ahead of only Uniswap and Pancakeswap, which respectively recorded $12.021 billion and $2.974 billion.
Looking at the total volume, Uniswap traded at $1.767 trillion, Pancakeswap at $626.52 billion, while Thorchain recorded $12.426 billion.
Thorchain saw the largest relative increase among the top ten indices on a weekly basis, with a rise of 144%. In the past 24 hours, Uniswap, Pancakeswap, and Thorchain recorded trading volumes of $1.619 billion, $444.9 million, and $263.97 million, respectively.
Thorchain currently supports 17 trading pairs, with BTC/RUNE leading the way this weekend.
On November 16, Erik Voorhees, founder of Shapeshift, noted that Bitcoin trading volume was rising on Thorchain.
Voorhees, a Thorchain proponent, has discussed this repeatedly on social media platform
Despite its accomplishments, Thorchain has faced some challenges, including controversy arising when an FTX hacker used the Thorswap network to move millions of dollars.
Thorswap briefly suspended operations in the week following the incident, introducing modifications to curb illegal trading.
