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THORChain gains over 70% in one week amid network developments

RUNE ThorChain
RUNE ThorChain

THORChain RUNE has been on a significant uptrend due to strategic developments on the network. Data from CoinGecko shows that RUNE has gained by 73.8% within one week. The gains stand out from the broader crypto market that has dipped within the past week.

THORChain launches synthetic assets

One of the factors fuelling RUNE’s gains is the launch of synthetic assets on the network. Synthetic assets were launched on THORChain on March 10. Synthetic assets are derivatives products that track the price movement of an asset.

The core developer of the THORChain network, Chad Barraford, has described the features of these synthetic assets and how they will be used to benefit users. He noted that the feature will “half the swap fees, making swaps cheaper, cheap gas fees and faster for traders.”

According to THORChain, DeFi synthetics can be used to mint tokens for popular assets such as gold, Bitcoin or Tesla stocks.

Barraford further explained that “Because the synth is half backed by $RUNE, it can always ensure the economic security of the synthetics, and that the network security is always greater than the value of the synthetics, even if they go 1000x up in value.”

THORFi and Terra support

The other major development in RUNE is the network’s roadmap that will see a series of new features being rolled out on the network as part of the THORFi upgrade. The network has stated that through THORFi, lending and saving will be made available. However, the details of this upgrade are yet to be shared in full.

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The document shared by RUNE shows some key features of THORChain. It also highlights some community members that will be part of the initiative.

The other awaited development on THORChain is the support for LUNA tokens. The THORChain team has announced that the integration is a key development on its roadmap. The THORChain and Terra networks run on Cosmos SDK.

The developments on the THORChain network are boosting the utility of RUNE tokens. Since late February, the token has made significant gains, and within this time, it has outperformed most coins in the market.

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