The decentralized liquidity protocol ThorChain reported on October 5 a record-breaking transaction volume, with the amount jumping to $355 million in a single day, establishing an all-time high. This number sets a new benchmark for transaction volume.
The fact that the total transaction volume over the previous five days has surpassed $1 billion serves as proof that this notable occurrence is a part of a larger trend.
The World’s Largest Ever Volumes of ThorChain
According to the findings of the investigation, the rise in the number of swaps that were associated with the network occurred at the same time as the surge in the volume of transactions. The number of swaps that were related to the network reached 115,630 on October 5, the day that the transaction volume was close to $355 million.
When compared to the previous day, when the swap count was 61,877 and the total volume was just $170.8 million, this was a significant increase in the other direction.
A tremendous surge of 107.6% could be seen in the daily shift in transaction volume between October 4 and October 5.
An examination of the statistics reveals that the transaction volumes have been on an upward trend ever since September 29. Although the network only recorded a total volume of approximately $34.45 million on September 29, the value grew to $60.14 million the following day and then to $166.4 million by October 1.
Later, on October 2, the overall transaction volume reached a record high of $197.33 million, before seeing modest dips between October 3 and 4, reaching $173.84 million and $170.84 million, respectively. On October 5, there was a slight increase following this. The total volume of transactions from the beginning of October until the fifth was $1.06 billion.
The transaction volumes appeared to increase, which resulted in an equivalent increase in the earnings volume linked to the network. On October 4, the liquidity earning was approximately $109k, and the bond earning remained at $66.7k. This marked a significant decrease from the highs recorded on October 2, when both of these figures were reached. On the other hand, as of October 5, the liquidity and bond earnings totaled 164,35 dollars and 101,96 dollars, respectively.
Analysts believe that the rapid increase in volume can be connected to an increase in hacking efforts in recent times, particularly with cross-chain Bitcoin transactions being the primary contributor to the enormous increase in volume.
Reports indicate that ThorSwap, a product of ThorChain, has suspended the platform and shifted into maintenance mode in order to address these bad events.
The developer of ThorSwap tweeted the following in response to the recent events: “Yesterday, after carefully evaluating the situation and consulting with advisers, legal counsel, and law enforcement, the decision was made to temporarily migrate the ThorSwap interface into maintenance mode. This was done in order to ensure that the THORSwap platform would continue to operate without interruption. This measure was taken to quickly put a stop to any suspected illegal activities that might have been ongoing.
According to the tweet, ThorSwap will continue to operate in this mode until the developers locate a more long-term solution that will allow them to install and enhance the platform’s continuous security and integrity.
ThorChain’s Rune Price Actions
Rune, the native token of the ThorChain network, has been trading at a loss for the majority of the past twenty-four hours. The token’s value began the day at 2.048 and then skyrocketed to a high of $2.1 before plummeting to a low of approximately $1.93. It has been reported that the value of the token has decreased by around 2.51% in the 24 hours since October 5 to the time of the report.
Nevertheless, things have taken a decidedly different turn in the previous week, with Rune trading in positive territory. Rune’s price began at $1.92 on September 29 and reached a high of $2.23 on October 2; however, it then dropped to $1.88 on October 4, marking a new low for the day.
According to the charts, the prices of the assets have mostly moved in a horizontal direction, particularly over the course of the most recent five trading days. Despite this, Rune’s value increased by around 3.02% during the course of the last week.