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| THORChain 
| #RUNE
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| RUNE Price: | $1.63 | | Volume: | $32.9 M | | All Time High: | $20.94 | | Market Cap: | $0.3 B |
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| Circulating Supply: | 208,605,959 |
| Exchanges: | 27
| | Total Supply: | 500,000,000 |
| Markets: | 49
| | Max Supply: | 500,000,000 |
| Pairs: | 26
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The price of #RUNE today is $1.63 USD.
The lowest RUNE price for this period was $0, the highest was $1.63, and the current live price for one RUNE coin is $1.62817.
The all-time high RUNE coin price was $20.94.
Use our custom price calculator to see the hypothetical price of RUNE with market cap of ETH or other crypto coins. |
The code for THORChain is #RUNE.
THORChain is 3.2 years old. |
The current market capitalization for THORChain is $339,645,388.
THORChain is ranked #104 out of all coins, by market cap (and other factors). |
There is a large volume of trading today on #RUNE.
Today's 24-hour trading volume across all exchanges for THORChain is $32,907,050. |
| The circulating supply of RUNE is 208,605,959 coins, which is 42% of the maximum coin supply. |
| Note that there are multiple coins that share the code #RUNE, and you can view them on our RUNE disambiguation page. |
Quarterly Treasury Report — Q1 2022
Quarterly Treasury Report — Q1 2022 — The treasury comprises of $217m, funding protocol development, liquidity and paying out to community grants. Liabilities have all been repaid. The protocol has 173m ($2.1bn) in RUNE reserves. Planned Obsolescence not before July 2022.. — Summary The treasury is at $217m. The Protocol Reserves total 173m RUNE, worth $2.1bn. These are allocated for Mainnet emissions, PoL and THORFi. Planned Obsolescence is guided not before July 2022.Operational Treasury The treasury comprises of $15m non-RUNE assets, $125m in RUNE and $76m in LP positions, total of $217m. These funds are spent on protocol development, technical costs and community grants. The LP Positions are maintained in THORChain to provide:yield on assetsliquidity for RUNELP of last resort Additional non-RUNE assets were secured in the quarter and added as LP:$2m in DOGE$2m in LUNA-UST assets — Non-RUNE Wallets. — https://mempool.space/address/31kzJsd591hcpCL47XkCkNP9UBXX1vCVCj https://explorer.binance.org/address/bnb13a7gyv5zl57c0rzeu0henx6d0tzspvrrakxxtv https://etherscan.io/address/0x53A2b972A0059C274B88E2526ed48455278523d4 https://etherscan.io/address/0x1c7b17362c84287bd1184447e6dfeaf920c31bbe#tokentxns — RUNE Wallets. — https://viewblock.io/thorchain/address/thor1505gp5h48zd24uexrfgka70fg8ccedafsnj0e3 https://viewblock.io/thorchain/address/thor14n2q7tpemxcha8zc26j0g5pksx4x3a9xw9ryq9 https://viewblock.io/thorchain/address/thor1egxvam70a86jafa8gcg3kqfmfax3s0m2g3m754 https://viewblock.io/thorchain/address/thor1wfe7hsuvup27lx04p5al4zlcnx6elsnyft7dzm — LP Wallets. — https://app.thoryield.com/accounts?thor=thor1wfe7hsuvup27lx04p5al4zlcnx6elsnyft7dzm https://app.thoryield.com/accounts?thor=thor1egxvam70a86jafa8gcg3kqfmfax3s0m2g3m754 https://app.thoryield.com/dashboard?thor=thor1q6mhk70ecvnmw3ekawm5pr8wty509hcqug65gt https://app.thoryield.com/dashboard?thor=thor1qwuruyqmge8uwr2z00e7sdga4p3s7gp0nycgt8 https://zapper.fi/account/0x3eff38c0e1e5dd6bd58d3fa79caecc4da46c8866Liabilities All liabilities have been re-paid except for a 5m XRUNE loan which will be paid imminently. All assets have been secured.Debt THORChain has no longer any debt and will not entertain debt after mainnet. Any fund-loss events after mainnet will be shared with all network participants as the network is designed.Protocol Reserves 60m RUNE remains in standby, with 113m RUNE already deployed to the network. The standby reserve will be used either to contribute directly to Protocol Reserve, underwriting THORFi or other treasury options.Runway The current project runway is at 36+ months and is more than sufficient.Community Grants Treasury has handed over curation and administration of community grants to NineRealms. Every 3 months, all community projects will need to send a quick pitch to 9R to close another 3 months of funding. This is to ensure capital is being expended efficiently, fairly, and inline with THORChain objectives:Increase Security of the network (node tooling, node features, wallets)Increase Liquidity of the network (LP education, LP tools, LP wallets)Increase Volume of the network (Wallets, Integrations) Applications have re-opened for Q2 2022.Planned Obsolescence Treasury plans to hand over full control of the protocol, github, socials and its treasury not before July 2022 and when the following is hit:Mainnet, 4–5 chains ✅THORFi rolled out ⏳Decentralised (100+ nodes) ✅Adequate community support (wallets, exchanges, dashboards, bots) ⏳Decentralising The Treasury It is important that centralised points of failure are removed; the largest one being the treasury management. The goal to mitigate this risk by 1) Contributing to the protocol liquidity. 2) Distribute to teams who have demonstrated long-term alignment with the protocol’s objectives. 3) Underwrite THORFi. 4) An on-chain decentralised community funding mechanism.Summary The project’s treasury is more than healthy for the stage of the project and will enable reaching mainnet and Planned Obsolescence. If you would like to be funded to build something in the THORChain ecosystem please build something then reach out. If you would like to be considered to lead a Satellite Treasury post Planned Obsolescence — please get active now.THORChain Community To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainDiscord: https://discord.gg/V6pNp8AReddit: https://reddit.com/r/thorchainGithub: https://github.com/thorchainMedium: https://medium.com/thorchain Quarterly Treasury Report — Q1 2022 was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Quarterly Treasury Report — Q4 2021
Quarterly Treasury Report — Q4 2021 — The treasury comprises of $146m, funding protocol development, liquidity and paying out to community grants. Liabilities have all been repaid. The protocol has 174m ($1.2bn) in RUNE reserves. Planned Obsolescence not before July 2022.. — Summary The treasury is at $146m. The Protocol Reserves total 174m RUNE, worth $1.2bn. These are allocated for Chaosnet & Mainnet emissions. Planned Obsolescence is guided not before July 2022.Operational Treasury The treasury comprises of $18m non-RUNE assets, $90m in RUNE and $38m in LP positions, total of $146m. These funds are spent on protocol development, technical costs and community grants. The LP Positions are maintained in THORChain and Uniswap to provide:yield on assetsliquidity for RUNELP of last resortLiabilities All liabilities have been re-paid. Occasionally some network instability issues or bugs cause unfair slashing events to nodes. Generally if these slashing events are put down to network issues, then they are refunded. After mainnet, this practice will cease, and instead Node Operators who are slashed should: 1) Attribute the slash to the cost of doing business as Node Operator; 2) Investigate the slash and raise a PR if a bug is found; 3) If slashed due to an external chain instability; then campaign to have that chain removed from the network. These market-based principles are important to ensuring the protocol doesn’t subsidise chains that cause a cost to the network above their revenue generated.Debt THORChain has no longer any debt and will not entertain debt after mainnet. Any fund-loss events after mainnet will be shared with all network participants as the network is designed.Protocol Reserves 60m RUNE remains in standby, with 114m RUNE already deployed to the network. The standby reserve will continue to be held in standby until mainnet to create options for the treasury.Runway The current project runway is at 18+ months and is more than sufficient.Community Grants Treasury has handed over curation and administration of community grants to NineRealms. Every 3 months, all community projects will need to send a quick pitch to 9R to close another 3 months of funding. This is to ensure capital is being expended efficiently, fairly, and inline with THORChain objectives:Increase Security of the network (node tooling, node features, wallets)Increase Liquidity of the network (LP education, LP tools, LP wallets)Increase Volume of the network (Wallets, Integrations) Applications have closed for Q1 2022, but will re-open in April for Q2.NineRealms NineRealms is a community-led team that stood up to assist core devs with the delivery of THORChain and its ecosystem. In 2021, 9R was awarded several liquidity grants not exceeding 1m RUNE for their assistance in bringing liquidity to the network. They have since expanded their scope and breadth of help, now assisting with:Strategy and network rolloutSecurity (THORSec)Chain integrations (DOGE, Terra and more)Business Dev (wallet integrations and Dev UX)Community initiaves As such, NineRealms was awarded a RUNE vesting package, taken directly from the original team allocation. It is an 24month vesting package that starts at mainnet and will continue to beyond Planned Obsolence. NineRealms will qualify for their vesting package by meeting key performance and engagement milestones.Planned Obsolescence Treasury plans to hand over full control of the protocol, github, socials and its treasury not before July 2022 and when the following is hit:Mainnet, 4–5 chainsTHORFi rolled outDecentralised (100+ nodes)Adequate community support (wallets, exchanges, dashboards, bots)Decentralising The Treasury It is important that centralised points of failure are removed; the largest one being the treasury management. The goal to mitigate this risk is to distribute the treasury to teams who have demonstrated long-term alignment with the protocol’s objectives and who can efficiently and effectively manage a pool of funds with no legal owner for a greater good. Not everyone is up to this task. The original team have demonstrated their ability for this task, and some emerging teams include NineRealms and some ecosystem projects. These teams are short-listed for the role of treasury management post-obsolesence.Summary The project’s treasury is more than healthy for the stage of the project and will enable reaching mainnet and Planned Obsolescence. If you would like to be funded to build something in the THORChain ecosystem please build something then reach out. If you would like to be considered to lead a Satellite Treasury post Planned Obsolescence — please get active now.THORChain Community To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainDiscord: https://discord.gg/V6pNp8AReddit: https://reddit.com/r/thorchainGithub: https://github.com/thorchainMedium: https://medium.com/thorchain Quarterly Treasury Report — Q4 2021 was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Upgrading to Native RUNE
Deprecating IOU RUNE (BNB.RUNE and ETH.RUNE).. — SummaryIOU Tokens (BNB.RUNE and ETH.RUNE) will be deprecated after mainnet. Nodes will activate a “killswitch”, which will slowly reduce the redemption rate from 1.0 to 0.0 over the course of a year. After a year the upgrade code will be entirely removed and IOU tokens will no longer be supported. Upgrade your IOU tokens now. — How to Upgrade. — If you hold your tokens on a centralised exchange, the exchange will switch your tokens for you to Native RUNE. If you hold your tokens in a wallet:Create a THORChain wallet using any of the options: https://thorchain.org/ecosystem/interfaces-linksFind the “UPGRADE” button and upgrade your asset (note: you will need gas on your wallet, eg BNB for BNB.RUNE or ETH for ETH.RUNE) Several guides have been created:How to switch to Native RUNE using Ledger (2 ways) — THORNoobHow to Switch Binance $RUNE to Native $RUNE (2 Ways: Arbitrage, Upgrade) — THORSwapHow to: Upgrade to Native RUNE (THOR.RUNE) Using ThorSwap DEX — LP University.Why IOU tokens? THORChain is a proof-of-bond network, run autonomously by anon operators. If the network was launched with no prior distribution phase, the THORChain treasury could dictate the genesis node operators, eroding the decentralised qualities of the network. Instead, IOU RUNE on two networks, Binance Chain and Ethereum, was circulated for permissionless acquisition for 18 months prior to multichain chaosnet launch. As such, anyone could have acquired enough RUNE to run a THORNode.Many of the large THORNode influencers such as TheRuneRanger and THORMaximallist, who the THORChain treasury has had no relation with ever, likely acquired their RUNE in this manner.Removing Third Party Dependencies THORChain is extremely strict in having no 3rd party dependencies, preferring to manage everything in-house. There are no oracles, no off-shored security, and no reliance on external liquidity. However, BNB.RUNE and ETH.RUNE has privileged access to the state machine’s “mint” function. Anyone presenting these tokens can mint fresh RUNE, as well as making THORChain’s state dependent on these two networks.Indeed, 6 months ago, a white-hat found a critical vulnerability, that was *almost* exploited but swiftly prevented, around this mint functionality on Binance Chain. https://gist.github.com/HildisviniOttar/5b86859eab0705646c23820dc072e69e ETH.RUNE also has unfavourable characteristics for long-term holders, being the transferTo() function which makes it easy for users to be phished. ETH.RUNE is designed to be redeemed to THOR.RUNE without delay. Thus is it important to:Deprecate support for minting fresh RUNERemove dependencies on BNB.RUNE and ETH.RUNERemove dependencies on Binance Chain and Ethereum networksPushing Adoption of THOR.RUNE In addition, several large exchanges who have listed BNB.RUNE have not yet made the switch. This has created two separate markets for RUNE and one that is both unnecessary, and problematic, since it slows adoption of the network. These exchanges have not yet been given an imperative to switch to native RUNE.KillSwitch The plan will be to code support for a “killswitch”. The Kill Switch once activated will slowly reduce the redemption rate of 1:1 to 1:0 over 12 months.Example: 1.0 BNB.RUNE presented after 6 months of the KillSwitch can only be redeemed for 0.5 THOR.RUNE. After 12 months, it will be redeemed for 0.0 THOR.RUNE, effectively entirely deprecated. The KillSwitch will be activated by node-mimir since it will affect the monetary policy of the network. The timeline will likely be:Mainnet: release support for ETH.RUNE killswitch, activated by node-mimir fully-killed after 12 months.Mainnet + 6 months: release support for BNB.RUNE killswitch, activated by node-mimir fully-killed after 12 months.Community To keep up to date, please monitor community channels, particularly Telegram and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainDev Discord https://discord.gg/kvZhpEtHAwReddit: https://reddit.com/r/thorchainGitlab (primary): https://gitlab.com/thorchainGithub (secondary): https://github.com/thorchainMedium: https://medium.com/thorchain Upgrading to Native RUNE was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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All in on THORChain Security
Activating large RUNE holders to contribute to network security.. — — Update 13 Feb 2022. — The offer below was also extended to holders of team-vested RUNE: commit to a node for earlier vesting with positive take-up. Additionally, unlocks were accelerated to be all upfront in order to prioritise security. Community should expect to see more nodes come online in the weeks ahead. Team RUNE: Originally 50m (10%) was allocated to the team. Since the team anticipated growth, a large part of the allocation was left for future award. Part of this RUNE was sold under vesting in 2019 and 2020 to raise funds for the treasury. The remainder of this RUNE was awarded (under vesting) to team members who joined in 2019, 2020 and 2021, as well as most recently NineRealms, who are being awarded a vesting package. As a result of this, the devs are considering to raise the number of node slots to 120.Overview THORChain is backed by several large seed investors. These seed investors first backed THORChain in 2018 and early 2019. They locked their tokens indefinitely in October 2019 until mainnet was delivered. Seed allocation is roughly 5.2% (26m RUNE) of the network and is located on this address: https://viewblock.io/thorchain/address/thor16qnm285eez48r4u9whedq4qunydu2ucmzchz7pBacking THORChain Several seed investors are willing to back THORChain into 2022 and beyond. The most important aspect of THORChain this year is reaching 100 nodes and achieving excess security to enable THORFi — the leading cross-chain vertically-integrated solution to DeFi primitives; namely Savings, Lending and Stablecoins. As such, they have reached an agreement with the THORChain treasury to access an immediate fast unlock of their allocation in return for going all-in on THORNode bonds to immediately contribute to network security.Fast Unlock Seed investors who agree to commit principle to THORNode bonds will access all their RUNE in 4 monthly unlocks beginning immediately. The agreement to lock into THORNode bonds is 12 months, or Planned Obsolescence — whichever is first. Seed investors turn THORNode operators can cover operating expenses only from realised THORNode rewards.Potentially this can unlock upwards of 20m RUNE directly into THORNode Bonds, helping the network achieve 100 nodes with 50m Bonded before EoY.Monitoring All transactions will be done on-chain. Community members can track on the following addresses: https://viewblock.io/thorchain/address/thor16qnm285eez48r4u9whedq4qunydu2ucmzchz7p https://viewblock.io/thorchain/address/thor1lrnrawjlfp6jyrzf39r740ymnuk9qgdgp29rqvTHORChain Community To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainDiscord: https://discord.gg/V6pNp8AReddit: https://reddit.com/r/thorchainGithub: https://github.com/thorchainMedium: https://medium.com/thorchain All in on THORChain Security was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Quarterly Treasury Report — Q3 2021
Quarterly Treasury Report — Q3 2021 — The treasury comprises of $273m, funding protocol development, liquidity and paying out to community grants. Liabilities have been mostly repaid. The protocol has 177m ($2.5bn) in RUNE reserves. Planned Obsolescence July 2022.. — Summary The treasury is at $273m, with a debt of $6.2m. The Protocol Reserves total 177,689,566 RUNE, worth $2.5bn. These are allocated for Chaosnet & Mainnet emissions. Planned Obsolescence is set for July 2022.Operational Treasury The treasury comprises of $20m non-RUNE assets, $195m in RUNE and $57m in LP positions, total of $273m. These funds are spent on protocol development, technical costs and community grants. The treasury has increased partly due to the rise in value of holdings. The LP Positions are maintained in THORChain and Uniswap to provide:yield on assetsliquidity for RUNEdog-food the protocolLP of last resortLiabilities All liabilities have been re-paid except:5m XRUNE loan (1.5m secured)364k RUNE owed to network participants It is expected these will be re-paid in the coming month.Debt THORChain treasury has a $4m Line of Credit with IronBank, of which all outstanding debt has been repaid. There is discussions with the Cream Team to reverse the Line of Credit and allow Cream to borrow 485k ETH.RUNE to repay their users following their recent hack. There is no impact to the wider treasury if this is pursued.Protocol Reserves 120m RUNE remains in standby, with 57m RUNE already deployed to the network. The full reserve won’t be deployed until the network reaches mainnet.Runway The current project runway is at 18+ months and is more than sufficient.Community Grants Treasury has actioned 9+ grants to help spike infrastructure, which will run for the next 2–3 months until mature. These are one-time costs.Block Explorers (ViewBlock & PusherLabs)Twitter/Telegram Bot (Block-42, TRX, Pusherlabs)Wallets (XDefi, THORWallet)Dashboards (Delphi, RUNEData, RUNEYield)Midgard (Delphi & community-dev)Social Management (THORSwap, LPUniversity)Projects: BrokkrFinance, THORStarter The process for being funded is:Build a MVP product used by THORChain community.If gets adoption, then it will be sponsored by a grant.Planned Obsolescence Treasury plans to hand over full control of the protocol, github, socials and its treasury around 8 months (~July 2022) and when the following is hit:Mainnet, 4–5 chainsDecentralisedAdequate community support (wallets, exchanges, dashboards, bots)Decentralising The Treasury Any treasury after planned obsolescence will be likely be cut up and distributed to 5–10 dev teams/node operators/community members to manage the next 5–10 year roadmap of the project. If you are interested in being charged to manage a satellite treasury with your own focus on the protocol, become active and engaged now. There will likely be $50m+ for this purpose.Summary The project’s treasury is more than healthy for the stage of the project and will enable reaching mainnet and Planned Obsolescence. If you would like to be funded to build something in the THORChain ecosystem please build something then reach out. If you would like to be considered to lead a Satellite Treasury post Planned Obsolescence — please get active now.THORChain Community To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainDiscord: https://discord.gg/V6pNp8AReddit: https://reddit.com/r/thorchainGithub: https://github.com/thorchainMedium: https://medium.com/thorchain Quarterly Treasury Report — Q3 2021 was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Monthly Treasury Report — July&August 2021
Monthly Treasury Report — July&August 2021 — The treasury comprises of $194m, funding protocol development, liquidity and paying out to community grants. Liabilities have been secured. The protocol has 180m in RUNE reserves. Planned Obsolescence July 2022.. — Summary The treasury is at $194m, sufficient for the roadmap. Community grants can be allocated. Liabilities totalling $30m but have been secured and are waiting to be discharged. The Protocol Reserves total 179,093,899 RUNE, worth $1.8bn. These are allocated for Chaosnet & Mainnet emissions. Planned Obsolescence is set for July 2022.Operational Treasury The treasury comprises of $45m USD liquid and $148m in RUNE, total of $194m. These funds are spent on protocol development, technical costs and community grants. The treasury has increased partly due to the rise in value of holdings. — Liabilities. — The total cost incurred from the Ethereum Router exploits totalled $16m at the time. The treasury set out a 3-stage plan to cover the liabilities:Secure 1/3rd immediately with liquid treasury assets (done)Secure 1/3rd immediately with loan from IronBank (done)Pay the final 1/3rd at the time of restoring solvency by adding RUNE directly to the pool when the network is re-launched. (3) is needed since the price of assets will fluctuate and the actual pool ratios will change until the network is re-launched. As of 30 August 2021, the full liabilities are now $30m, with $20m secured. — Debt. — THORChain treasury has a $4m Line of Credit with IronBank, of which $2.6m has been used. 1m ETH.RUNE worth $10m is securing the debt, so there is no concern of liquidation. The debt will be paid off in the months ahead. — Protocol Reserves. — Singlechain was completely retired and all funds returned to users. The remaining reserve was moved over to the Ops Reserve, where it will be used to backpay node operators and LPs during network downtime. 150m RUNE remains in standby, with 29.1m RUNE already deployed to the network. The full reserve won’t be deployed until the network reaches mainnet.Runway The current project runway is at 18+ months and is more than sufficientCommunity Grants Treasury has actioned 9+ grants to help spike infrastructure, which will run for the next 2–3 months until mature. These are one-time costs.Block Explorers (ViewBlock & PusherLabs)Twitter/Telegram Bot (Block-42, TRX, Pusherlabs)Wallets (XDefi, THORWallet)Dashboards (Delphi, RUNEData, RUNEYield)Midgard (Delphi & community-dev)Social Management (THORSwap, LPUniversity)Projects: BrokkrFinance, THORStarter The process for being funded is:Build a MVP product used by THORChain community.If gets adoption, then it will be sponsored by a grant.Planned Obsolescence Treasury plans to hand over full control of the protocol, github, socials and its treasury around 13 months (~July 2022) and when the following is hit:Mainnet, 4–5 chainsDecentralisedAdequate community support (wallets, exchanges, dashboards, bots) — Decentralising The Treasury. — Any treasury after planned obsolescence will be likely be cut up and distributed to 5–10 dev teams/node operators/community members to manage the next 5–10 year roadmap of the project. If you are interested in being charged to manage a satellite treasury with your own focus on the protocol, become active and engaged now. There will likely be $50m+ for this purpose.Summary The project’s treasury is more than healthy for the stage of the project and will enable reaching mainnet and Planned Obsolescence. If you would like to be funded to build something in the THORChain ecosystem please build something then reach out. If you would like to be considered to lead a Satellite Treasury post Planned Obsolescence — please get active now.THORChain Community To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainDiscord: https://discord.gg/V6pNp8AReddit: https://reddit.com/r/thorchainGithub: https://github.com/thorchainMedium: https://medium.com/thorchain Monthly Treasury Report — July&August 2021 was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Hardening the THORChain Protocol
Steps taken to make THORChain more resilient to attacks and network uncertainty.. — Overview There are number of changes being made to the THORChain protocol to make it more impervious to attacks, and being able to react quicker to save funds. These changes have been made from first-hand experience of several attacks, where the behaviour of the attacker, node operators and community were observed. This is a key part to formulating exactly what should be done and where. The intent of these changes is to make any attacker think launching an attack on THORChain as not even worth the attempt, instead they should just file for a bounty and get paid. To do this, more power is given to nodes, more checks are in place continuously, and funds leaving the system are throttled to slow down leaks. The last point to stress, is that these changes will have an interim negative effect on User Experience. Once these changes are live, the THORChain protocol is likely to pause more frequently, and swaps will take longer to settle. Wallet operators will need to communicate chain pause status continually, seamlessly detecting a pause and communicating this to users. Users on fast chains (BNB) will notice the settlement delay and as a result volumes may drop on these chains. Over time as the network gains stability, the sensitivity of the network will be tuned down to improve UX. They are:Automatic Solvency CheckerGranular Network Pause ControlsNode TimeoutsOutbound ThrottlingNode Broadcast BotLive MonitoringAutomatic Solvency Checker (ASC) There are actually two discrete parts to this — a reactive mode and a proactive mode. In both cases the foundation of this is an ability for each node to scan wallet balances using their Bifrosts and report negative discrepancies between the on-chain balance and what THORChain thinks it has. THORChain builds an awareness of balances purely by adding the incoming funds, then subtracting the outgoings. Thus the expected balance is the aggregrate of the ins and outs. Diverges occur when actual on-chain balances start to diverge. For gas assets (assets used to pay gas), small divergences can be intermittent, but normally less than +/- 1%. Reactive Mode. THORNodes continually monitor inbound vaults (asgard) and when the scanned balance diverges from the expected balance, nodes can witness to THORChain the observed insolvency. If more than 2/3rds report, then that chain will automatically pause inbounds and outbounds. The scan cycle is one scan every 1–2minutes. It is throttled because it is resource intensive on the node RPC client. Reactive Mode ASC would be able to detect any loss of funds from vaults, where fake assets are used to deposit. https://gitlab.com/thorchain/thornode/-/merge_requests/1797 Proactive Mode. This mode is more powerful and is intended to catch insolvencies even before they appear. When a node attempts to sign a txOut, it will do a calculation to check if by executing the txOut the vault go insolvent. If so, then it refuses to sign and reports an insolvency. https://gitlab.com/thorchain/thornode/-/issues/1046Granular Network Pause Controls Previously the only mimir ability was to “halt trading” which stopped swapping and adding liquidity. It did not stop refunds or withdrawals, which allowed attackers to siphon funds even when halted.Note: Previously referred to as a “halt”, the language will be changed to a “pause” because it is likely to happen more often and more frequently, and describes a network state that is temporary and likely to be quickly resumed. When paused, the network is still online and running, just withholding completing a certain action until resumed. The new Network Pause controls: PauseTrading. The entire network will be paused for swaps/add, or set for a discrete chain. If a discrete chain, then swaps to/from that chain are refunded. PauseTradingGlobal | PauseTrading{CHAIN} PauseChain. The network will pause trading as well as refunds and withdrawals. It will stop signing the queue, as well as stop observing new inbounds. Nothing can enter the network. RUNE deposits are refunded. This network state is akin to 1/3rd of nodes shutting down their bifrosts, but more graceful. PauseChainGlobal | PauseChain{CHAIN} PauseTHORChain. The THORChain ledger will stop processing all SWITCH, MsgDeposits and MsgSends. This effectively freezes the network allowing the network to trap attacks, but still produces blocks. The only action allowed will be mimir — to react to the changing situation. This network state is akin to 1/3rd of nodes shutting down their thor-daemon, but more graceful. PauseTHORChainGlobal https://gitlab.com/thorchain/thornode/-/issues/1054Nodes will be granted full mimir access prior to mainnet, this allows them to tweak network parameters if they can coordinate. Admin-mimir will be retained until Planned Obsolencence.Node Timeouts When attacks have happened, the node and community were very quick to observe, but there was no mimir setting to react, or the mimir was hesitant to execute the halt. A new feature now grants each node a unilateral ability to call PauseChainGlobal on the network, once per churn cycle, and only for 720 blocks (1 hour). Each node that calls it will increase the pause for a further 720 blocks. Each node can also call to resume, in which case 720 blocks are deducted. This is a rudimentary and leaderless way to converge to a pause period that allows the network to respond to a global threat, but does not give any node an ability to pause the network and keep it paused for malicious reasons. https://gitlab.com/thorchain/thornode/-/merge_requests/1847Outbound Throttling This last feature throttles the outbound queue so that during spikes of large amounts of funds leaving the network the swaps out are delayed. If an attack is discovered, then any node can call to pause and trap the outbounds. This feature does negatively impact the UX of large swaps, but for most users it won’t be an issue. As the network is hardened the throttle will be opened by mimir. The following are rough approximations for delays.$100/block–4 seconds$500/block–20 seconds$1000/block–40seconds$5000/block–2.3 minutes$10k /block— 5 minutes The maximum delay is 60 minutes. Breaking up the transaction won’t change how it is scheduled, since the aggregrate value of all outbounds is counted. A smaller transaction that happens to get scheduled as the same time as a large spike in activity will also get delayed alongside everyone else. Wallets and interfaces will need to monitor the outbound value queue and estimate to users the expected delay, which will be dynamic. If this feature (plus Node Timeouts) had been in place during the previous attacks then the attacker would have been delayed a full 60 minutes, and nodes could have paused and saved the funds. Even if the attacker had broken into much smaller transactions, the maximum they could have gained in the first few minutes would be in the vicinity of $100k-$200k. This amount is now less than the bounty they could have gained, so they may have thought about simply reporting the bug instead. https://gitlab.com/thorchain/thornode/-/merge_requests/1844Node Broadcast Bot Nodes will be given an ability to broadcast a signed messaged directly from their machines. A discord/telegram bot can monitor and relay to channels. The messages are not put anywhere on-chain, they are just signed using node keys. The discord bot checks the node is active and grabs their address, status and bond amount. This feature allows node operators to stay anon but still broadcast help or emergency messages to the rest of the dev community at any time.Live Monitoring A second bot scans the network for any abnormal activity and immediately broadcasts the issue. This is just an ability for the network to monitor unusual spikes and investigate closer.Conclusion THORChain is an inside-out exchange. Nothing like it exists today. As a result, the THORChain community are learning on the fly and thinking with their feet. Collateral damage has been incurred, but the experiences are being used to fortify the foundations. Some of the means above negatively impact the UX of the network, but THORChain must be able to survive into the following decades. It can’t willfully sign away the entire TVL in its vaults within a few seconds from an attack, so a happy medium needs to be struck. Over time these measures can be dialled back. It’s currently a battlefield, and THORChain is bringing its best armour until the battle is won.Community To keep up to date, please monitor community channels, particularly Telegram and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainReddit: https://reddit.com/r/thorchainGitlab (primary): https://gitlab.com/thorchainGithub (secondary): https://github.com/thorchainMedium: https://medium.com/thorchain Hardening the THORChain Protocol was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Post-mortem: ETH Router Exploits 1 & 2, and premature Return To Trading Incident
The ETH Router Exploit 1 & 2, Premature Trading, fixes and network response, as well as the 5 Pronged Response.. — Summary THORChain suffered two back to back exploits on its ETH Router. The first took all the ETH from the system via an attack contract that sat in front of the Router, and the second took all the economically significant ERC20s via an attack contract that sat behind the router. In both cases the exploits were able to trick the Bifrost into reporting receiving assets it had not. The root cause was a Bifrost interface that did not fully account for the degrees of manipulation that can occur in smart contract events. No other chains or assets were affected. The THORChain team and community have kicked off a 5-Pronged Plan to address, fix and recover. They are detailed below. The THORChain treasury will cover all losses to LPs. Nodes are not affected.Exploit 1 — ETH The attacker deployed a contract that sat in front of the Router, which was able to call the deposit() function of the Router. The ability for the Router to be wrapped was recently made available to support ecosystem development. The full scope of this was not assessed thoroughly at the time. The attack contract simply diverted the msg.value back to themselves, calling with a value of 0 into the Router. The Bifrost read the msg.value instead of the emitted deposit event. This is necessary to support Router upgrades, but should not have been for deposit events. The fix was to enforce that for a deposit action, only the deposit event is read. Attacker Wallet: 0x3a196410a0f5facd08fd7880a4b8551cd085c031 Contract Address: 0x4a33862042d004d3fc45e284e1aafa05b48e3c9c Tornado Address: 0x4b713980d60b4994e0aa298a66805ec0d35ebc5a A full write-up is available here: https://thearchitect.notion.site/THORChain-Incident-07-15-7d205f91924e44a5b6499b6df5f6c210 — Impact — $8m. — The attacker deposited fake ETH into the contract many times, swapping to other ERC20s, artificially raising their prices and paying large amounts of fees. They then finally were able to siphon out the ETH by forcing a refund (using a deliberately bad memo). In all they siphoned ~4200 ETH from the system, and caused a huge spike in arbitrage volumes.Premature Return to Trading The network was rapidly halted by nodes to limit the impact. Around 700 ETH was retained in pending outbounds. A subsequent update was then released to purge these outbounds and save the 700 ETH. The system thought it had 13,000 ETH, but it only had 700 ETH, so the update also contained a store migration to correct the balance. This store migration would cause the price of ETH in the system to go from $350 (13k ETH) to around $7000 (700 ETH), to reflect the actual pool balances. The plan was to complete the update and allow arbitrage to sell the ETH down from $7k to $2k (actual price), so the brief to the admins was to enable trading after the upgrade. The upgrade process was not adequately war-gamed. The upgrade instructions should have been to restart thord , update, then immediately shut the Bifrost service down. This is because there is a narrow window of time from 67% updated to 100% updated where the old logic still applies, but the network is operational. Ideally a mimir should have been in place to halt signing programmatically. — LP Withdrawals. — Once 67% had updated, the network restarted and began processing txIns . What wasn’t planned was that ETH LPs began withdrawing asymmetrically to ETH take advantage of the fact that they were getting a claim on 13k ETH, when there was only 700 ETH. The correct response to this was to ask Nodes to shut down their Bifrosts to stop the withdrawals (the system was rapidly becoming insolvent), OR, have in place a mimir to halt withdrawals. This mimir setting hadn’t been built because of the system’s philosophy to never block withdrawals. In the heat of the moment the on-duty mimir admin incorrectly inferred that the response was to enable trading to correct the ETH price to stop the abuse from ETH LPs. This was as per the brief, but it was premature, since the ETH price hadn’t yet been updated from the store migration. The end result was that trading being re-enabled caused arbitrage agents to buy cheap ETH, instead of selling expensive ETH. By buying the cheap ETH, the remaining ETH in the system was taken and the network went insolvent. Nodes were asked again to halt.Exploit 2— ERC-20s The fixes to the issues above were then put in place and pushed out to the network. The fix also contained an ability to halt an entire chain and programmatically stop withdrawals. The fix also contained logic to divert the arb transactions to the treasury since the system was insolvent and could not fulfil them. This required the Bifrosts to be online to restart. What was unknown at the time, was that there was another critical vulnerability in the ETH Router. The attacker created a fake router, then a deposit event emitted when the attacker sent ETH. The attacker passes returnVaultAssets() with a small amount of ETH, but the router is defined as an Asgard vault. On the Thorchain Router, it forwarded ETH to the fake Asgard. This creates a fake deposit event with a malicious memo. The Bifrost intercepts as a normal deposit and refunds to an attacker due to a bad memo definition. Contract Address Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Last Transaction By An Attacker Router: 0xc145990e84155416144c532e31f89b840ca8c2ce Vault: 0xf56cba49337a624e94042e325ad6bc864436e370 Attack contract: 0x700196e226283671a3de6704ebcdb37a76658805 Attack wallet (spawned from Tornado Cash):0x8c1944fac705ef172f21f905b5523ae260f76d62 — Impact (~$8M USD). — 966.62 ALCX20,866,664.53 XRUNE1,672,794.010 USDC56,104 SUSHI6.91 YFI990,137.46 USDT5-Pronged Recovery Plan The problems above have simple solutions, but the real question is why, not really how. It is unrealistic that THORChain will ever be free from attack, so big picture thinking is needed, beginning all the way from the code to the live network. Why were critical vulnerabilities in the code for so long, why were they abused by black hats before white hats, why was THORChain able to send out so much of the TVL so quickly, why didn’t the system react faster. They can be summarised as follows. — Problem 1: The ETH Bifrost Code was unaudited. — The THORChain state machine and the BNB Bifrost Code was audited as part of Single Chain Chaosnet, but the updated MCCN state machine and its new MCCN Bifrosts were not. They were scheduled in with TrailOfBits, which unfortunately had not begun at the time of the first Exploit. Fix: Stop and Audit. Both Trail of Bits and Halborn Security are underway with two simultaneous audits. — Problem 2: There was no Official Bounty Program.. — As part of Single Chain Chaosnet a bounty program had been released, but it was not refreshed as part of MCCN. This was overlooked. Thus there were no clear incentives and campaigns for white hacks to be onboarded and find vulnerabilities. Fix: Commission a Bounty Program with Immunify. — Problem 3: There is no ongoing “Red Team”. — THORChain is an inside-out exchange. Exchanges have active security teams, even with locked-down proprietary exchange engines. THORChain needs a 24/7 continuously run Red Team to line-by-line each new PR, as well as actively monitor the network. Fix: Commission a Red Team with Halborn Security. — Problem 4: THORChain has no active security monitoring. — THORChain’s autonomous and decentralised nature was its own sword it died on. It happily executed attack transactions and there was nothing anyone could do. The only response was for all nodes to shut down their machines. Fixes:Automatic Solvency Checker to halt as soon as a solvency is detected (pro-actively and re-actively)Node Operator Timeout— any node can call to time-out the network for 25 mins if they suspect anything. This gives an ability for each of the 36 Node Operators to timeout an attack when they observe it.Outbound Throttling — the txOut queue is throttled to artificially delay the settlement of transactions when there are sudden spikes. — Problem 5: There is no Protocol Insurance. — Whilst the treasury is able to cover the insolvencies, the treasury won’t exist forever. The solution is to insure all non-RUNE TVL with a DeFi Insurance Provider, using collateral and income from the system’s own reserves. Fix: Engage with DeFi Insurance Protocols to attempt to insure the entire protocol.Treasury The network has a ~$16m insolvency to deal with. The plan is:1/3rd ($5.3m) will be directly contributed from the treasury assets1/3rd ($5.3m) will be loaned from Iron Bank using RUNE collateral and paid off later1/3rd ($5.3m) will be arbed into the network after it is brought back online for trading. To fund (2) and to partially cover (1), a large Public Fund Raising event will be commissioned after the network is operational, in the vicinity of $10m-$20m. This will be planned and executed in the public domain when the time comes.Return to Operational. The above Fixes need to be in place prior, they will take 2–3 months to set up fully. However the network can be brought online in stages once enough of the code is thoroughly checked and the bounty program has solicited enough of the major bugs (if any). The guided timelines are:Network Restart (send RUNE, Bond, receive Block Rewards) — early AugustBNB Chain online — AugustUTXO Chains online — SeptemberETH Chain online — October The Overview is detailed extensively here: THORChain WIP Gantt Chart: THORChain TimelineMainnet Assuming all the Fixes are in place, the network is bought back online and is solvent, and can achieve stability, the timeline to Mainnet should be expect to be EoY 2021 or early 2022. Mainnet is simply the definition that the network is stable and secure.Community To keep up to date, please monitor community channels, particularly Telegram and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainReddit: https://reddit.com/r/thorchainGitlab (primary): https://gitlab.com/thorchainGithub (secondary): https://github.com/thorchainMedium: https://medium.com/thorchain Post-mortem: ETH Router Exploits 1 & 2, and premature Return To Trading Incident was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Post-mortem: ETH Router Upgrade
The ERC-777 re-entrancy bug, trading halt, Router Upgrade, USDT rescue, return to solvency and operational, improvements. — Summary On 9th July 2021, a whitehat discovered a vulnerability in the THORChain router when dealing with ERC-777 tokens and worked with the team to rescue the funds back to the THORStarter deployer account. The Router was patched and deployed to testnet, but during testing an issue when dealing with non-standard ERC-20’s was found, specifically USDT. A recovery plan was posed to the community, which was to rescue the USDT back to the treasury (after a 24 hour notice) and the rest of the tokens migrated via the normal Router Upgrade path. Complications arose since simultaneously the Testnet was found to not be operational, so a new one had to be established. Ultimately the router was upgraded and trading resumed.Details — ERC-777 Re-entrancy. — A simple bug, but not one contemplated at the time the Router was deployed or reviewed by the THORChain community for MCCN launch. An audit of the Router was scheduled to be performed by TrailOfBits in July, which will go ahead but now on Router V3. The root cause is that ERC-777 allows hooks to be called on transfers. This is the same as sending ETH to a contract (a hook can be called). The hook called a secondary deposit into the router, which caused the funds to be partially “double-dipped” and the member credited more allowance than they should. The member called recursive deposits until their “allowance” was the full Router balance. They then transferred this out. The fix was to add a simple re-entrancy guard. https://gitlab.com/thorchain/ethereum/eth-router/-/blob/master/contracts/THORChain_Router.solFix: Add a reentrancy guard — Trading Halt. — A trading halt via mimir was then established since un-aware users could deposit XRUNE (to sell) and have them immediately stolen by copycats. An obvious improvement to this is to have a chain-specific halts instead of global halts. This was obvious, since the entire network was not operational when it was just one chain that was problemetic. This has now been prepared and due for release: Resolve “ADD: chain-specific halt trading” — Testnet Issues. — The THORChain core devs do not run any bonded mainnet or testnet nodes. They only run full-nodes which make services available to the community (such as thornode.thorchain.info). Multichain Testnet operators use it to practice churning. There is a known issue that Nodes are slightly ETH insolvent (due to gas issues) and cannot unbond. This is known to cause friction for Node Operators (perhaps they need better tooling) causing some of them to give up and abandon their nodes instead of fixing the issue and leaving gracefully. Due to unfortunate timing, more than 1/3rd of the network was offline/abandoned and could not be used for testing. This is unlikely to happen on mainnet — no sane operator would abandon a $3m+ bond. Re-establishing a new testnet cost the team a day. — Router Issues. — Whilst testing the Router, another issue came to fruition — the USDT asset could not be migrated since it was not compatible with the ERC-20 standard.USDT does not return a bool The fix was to remove the ERC-20 interface, encode it directly in the function and simply require success — this skips looking for any returned data.The fix in Router V2 — USDT Recovery. — Since USDT was not compatible with the preferred migration path, there were three options posed to the community:Ragnarok all USDT LPs and migrate with no USDTRecover the USDT to a treasury address, migrate manuallyRecover the USDT to a smart contract, migrate trustlessly (anyone could call the subsequent deposit) The community ultimately settled on (2) as the safest and fastest way to pull off the recovery since the intent was to re-establish swaps, and not a test of decentralisation. — Migration Coordinator. — Normally Router upgrades are designed to be trustless and autonomous. As soon as a new Router is added to the network, the nodes will churn towards it using existing churn logic. They pass the router into their call data, and the smart contract *itself* will migrate forward; see the code below.If new router, then migrate However, this upgrade was urgent, and required additional steps, such as rescuing USDT and re-depositing USDT and XRUNE back in. As such, special logic was added to allow mimir to orchestrate the process. The exact 11 steps as below:1. Mimir set `StopFundYggdrasil` to `1` , this will stop funding yggdrasil vaults 2. Mimir set `MimirRecallFund` to `1` , this thet network will ask yggdrasil to send all their fund back to asgard on ETH chain 3. Double check all yggdrasil vaults return their erc20 tokens , if all yggdrasil vault only has dust ETH left in it , then go to step 4) 4. Mimir set `MimirWithdrawUSDT` to `1` to extract USDT , this will trigger the USDT outbound, make sure the outbound has been send all USDT to designate address 5. Mimir set `MimirUpgradeContract` to `1` , this will trigger the network to upgrade contract to new one 6. Make sure all yggdrasil contract has been updated to the new contract address 7. Mimir set `ChurnInterval` back to 43200 so node churn can be kicked off 8. Once churn kicked off , make sure the new asgard has the new contract, and migrate is migrating fund to new contract 9. When churn finished , credit USDT and XRUNE back to new asgard, new contract using memo `noop` 10. Mimir set `StopFundYggdrasil` to 0 , the network will go ahead to fund yggdrasil vaults 11. Once ygg funded, Mimir set `HaltTrading` to 0 , the network will be available for swaps — Return to Operations. — The team and community worked together to orchestrate this: 1) Sync the upgrade to tip 2) Release the upgrade and wait for 100% of nodes to adopt 3) Coordinate the Router Migration 4) Re-establish trading This was finally finished on 14 July — 5 days after the halt.Improvements The list of improvements:RouterV2 has a re-entrancy guard, compatible with ERC-20s that are non-standard, and has a new function requested by the community to expire depositsTHORChain community has validated the Router Upgrade logic and will be prepared to more readily migrate to Router V3 (with more advanced logic).THORNode will have a chain-specific trading halt logic, which would have kept the network mostly operationalRe-establish Testnet and engage with high-quality node operators to run the testnet. In addition, the RouterV3 will be audited by both Halborn and TrailOfBits soon.Community To keep up to date, please monitor community channels, particularly Telegram and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainReddit: https://reddit.com/r/thorchainGitlab (primary): https://gitlab.com/thorchainGithub (secondary): https://github.com/thorchainMedium: https://medium.com/thorchain Post-mortem: ETH Router Upgrade was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Weekly Dev Update #98
THORChain Weekly Dev Update for Week 98, 03— 10 July; ERC777 re-entrancy on Router, THORStarter launch, MCCN Update 0.57.6, 0.58.1, Community Updates, Ledger-thorchain published. — Summary — RAISETHECAPS. — The caps were raised to 10m RUNE and filled as part of the THORStarter launch. At this stage the target is 30m RUNE bonded and 15m RUNE pooled for the system to have caps lifted (this was the maximum seen on SCCN). The THORStarter launch significantly overloaded the network to the point where a lot of the nodes went offline to new transactions since there was far too much demand. The team are still looking into this, but likely it was due to an event with 30x the typical demand, and the network could not handle the spike. — Router Re-entrancy Bug on ERC777. — A whitehat hacker discovered a bug in the THORChain ETH router that allowed this individual to extract erc777 assets (like xrune). As of now, xrune is the only erc777 token in the network. The whitehat has returned the funds (minus a bounty) to the thorstarter team. Once the exploit is patched, the THORChain and thorstarter team will work together to restore 100% of the xrune back to the THORChain smart contract and to the LPs. To avoid any loss of funds, the network has been halted to stop the community from swapping to/from xrune, as well as providing more xrune to the network (or adding a new erc777 asset). All other assets/funds are safe. The network will need to upgrade the Router before it can be restored.The Router Upgrade is still in work-in-progress. A Post-Mortem will be out soon, including the original bug. — UPDATE 0.57.6. — [BUG] Binance Signer , if account doesn’t exist , it will fail to check memo flag and block all outbound. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1795 — UPDATE 0.58.1. — 1) [BUG] imp loss protection calculation. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1796 2) [ADD] Refund dropped asset , MKR & LINK. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1796 3) [ADD] Set “XX is self transaction” log in bifrost to debug level. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1788 4) [BUG] Synth Maximum supply validation didn’t apply correctly. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1786 5) [BUG] Fix Multichain testnet active vault is insolvent due to ropsten fork. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1784 6) [BUG] Reset thorchain seqNum on error 32. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1781 7) [ADD] Update ETH scanner to ignore malformed tx. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1779 8) [ADD] THORNAMES. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1693 9) [ADD] Extend keygen timeout to 5 minutes , also keysign to 1 minute PartyTimeout to 45 seconds. PR: https://gitlab.com/thorchain/thornode/-/merge_requests/1801 release: https://gitlab.com/thorchain/thornode/-/tags/v0.58.0 https://gitlab.com/thorchain/thornode/-/tags/v0.58.1Community Work — GrassRoots Crypto Update. — — upcoming videos THORFI Synths Part 4 — iRune A Liquidity Pool Example looking at Asym vs Sym, IL and ILP — Part 1 Overview with Graphics — Part 2 Deep dive with Spreadsheet How to access THORFI Synths — THORSwap — Brokkr Finance — TRX1’s Weekly Dev Report (28/06–04/07). — THORChain Monitoring bot — Impermanent loss protection calculation added to LP cards — IL protection added to final numbers — Auto-detection of THOR address connected to ASSET address — Inline mode for the bot: a user types “@bot ADDRESS POOL” and gets an LP card picture in any chat or group. — Improvements in notifications (nodes, trading halt, etc.) — Circulating Rune source has been changed (Delphi API -> Coingecko). It affects the calculation of the fair price — Refactoring, removed the old version on LP calculator, getting rid of “stake” work — Bug fix These updates will be deployed in a couple of days. aiothornode (v.0.0.17) — Added API for Vaults (needed for solvency checks) — THORBelt Weekly Dev Report (June 28 to July 6). — — Started working on support for Ledger wallets — Still working on a fix to make deposit transactions with synth assets work in xchainjs/xdefi — RuneYield’s Weekly Dev Report (28/06–04/07). — — Fixed missing transactions for XRUNE pool. — Started working on improving pool data aggregation processing speed. — — Week 6 — THORWallet Update —. — App & Blockchain — Apple accepting First Testflight Beta Version with the following features: — Onboarding finalized with async storage and keychain — Creating new wallet — Importing existing wallet — See funds of main and testnet — See funds balance in USD (calculated with THORChain pool price -> Midgard integrated) — Receive funds with copy address or displaying QR code — Tested “Send funds” functionality on main and testnet — Switching from testnet to mainnet — See transactions of all funds — Refresh controls for blockchain assets — Drawer with social links and app version / build number — Apple App Store listing process partially completed — Performance improvements in general and when loading assets — Debugging and pull request to XChainjs Business / Legal — Open official THORWallet channel on telegram: https://t.me/THORWalletOfficial — Launch THORWallet website: https://thorwallet.org/ — Legal and funding activities What’s next — First improvements from feedback round — sending by scanning QR code — show ERC20 transactions correctly — pending transactions handling — fee estimation — show price history in dashboard — ASGARDEX Weekly Update (6/28–7/4). — — validation to guard against interacting with non “available” pools — explorer fixed bugs to handle synth assets — explorer added Constants tab to network, to display constants and MIMIR values — ongoing synth support work — Ledger. — ledger-thorchain npm published https://www.npmjs.com/package/@thorchain/ledger-thorchain — SKIPexchange Weekly Update (6/28–7/4):. — — UX designs for desktop and mobile are finished — add Midgard guard for disabling swap/deposit/withdraw when Midgard is not responding — added Midgard health check — tx queue guard for deposit/withdraw — Xchain.net Weekly Update (6/28–7/4):. — — project init — Xchain.net.Thorchain started — Xchain.net.Thorchain models , xchain.net.cosmos models , Xchain.net.Client Base Object and models added — added Xchain.net.Crypto — publicKey , PrivateKey objects , Secp256k1 , RIPEMD160 algos added — Address , AccAddress models added — bech32 , BIP39 Management added — Some of Xchain.net.Client , Xhcain.net.Thorchain Functions Implemented(Balances , URLs , Validations , …)Bridges How to bridge to THORChain? This is a serious undertaking, a dev should be sponsored for 6–12 months:Read https://gitlab.com/thorchain/thornode/-/blob/develop/docs/newchain.md and https://docs.thorchain.org/chain-clients/overviewImplement the Chain Client https://gitlab.com/thorchain/thornode/-/tree/develop/bifrost/pkg/chainclientsAdd to Node Launcher https://gitlab.com/thorchain/devops/node-launcherAdd to XChainJs https://github.com/xchainjs/xchainjs-libLaunch on Mocknet — demo to communityLaunch on Testnet, stabilise. Must be run successfully for a few weeks with no issues.Launch on Mainnet, stabiliseMaintain the chain client, be on deck for hard forks, client updates and more. — Complete. — Bitcoin: Deployed to chaosnetEthereum: Deployed to chaosnetBitcoinCash: Deployed to chaosnetLitecoin: Deployed to chaosnet — UTXO Chains. — Dogecoin: Complete, will be activated after MCCNZCash: Scoped, rain-checkedDecred — OngoingDash — Ongoing — Cryptonote. — Haven: [paused due XHV bandwidth]Monero: Pending Haven implementation — Custom. — Cardano — ScopingPolkadot: [depends on THORNode ED25519]Avalanche: Scoped, WIP with team to investigate optionsZilliqa: Scoped, rain-checkedSolana: [depends on THORNode ED25519] — EVM Chains. — Binance Smart Chain: Likely after MCCNEthereum Classic: Rain-checkedRootstock: Rain-checkedArbitrum: Rain-checked — IBC. — A development partner has been found and will begin building IBC bridges. Pending IBC integration — Cosmos, Terra, Kava, Secret Network, Injective Protocol, Sifchain, Akash Network .Next MilestonesRAISETHECAPSACTIVATETHESYNTHSTHORChain Name ServiceDOGECoinBSCCommunity To keep up to date, please monitor community channels, particularly Telegram and Twitter:Twitter: https://twitter.com/thorchain_orgTelegram Community: https://t.me/thorchain_orgTelegram Announcements: https://t.me/thorchainReddit: https://reddit.com/r/thorchainGitlab (primary): https://gitlab.com/thorchainGithub (secondary): https://github.com/thorchainMedium: https://medium.com/thorchain Weekly Dev Update #98 was originally published in THORChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
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|
 | Biggest Movers: RUNE Rallies to Start the Week, as SAND Extends Recent G...
RUNE rose by over 10% to start the week, surging as global crypto markets pushed to enter the green on July 4. After a slow start to the day, the crypto market cap is up 3.15% as of writing, with SAND another notable mover, as it extended recent gains, rising by nearly 13% in the process.
Thorchain (RUNE)
RUNE was a notable mover on Monday, as prices rose by over 10% on the Independence Day of the United States.
The token rose to an intraday peak of $2.08 to start the week, pushing prices closer towards a one-week high.
As of writing, RUNE/USD is now trading higher for a third consecutive session, as it nears a key resistance level.
This ceiling is the $2.50 mark which hasn't been hit since June 25, when bulls made an attempt to move past this point.
Looking at the chart, although prices may once again collide with this ceiling, a breakout might be difficult due to an upcoming obstacle.
That would be the resistance of 49.80 on the 14-day RSI, which has not been broken since early in April.
The Sandbox (SAND)
SAND was also one of today's biggest gainers, as prices rose by as much as 12% earlier in the day.
Following a low of $1.02 to end the weekend, SAND/USD surged to an intraday peak of $1.15 during Monday's session.
This move saw SAND climb in back-to-back sessions for the first time in over a week, and comes as prices continue to move away from a recent support point.
This support point at $0.95 has mostly held firm despite recent attempts from bears to push the token ...
|  | THORChain Deploys Mainnet After 4-Year Wait, RUNE Soars 13% In 24 Hours
THORChain has been trading in the green and recovering faster than larger cryptocurrencies. The market seems to be positively reacting to the announcement.
RUNE with minor gains on the 4-hour chart. Source: RUNEUSDT Tradingview
As part of the announcement, crypto users on the Binance exchange will be able to participate in a promotional campaign and earn part of a total $1 million price. Via an official post, the team behind THORChain said the following celebrating the project’s major milestone:
Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community. It has been a long time coming and the community is very excited about this important milestone.
Before mainnet, THORChain was operating with the Multichain Chaosnet (MCCN) to enable users to provide cross-chain liquidity. This allowed the project to battle-test its features and migrate from a centralized to a decentralized and community-driven platform, according to the official post.
As part of this deployment, the project launched its native token RUNE and has called for all token holders to swap their non-native RUNE for the former asset. Once 67% of the network runs on native RUNE, the protocol will implement a “Killswitch” and “kill” the non-native asset under the BEP2 standard.
As NewsBTC reported, 4 months ago THORChain released a highly expected feature, synthetics assets. This allowed users to gain exposure to the price of lar...
|  | Biggest Movers: DOT Rebounds Following Recent Losses, as RUNE Moves Towa...
Following two consecutive sessions of declines, DOT saw its price rebound on Friday, as it moved away from a multi-week low. While DOT rose away from these lows, RUNE dropped, with the token falling towards them. Prices of RUNE are down by over 10% as of writing.
Polkadot (DOT)
DOT was a notable mover during Friday's session, as prices rebounded following two consecutive days of losses.
After two days of declines, DOT/USD dropped to a bottom of $8.61 on Thursday, however, it followed that up with a nearly 10% rally today.
Today's move saw DOT hit an intraday high of $9.91, as prices moved away from recent lows which are close to support of $9.05.
Looking at the chart, the next price target for bulls will likely be the ceiling at $10.50, which has mostly held firm for the past ten days.
Whilst it currently tracks at 38.85, bulls will likely be paying close attention to the 39.50 level on the RSI, as it appears to be a hard ceiling.
This could mean that some bulls will likely attempt to push prices above the $10 threshold, then potentially liquidate positions prior to hitting the ceiling.
Thorchain (RUNE)
While DOT moved away from its own support level on Friday, RUNE moved towards it, as prices dropped by over 10% today.
Following a peak above $3.15 during Thursday's session, RUNE/USD slipped to a low of $2.45 earlier in the day.
This low comes as prices break below the recent support point of $2.62, hitting their lowest level since May 12 in the process.
As a result of t...
|  | Biggest Movers: Tron Moves to 1-Week High, as Thorchain's RUNE Nea...
Tron rallied during today's session, as it headed towards a one-week high, following recent declines. This came as Thorchain's RUNE continued to trade lower, with today's drop pushing prices closer to their lowest point since January 2021.
Tron (TRX)
Tron (TRX) surged towards a seven-day week high during Thursday's session, as prices rebounded following a recent decline.
Less than a day after trading at a bottom of $0.06955, TRX/USD rose to a peak of $0.07444 earlier in the day.
Today's peak is the highest level prices have reached since last Saturday, and are slightly below May 13th's high of $0.07650.
So far this month, TRX has been one of the more volatile tokens, going from a peak of $0.09267 on May 8, to a low of $0.06304 only two days later.
Looking at the chart, the relative strength index (RSI) has mainly consolidated since that point, being held under a ceiling of 52.50.
As of writing this, price strength is still below this point, and unless we see a breakout of this level, we might see prices drop in upcoming days, despite today's near 7% rise.
Thorchain (RUNE)
Besides both beginning with the letter 'T,' there were no similarities between tron and thorchain (RUNE) on Thursday as far as market activity is concerned.
RUNE/USD was mainly lower during the session, falling close to its lowest point since January 2021.
Prices fell to an intraday low of $2.85 on Thursday, which is roughly $0.50 away from its sixteen-month low of $2.35 which was hit on May 12.
However, ...
|  | Biggest Movers: MATIC Slips on Saturday, RUNE and LUNA Over 5% Lower
MATIC fell to its long-term support level on Saturday, following a surge in price during Friday's session. This came as both RUNE and LUNA also dropped, and traded by as much as 5% lower to start the weekend.
Polygon (MATIC)
During what has been a bearish start to the weekend, MATIC was one of the biggest losers so far in Saturday's session.
MATIC, which traded at its long-term resistance level of $1.50 on Friday, fell all the way to its support point earlier today.
As of writing, Saturday saw MATIC/USD drop to a bottom of $1.35, which is also its long-term floor, and is now around $0.10 away from a two-month low.
Today's selloff comes following strong gains on Friday, however bullish momentum eased, as prices ran into the ceiling.
In addition to this price ceiling, the 14-day RSI saw its own resistance reached, as relative strength failed to break above the 45 level.
MATIC has mostly consolidated between $1.35 and $1.50 during the month of April, and as market uncertainty continues, it looks like we may end the month trading within this range.
THORChain (RUNE)
There was no rebound in price for RUNE, which fell for a fourth consecutive session to start the weekend.
So far this Saturday, RUNE/USD has slipped to a bottom of $8.21, which is three days removed from a peak of $9.88, where bulls were attempting to break the $10 threshold.
However, since then momentum has only faded, with the mid-term 25-day (blue) moving average now firmly lower, as it continues to trend downw...
|  | Biggest Movers: Near, EOS and RUNE Fall During Friday's Selloff
NEAR was one of the big movers in today's trading session, as prices fell by almost 10% on Friday. RUNE and EOS also slipped to end the week, with the latter also dropping by double-digits in the session.
Near Protocol (NEAR)
NEAR was one of the biggest tokens to fall on Friday, as a red wave swept over cryptocurrency markets to end the week.
Following a peak of $17.12 on Thursday, NEAR/USD dropped to a bottom of $15.12 during today's trading session.
As a result of this drop in price, NEAR fell below its recent support level of $15.45, for the first time since the start of the week.
Following a breakout of the ceiling at $17.50, prices recently rose to a one week high of $17.77 on Wednesday, however this upwards momentum was short lived.
The turnaround saw prices drop for three consecutive sessions, leading to the 14-RSI to track at its weakest point in over six weeks.
Now in oversold territory, bears will likely try to push prices even lower, whilst bulls could see this as an opportunity to buy low.
EOS
Similar to NEAR, EOS has also held firm at a recent resistance level, leading to a selloff during today's session.
EOS/USD fell to an intraday low of $2.48 earlier on Friday, after trading above $2.84 less than 24-hours ago.
Following a false breakout of the $2.75 ceiling, EOS has gone on to fall for two consecutive sessions, with today's decline taking us to a short-term floor.
As seen on the chart, $2.45 has recently acted as the first line of defense for fading pric...
| | Can RUNE Sustain Its 20% Rally?, Why This Analyst Doubts It
THORChain (RUNE) has seen an important rally in the past month. Source: RUNEUSDT Tradingview
According to analyst Alerzio from research firm Santiment, RUNE’s current rally has traders wondering if the token will be able to sustain its gains. The cryptocurrency could revisit its lows if the bulls are unable to push past the $10 in the short term or if the crypto market takes another bearish turn.
The analyst believes that RUNE’s current rally has been “healthy”. As the price move upwards, the token’s trading volume followed standing at its highest since April 2021.
In addition, the Weighted Sentiment, a metric used to measure market sentiment across social media platforms, suggests more gains. This metric stands in the negative as the token claims into its current levels which is a bullish sign.
Source: Santiment
In the crypto markets, operators believe that prices tend to move opposite to the crowd’s expectations. Therefore, a negative sentiment suggests more gains for RUNE. The analyst said that “the greed is out” of the market, for the time being.
In addition, the futures market seems to support the bulls as funding rates on Binance and FTX were barely returning from negative territory into positive on the recent price action. The analyst added:
Binnance's funding rate is positive (not too much) while FTX's funding rate is about to get into the positive areas. this can be considered as a 'not very good, but not too bad' sign...
|  | Biggest Movers: RUNE Rises by Over 20% Today, as NEAR Climbs to Resistan...
NEAR rose to its highest level since last Thursday, as prices rebounded from recent lows. SAND and RUNE also climbed from long-term support levels on Tuesday, with RUNE rising by over 20% in today's session.
THORChain (RUNE)
RUNE was easily one of the biggest gainers during today's trading session, as it separated itself from AXS, cementing itself as the world's 43rd-largest cryptocurrency.
Following a low of $7.50 during yesterday's session, Tuesday's session saw RUNE/USD rise to an intraday high of $9.05 earlier today.
This move sees RUNE climb to its highest level since last Thursday, April 14, where price went on to be held at resistance.
The long-term ceiling is currently at $9.40, which hasn't been broken since earlier this month, and late March prior to that.
Regardless of this, price strength has recently shown strong gains, with the 14-day RSI climbing beyond the ceiling of 51.
Should this momentum extend, we could see RUNE at $10.00 later this week. However, bulls could likely take profits once this point is reached.
NEAR Protocol (NEAR)
NEAR continued to move away from its long-term support level on Tuesday, as prices rebound following a recent four-day bear run.
This run took NEAR from resistance of $17.55, all the way down to support of $15.40, with a breakout taking prices to multi-week lows.
Since bouncing from support yesterday, those gains extended in today's session, with NEAR/USD hitting a peak of $17.50.
Now once again near resistance, many are wai...
|  | CoinEx Security Team: The Security Risks of THORChain (RUNE)
According to THORChain’s treasury report for Q1 2022 released on April 1, the chain registered a growth in revenue despite the twofold impact of persistent market sluggishness and highly unstable geopolitical factors. Public data shows that THORChain recorded $2.17 billion in revenue in Q1 2022. THORChain, acclaimed as the “cross-chain version of UniSwap”, gained a foothold in the cross-chain trading market relying on its unique advantages and earned extensive recognition among investors.
Behind all these glamours, THORChain is also deeply troubled by hacking. The chain suffered frequent security breaches since it was launched on Ethereum, a fact that casts doubt on its security. On April 11, THORChain tweeted about phishing attacks, warning users not to interact with [DeTHOR] or other unknown tokens within their wallets, which once again raised concerns about its security issues.
While building a sound security system for CoinEx products, the CoinEx security team also keeps track of security incidents in the blockchain space to help users better understand the security of different projects from the perspective of technical security and mitigate the investment risk. Aiming to improve the security criteria for the blockchain sector, the CoinEx security team has analyzed the security risks of THORChain (RUNE). The team hopes that THORChain could note and mitigate the following risks by optimizing the relevant smart contract codes. In addition, this article i...
|  | Biggest Movers: RUNE, ZIL Rebound Following Recent Losses, Trading Nearl...
ZIL was up by more than 20% in Thursday's session, as prices rebounded following a string of recent drops. RUNE was also up by over 15% today, as it hit its highest point so far this week. Overall, the global crypto market cap is up 2.08% as of writing.
Zilliqa (ZIL)
Following almost two weeks of declines, ZIL finally stopped the bleeding, rallying by over 20% during today's session.
ZIL/USD rose to an intraday high of $0.1263 earlier in Thursday's session, as price continues to move away from its recent support point.
This floor was at the $0.1033 level, which has historically seen significant bullish moves begin from there, and today's rally follows this trend.
Recent momentum in ZIL has now taken prices to what seems to be a short-term ceiling of $0.1245, with some expecting an imminent breakout.
However, there appears to be an obstacle in place which could potentially prevent this from happening, with the 14-day RSI also trading at resistance.
Looking at the chart, the relative strength index is currently tracking at 57.06, which is slightly below the ceiling of 57.70.
Should this point be broken, we could be looking at ZIL rallying back towards $0.1400.
THORChain (RUNE)
RUNE also rose on Thursday, moving past XTZ to cement itself as the world's 44th-largest cryptocurrency.
Following a bottom of $7.42 during Wednesday's session, RUNE/USD climbed to an intraday high of $9.35 earlier today.
The move came as RUNE moved away from the support level of $8.15, following what...
|  | Biggest Movers: RUNE and THETA Fall by Over 10% on Monday
THETA and RUNE are trading over 10% lower to start the week, as recent declines in the crypto market extended during Monday's session. As of writing, the global cryptocurrency market cap is down nearly 5%.
THORChain (RUNE)
In addition to BTC and ETH, RUNE also fell to a three-week low to start the week, as bearish pressure mounted in crypto markets.
Following a high of $9.47 on Sunday, RUNE/USD fell to an intraday low of $8.06 during today's session, as prices fell to their lowest point since March 25.
This drop sees RUNE hit its long-term support point at $8.08, after trading near its resistance of $12 almost a week ago.
Looking at the chart, today's move comes as price strength failed to move beyond the ceiling of 50, which then prompted bears to send prices lower.
The decline in price strength came as momentum also declined, with the 10-day and 25-day moving averages preparing for a downwards crossover.
As of writing, the Relative Strength Index (RSI) is sitting at its lowest point since February 27, however some still expect further falls in price.
Theta Network (THETA)
Like RUNE, THETA was also down by over 10% during Monday's session, as it fell for a second consecutive session itself.
THETA/USD hit a bottom of $3.03 to start the week, which is its lowest point since March 25, and this comes as the long-term floor was broken.
This support level at $3.30 caved in as prices fell for the ninth time in eleven sessions, as THETA's value dropped by over 20% in the last w...
|  | Biggest Movers: SOL Slips Over 10%, as RUNE, WAVES Down Nearly 20%
Global crypto markets were trading nearly 6% lower as of writing this, with SOL one of the biggest crypto's to fall during the session. While falling by over 12% on the day, RUNE and WAVES fell by as much as 20% on Thursday.
WAVES
WAVES was easily one of the biggest gainers in March, as it rose from a low of $10, climbing to a now record high of $64.
Since then, WAVES has been in free-fall, falling for six consecutive sessions, and is now trading at a two-week low below $30.
As of writing this, WAVES/USD dropped to an intraday low of $27.43 during Wednesday's session, which is its lowest point since March 17.
Today's drop means that prices are now almost 50% lower than at the same point last week, and comes as traders continue to dump the token following recent record highs.
Looking at the chart, today's fall moved past support at $30, and looks to be in search of a durable floor, which could come at $24.
Price strength is also within the oversold territory, relatively speaking, with the 14-day RSI tracking at 40.5, which is the lowest point since February 22.
Despite this, we may still see further falls in WAVES, with the long-term floor of the RSI indicator located around the 21 level.
Should bears look to weaken this even further, we may soon be tracking below $20.
Thorchain (RUNE)
RUNE was another big mover towards the end of last month that has so far struggled for bullish momentum in April.
Following a peak of $13.21 just under a week ago, RUNE/USD fell to a bottom ...
|  | Biggest Movers: WAVES up 50% on Tuesday, as RUNE and LUNA Move Higher
WAVES was undoubtedly Tuesday's biggest gainer, climbing by as much as 50% during the session. Gains in WAVES came as well, as LUNA once again overtook SOL as the world's eighth-largest cryptocurrency. RUNE was also a big mover today.
WAVES
WAVES was easily the biggest gainer during Tuesday's trading session, as it rose to a new all-time high.
This was the second consecutive session in which WAVES rallied, further cementing itself as the world's 32nd largest crypto.
Today's peak saw WAVES/USD surge to an all-time high of $53.81, following a low around $31.9 in Monday's session.
Looking at the chart, these recent highs have come as prices moved beyond recent resistance of $33.71, which was in place for roughly ten days.
Another ceiling which was broken was that of the 14-day RSI, where price strength rose past the resistance of 80.75, and now tracks at 89.38.
It is clear that prices are currently overbought, however, while tracking at these levels in the past, we still saw further highs.
This will likely create uncertainty for those looking to take positions going forward.
Thorchain (RUNE)
RUNE rose on Tuesday, following two days of declines, with prices gaining by as much as 20% during the session.
Following a low of $10.00 to begin the week, RUNE/USD climbed to a peak of $12.82 today, breaking out of its $11.09 resistance in the process.
Tuesday's move has now pushed RUNE to its highest level since November 26, as bulls continue to target the all-time high.
This would be ...
|  | Biggest Movers: CVX Nearly 14% Higher, as RUNE Extends Friday's Ga...
CVX was trading nearly 14% higher to start the weekend, as RUNE extended yesterday's gains, climbing by over 13% on Saturday. CVX is now up by nearly 35% this week, rising to multi-week highs in the process.
Thorchain (RUNE)
RUNE was one of the biggest gainers in crypto markets for a second consecutive session, as it further cemented itself as the world's 45th-largest cryptocurrency by market cap.
Following a high of $9.52 on Friday, RUNE/USD rallied to a greater high of $10.26 to kick off the weekend's session.
Today's peak is the highest level RUNE had traded at since December 3, when prices were falling from highs around $13.
Saturday's move saw the 14-day RSI indicator once again touch its resistance point of 79.11, which hasn't been broken since November.
Looking at this chart, $11.30 is the next likely destination for bulls attempting to extend recent gains, however the road to this point will likely be turbulent.
Prices are overbought, and a reversal could be on the cards, despite the bullish sentiment of the last two sessions.
Convex Finance (CVX)
Saturday's price surge has sent CVX to its highest point in over three weeks, with the token now trading more than 35% higher in the last week.
Following a low of $23.12 less than 24 hours ago, CVX/USD climbed to a peak of $27.39 during today's session.
The price of CVX has now risen for 11 out of the last 13 trading days, a run which started at its support of $15.40.
As a result of this rally in prices, market sentime...
|  | Biggest Movers: QNT Climbs 10%, as ALGO and RUNE Rise Higher
QNT climbed over 10% during today's session, as RUNE and ALGO both rose by as much as 15% on Friday. This comes as cryptocurrency markets were trading nearly 4% higher as of writing this, as markets began preparing for the weekend's action.
Thorchain (RUNE)
Thorchain (RUNE) was one of the biggest gainers on Friday, and was at one point nearly 15% higher, before gains somewhat eased throughout the day.
Following a low of $7.96 on Thursday, RUNE/USD rallied to an intraday high at $9.52 during today's session.
Today's peak was close to last Sunday's high of $9.58, which was the highest level RUNE had traded at since December 4.
Friday's surge in price came as prices once again broke out of the resistance level at $8.99, however as with previous breakouts at this level, market uncertainty sent prices lower.
Looking at this chart, today's gain follows three consecutive sessions of declines, with the reversal pushing the RSI to its highest point this week.
This point now resembles a ceiling, and is acting as the main resistance to further gains in the price of RUNE.
Algorand (ALGO)
Both quant (QNT) and ethereum classic (ETC) were trading higher for most of today's session, however, gains eased throughout the course of the day.
As this happened, algorand (ALGO) managed to maintain its bullish momentum, rising to nearly a five-week high in the process.
Today's rally was the tenth day in twelve that the price of ALGO has risen, with today's gains taking us just above resistance of ...
|  | Biggest Movers: AVAX Almost 20% Higher, as RUNE and ZEC Near 15% Gains o...
Crypto markets were mainly in the green on Saturday, with AVAX, RUNE and ZEC being some of the notable gainers. Apecoin traded lower during its third session, falling by as much as 13%, following back-to-back gains.
Avalanche (AVAX)
LUNA, WAVES, and FTM were all trading over 10% on Saturday, however it was AVAX that was one of the leading gainers to start the weekend.
Following a low of $76.74 on Friday, avalanche (AVAX) rallied above its $90 resistance level in today's session, hitting an intraday high of $90.27 in the process.
Today's move was the highest level AVAX has traded since February 18, as prices began to slip from highs above $98.
Avalanche has now risen for seven consecutive sessions, following a rebound from its support point of $66.
Looking at the chart, price strength is now tracking at 62.5, which is marginally adobe resistance of 61, and its highest point since February 16.
Should this momentum continue, we could likely see bulls make another run towards the $100 mark.
Zcash (ZEC)
Zcash (ZEC) was trading by over 16% higher as of writing this, as prices rose to their highest level in over three months.
After trading at a low of $148.86 yesterday, today's high of $177.63 saw ZEC/USD break past its long-term ceiling of $172.20 in the process.
Saturday's peak is the highest point that the price of ZEC has traded since December 9, and comes as price strength appears to be overbought.
As of writing this, the 14-day RSI is tracking at 66.61, which is slightly be...
|  | Biggest Movers: AVAX, RUNE up Over 10%, as CAKE Surges 20% on Thursday
AVAX was once again higher on Thursday, rising for its fourth consecutive session, as it further cements itself in the crypto top ten. Although RUNE was also trading by as much as 15% higher, it was CAKE that led Thursday's gainers.
Pancakeswap (CAKE)
Pancakeswap (CAKE) rose to its highest level in almost four weeks on Thursday, as it moved away from its recent lows.
Following a bottom of $5.37 on Wednesday, which was close to a one-year low, CAKE/USD climbed by as much as 21% today.
CAKE rallied to an intraday high of $7.19 in Thursday's session, which is its highest level since February 21.
This high came as price strength also gained, blowing past its recent ceiling on the 14-day RSI indicator in the process.
Since passing the resistance of 42, the RSI is now tacking at 50.65, which is marginally above another ceiling at 49.15.
Should this momentum continue, we could see CAKE tracking at $8.35.
Avalanche (AVAX)
Avalanche (AVAX) further cemented its place as the world's tenth-largest cryptocurrency on Thursday, as it rose by as much as 15% on the day.
As of writing this, AVAX/USD rallied for a fourth consecutive session today, rising to a high of $81.48 in the process.
This follows a peak of $73.83 on Wednesday, and brings the seven-day average gain to 10.35%, despite recent bearish market sentiment.
Looking at the chart, the 10-day moving average continues to approach the 25-day, which is setting the scene for a potential upward cross.
One of the only visible hurdl...
|  | Biggest Movers: RUNE Rises by Over 15%, as FTM and AVAX Trend Lower
Thorchain (RUNE) rallied to its highest level since January, as cryptocurrency markets started the week mainly in the red. Avalanche (AVAX) was one of these cryptocurrencies trading lower on Monday, and fantom (FTM) fell by close to 10% on the day as well.Thorchain (RUNE)
While cryptocurrency markets have been mainly lower over the past week, thorchain (RUNE) has climbed by almost 70% in that same period.
Following a low of $6.15 on Sunday, RUNE/USD rose past its resistance of $6.60 to start the week, climbing to its highest level since January 12 in the process.
On Monday, RUNE hit an intraday high of $7.43, pushing the cryptocurrency to #47, in the market's top 100.
This move came as the 14-day Relative Strength Index also rose past its own ceiling of 67, which happened for the first time since last November.
Should this current ascending momentum continue, we will be looking at the prospect of RUNE hitting the upcoming ceiling of $9.05, potentially on its way to $10.
Fantom (FTM)
Avalanche (AVAX) was down by almost 6% to start the week, as it continue to hover below the crypto top 10, sitting at the #11 spot.
However, it was fantom (FTM) that was today's most notable bearish mover, falling by close to 10% as a result of today's action.
As of writing this, FTM is down 8.35 % today, as prices fell to their lowest point since September, following five consecutive days of weakness.
FTM/USD fell to an intraday low of $1.08 earlier on Monday, following a peak of over $1.20...
|  | Bitcoin Stagnates at $39K, THORChain's RUNE Surges 10% (Weekend Wa...
The cryptocurrency market failed to deliver any significant movements in the past 24 hours as the majority of coins are trading flat with no real discrepancies. There are, of course, a few exceptions, so let's unpack.
Bitcoin Price Flat at $39K
As seen in the chart below, the past 24 hours were finally a bit less volatile compared to previous periods.
With one exception where BTC's price dipped towards $38,500, the primary cryptocurrency has been trading around $39,000 for the most part. This is somewhat expected as it's the weekend and it's usually the case that volumes are lower.
Source: TradingView
The lack of tumultuous price action also resulted in a lot fewer liquidations compared to the previous days. Over the past 24 hours, there was only about $38 million worth of liquidated long and short positions, where the ratio is also somewhat flat with 58% being long liquidations. The largest single liquidation order was an ETH perp worth $800K and it happened on OKEx.
THORChain Pulls Ahead, Top Alts Stagnate
The leading altcoins from the top 10 failed to produce any considerable movements during the last day.
Source: Quantify Crypto
As seen in the heatmap above, most of the cryptocurrencies are trading in the red for minimal losses - typical sideways action. LUNA continues to lose gains made during its recent rally as the coin is down another 3% today.
The biggest gainer for the past 24 hours is THORChain's RUNE - up 10.5%. With this recent increase, the cryptocurrency is up ...
|  | Biggest Movers: RUNE Rallies on Friday, With KDA Climbing Over 10%
Despite mainly being in the red, there were a few notable big movers in crypto markets on Friday. Initially, STX was one of them, climbing by as much as 36%, before giving up all of these gains. However, RUNE and KDA managed to sustain gains.
Thorchain (RUNE)
Thorchain (RUNE) rose for the second time in the last three days, as it continues to move towards entering the cryptocurrency top 50.
Following a low of $4.82 on Thursday, RUNE/USD rose to an intraday high of $:$6.27 today, which is its highest level since January 17.
As of writing this, RUNE is trading nearly 13% higher, following an earlier breakout of its recent ceiling at $5.50.
Looking at the chart, today's surge has seen the 14-day RSI climb to a one-week high of 63, which has also historically been a resistance level.
In the event that price strength is able to move past this point, there is a strong chance that bulls could be targeting the $7.15 ceiling.
Kadena (KDA)
Kadena (KDA) climbed to its highest level since March 2 on Friday, as it continued to move away from its recent support level.
KDA/USD hit an intraday high of $8.26 during today's session, following a surge from its price floor of $5.70.
Today's move sent prices past recent resistance of $7.55, for the first time since February 16, after following a valentine's day price surge.
As of writing this, KDA is still trading over 10% higher, tracking at 11.67% for the day, however, gains have eased, as traders seem to have secured earlier profits.
H...
|  | THORChain Activates Feature, 30% Spike Follows, Can Bulls Sustain It?
Up almost 30% during today’s trading session, decentralized cross-chain exchange THORChain (RUNE) trades north of $5.28. Source: RUNEUSDT Tradingview
Per an official post, synthetics assets are tokens pegged to the value of their underlying collateral, such as Bitcoin or Ethereum. In order words, users can now access BTC, ETH, and others running on THORChain.
Similar to Wrapped Bitcoin (wBTC), a popular token on Ethereum, with the difference than synthetic assets can also be collateralized by BTC, in this case, and other cryptocurrencies. The synthetic version of Bitcoin running on this blockchain is called sBTC and offers the user exposure to BTC’s price performance.
Unlike Bitcoin, according to the post, its synthetic version on THORChain offers faster transactions and lower fees. In that way, a user can trade with this benefit and benefit from other yield generation products. Per the post:
As a benefit, you will have access to yield generating vaults, and be one of the first users who will vest their funds. Minting synths will be capped and access will depend on how much liquidity is in the THORChain pools.
The post adds that users can simplify their trading experience, and gain access to different cryptocurrencies from multiple blockchains without using a centralized exchange. Core developer Chad Barraford said the following on the advantages of this feature and its impact on the network’s ecosystem:
Synthetics can be used to change the pool depths, and ...
|  | THORChain (RUNE) Charted a 6-Week High on Mainnet Launch, Terra Integrat...
THORChain (RUNE) surged by over 70% this week, up to $5.5, on a series of encouraging technical developments in its ecosystem.
The decentralized liquidity protocol surged ahead of the long-awaited mainnet launch and integration with Terra. THORChain allows users to easily exchange cryptocurrency assets. It also enables them to swap assets in permissionless settings without the need to rely on centralized exchanges.
Integration With Terra
Terra, a blockchain protocol that powers algorithmic decentralized stablecoins, partnered with THORChain, an independent blockchain used for governance, staking, bonding, rewards, and trading.
After successful integration, Terra brings LUNA token and TerraUSD (UST) stablecoin to the THORChain ecosystem. As a result, users will now have more trading and staking options within the ecosystem.
THORChain now supports six wallet types for eight blockchains on their cross-chain exchange.
THORSwap supports 6 wallet types for 8 blockchains as a cross-chain DEX. pic.twitter.com/eOzoZbKR0f
— THORSwap ( ,) (@THORSwap) February 25, 2022
Another big change is the option for the platform to support all Cosmos-based projects. Namely, Cosmos is a solution that may lead to a whole network of decentralized blockchains that work together on the same ecosystem. Furthermore, some see the protocol as an option for scaling blockchains which may become a new standard in the future.
Mainnet Launch
What might have also helped push the coin up were reports that ...
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