Key Insights:
- THORChain has announced the release of Chaosnet hard fork and Cosmos v0.45.
- RUNE’s price has appreciated by over 120% since the beginning of March.
- Crypto.com announced support for THORChain’s network upgrade.
Over the last week, quite a few altcoins unexpectedly reaped advantages of the bitcoin’s uptrend and brief retesting of the $42,000 mark. On the other hand, some altcoins such as THORChain’s RUNE rallied based on ecosystem-centric updates and related social media attention.
Keeping the upgrade and hard fork in mind, Crypto.com has announced support for THORChain. Additionally, Crypto.com declared a temporary suspension of RUNE withdrawals in the Crypto.com app and exchange starting from 21 March 2022, 18:00 UTC.
https://t.co/vCNztATSCO is supporting @THORChain’s mainnet upgrade.
$RUNE withdrawals will be temporarily suspended in the App and Exchange at 18:00 UTC on 21 March 2022.Trading of $RUNE will not be affected.
Details: https://t.co/Pf9WuKpPso pic.twitter.com/uYLCLFfxd3
— Crypto.com (@cryptocom) March 21, 2022
Notably, the decentralized liquidity protocol’s token RUNE witnessed a surge in price and trade volume after the much-anticipated mainnet launch and integration with Terra in early March.
As highlighted by a Twitter user, Chaosnet is just the name for the beta version of Thorchain. The network is still in the beta version, but it is expected to move towards the mainnet in a few months.
4.
Chaosnet is just the name for the beta version of Thorchain. We are still in it, and are expected to move towards mainnet a few months from now.Right now we are operating under manually set liquidity caps, next week that will soon be lifted and start adjusting to collateral
— THORchain.BULL 🌔 (@THORmaximalist) March 19, 2022
Additionally, the network currently operates under a manually set liquidity cap. However, that could be lifted from next week onwards.
RUNE Rallies
THORChain is a cross-chain decentralized exchange built on Cosmos. The platform aims to provide cross-network liquidity by supporting the decentralized trading of crypto across blockchains.
RUNE traded as low as $3.015 on 24 February but recovered soon after a series of encouraging technical developments in its ecosystem. Furthermore, THORChain nodes, over time, have witnessed a healthy growth indicative of the ecosystem maturing.
THORChain has gained traction due to its several notable features for the decentralized systems to compete with centralized exchanges.
At press time, RUNE traded at $3.28, noting 1.43% daily and 11.53% weekly gains.