What is RUNE?
RUNE is the native utility token of the ThorChain network. RUNE functions as the base currency in ThorChain’s ecosystem, and is required for the operation of liquidity pools.
RUNE helps maintain the security of the ThorChain network and is crucial for platform governance. In order for ThorChain nodes to participate in their rotating consensus process, they must commit a minimum of 1 million RUNE.
RUNE hit its ATH of $21.26 on May 19, 2021 and is currently ranked #50 amongst all cryptocurrencies. At the time of writing, RUNE is trading on Coinhako for $8.42 USD
How does ThorChain work?
Thorchain is a proof-of-stake decentralised liquidity protocol built on Tendermint (Cosmos) that allows users to swap cryptocurrencies easily across a range of networks without losing custody of their assets in the process.
ThorChain employs a special system to provide solutions to prevent liquidity providers from incurring temporary losses when contributing to liquidity pools. The protocol uses a slip-based fee model, which is liquidity sensitive, to ensure that liquidity remains where it’s needed and the final fee paid matches the demand for resources.
In the true spirit of decentralisation, ThorChain has no known founders. The project does not adhere to a typical company structure where there is a CEO or co-founder - according to a representative, the development of the project is coordinated via Gitlab.
Additionally, ThorChain is also not a for-profit project. The team is not paid to maintain and develop the network, and are incentivised by holding RUNE just like any ordinary ThorChain user.
To make the platform more accessible for less experienced users, ThorChain aims to make token swaps more seamless and user-friendly. This is done by using a combination of technologies such as on-way state pegs, a state machine Bifröst Signer Module and a TSS protocol.
What’s New with THORChain (RUNE) on Coinhako?
1. Trade RUNE directly with Singapore Dollars (SGD) 🇸🇬
With RUNE/SGD trading pairs available on Coinhako, our Singapore users will be able to buy & sell RUNE in Singapore Dollars (SGD) when they fund their accounts with SGD.
2. Trade RUNE directly with Vietnamese Dong Trading (VNDT) 🇻🇳
With RUNE/VND trading pairs available on Coinhako, our Vietnam users will be able to buy & sell RUNE when they fund their accounts with VND.
3. Trade RUNE directly with US Dollars (USD) 🇺🇸
The RUNE/USD trading pair Solana prices against the United States Dollar (USD), and our Singapore users will be able to buy & sell RUNE when they fund their accounts with USD.
4. RUNE swaps (Crypto-to-crypto trading)
Coinhako users will also be able to trade THORChain with other cryptocurrencies that are supported in their countries, with our Swap function.
5. Get the latest RUNE price news on Coinhako 🚨
As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels.
The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on THORChain, alongside on the other top crypto projects, like uniswap, polkadot, band protocol.
6. RUNE wallet for all (COMING SOON )
With the wallet feature, Coinhako users can securely send (withdraw), receive (deposit), and store RUNE.
7. Buy RUNE instantly with debit and credit card
Beat the deposit queue and buy RUNE instantly when you pay by card.
📩 Sign-up to Subscribe to our mailing list to have them delivered straight to your inbox!
👉Join our Telegram community
Coinhako is available in these countries!
All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.