Thorchain Q1 Analysis

    Thorchain is a decentralized liquidity protocol designed to facilitate cross-chain swaps of native assets without the need for wrapped tokens or intermediary assets. It achieves this through its native token, $RUNE, which acts as a settlement asset in its liquidity pools. Thorchain lets users directly swap assets across blockchains like Bitcoin, Ethereum, and Binance Smart Chain.

    $RUNE Price
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    Trades and Users
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    Total trades in the first quarter of 2024 amounted to 3.69 million trades.

    Total users in Q1 amounted to 104.24k users.

    Trades per user averages 35 trades.

    The average trade per month in Q1 2024 averages 1.23 million trades.

    Volume
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    • Total 2023, Q4 volume amounted to $4.1 billion.

    • Total 2024, Q1 volume amounted to $5.9 billion.

    • Comparing the change in volume from Q4, 2023 to Q1, 2024, there was a 42.6% increase in total volume.

    The 42.6% increase in transaction volume from Q4 2023 to Q1 2024 demonstrates Thorchain’s growing adoption as an L1 decentralized liquidity protocol. This growth highlights the platform’s value and potential to become a key player in the cross-chain DeFi ecosystem.