THORChain becomes second-largest DEX in daily trading volume

THORChain has become the second-largest decentralized exchange (DEX) while its native token, RUNE, registered a slight decline over the past day.

According to data provided by DeFi Llama, THORChain’s daily trading volume has reached $334.3 million, surpassing PancakeSwap and making it second to only Uniswap which has a $1.14 billion trading volume. 

Per the data aggregator, THORChain’s weekly trading volume registered a 102% surge, reaching $1.32 billion, making it the third-largest DEX over the past seven days. According to DeFi Llama, THORChain’s total value locked still stands at $259.3 million.

RUNE price slides

Despite THORChain’s trading volume surge, its native token RUNE registered a 1.8% decline over the past 24 hours. RUNE is trading at $5.18 with a market cap of $1.75 billion at the time of writing.

The asset’s 24-hour trading volume recorded a further drop, declining by 45% and closing down to the $400 million mark. 

According to data provided by the market intelligence platform Santiment, RUNE’s social volume also dropped by 27% over the past day.

Per Santiment, RUNE’s total open interest (OI) declined from $78.9 million to $72.4 million over the past 24 hours.

The decline comes while Santiment data shows that RUNE’s Binance funding rate for futures contracts currently stands at around 0.02%. When an exchange’s funding rate hovers on the positive side, it indicates that the amount of short positions dominates the long position holders until further price movements.