$Rune bounced off $9. Still extremely underpriced, still extremely bullish
I dipped my toes into Polkadot and Thorchain a couple of months ago, while I think both are quite awesome projects, the amount of information that I've unintentionally come across concerning Thorchain have been nothing short of amazing.
You know those type of projects you want to follow because they seem to have massive potential but you end up not paying as much attention to due to the fact that you're already caught up with some other projects you're following because they have massive potential? Yeah, Polkadot and Thorchain are the top of this list for me.
I became a Thorchad about a month ago, by that I mean a Rune holder, I explained why in the link. At the time I had very little idea about the project but I knew it was a big deal, but not as much of a big deal as I think it is now and here's why.
I'd read about DeFi all the way in mid 2020 and watched a ton of Defi protocols get ridden with bugs and rug pulls, we all know how quick bad news spread like wild fire, this instability in the nature of the protocol combined with the notorious transaction fees on Ethereum were enough to get me discouraged, my theoretical knowledge was stuck at just that, theoretical knowledge.
However, I was able to put a lot of that to use on Cubdefi, then it struck me that what I knew on paper was not half as interesting as what was being done in practice.
Gradually, as I spent more time exploring the Defi world in practice, all the light bulb moments I've had all along began to take shape and I slowly began to understand how a project like Thorchain fit into the puzzle.
As much as the world needs a decentralized monetary system, the system is incomplete without a decentralized means of moving the money around, a standard Dex.
Thorchain is the decentralized exchange that aims to provide a protocol to bridge major native cryptocurrencys from different chains into one place. This means providing the ability to instantaneously swap between native crypto assets, that is, creating the possibility to swap native BTC for native ETH in one place as example.
Thorchain is a cross chain liquidity protocol. Liquidity pools are deposits which make it possible for traders to swap assets. One of the most appreciated implementations of Thorchain is the ability to use major native assets to provide liquidity unlike what we presently have where assets have to be wrapped on other exchanges before participating in the liquidity farms.
Thorchain reduces the risk from attack vectors arising from wrapping native assets into other platforms while also reducing outrageous gas fees compared to dex's on Ethereum like Uniswap and the others. One of the most anticipated implementations of Thorchain is the ability to pool native Bitcoin.
These features are unique to Thorchain and place it in a position to be an industry standard in my opinion, besides that, they just make Thorchain extremely more interesting than others.
I bought 50 pieces of Rune at 3.5$ each. Today 1 Rune is worth around 8$ after bouncing off 9$. My Rune bag is now worth 400$. To be frank I thought getting in at 3$ was quite late,....compared to those who bought in at 0.5$ lol, now I see I'm way earlier than those will buy in at 8$ upward.
My projection for the Rune token is 20$ on an average. I admit there are definately more features in the works I don't know about that makes Thorchain stand out and prime for mass adoption, I will keep following the project as well as add to my bag when I can over the next couple of weeks-months...
Quarter 2 also presents an interesting time for Thorchain as the ThorFi will be going live. With Thorfi, lending is going to be enabled which will reduce sell offs of Rune tokens as users who need to sell can just borrow against their holdings instead. I find this bullish. Oh I havent even mentioned Thorchains impemernent loss protection feature!!!!! Lol.
What are your thoughts about Thorchain?
Thanks for reading...this is not a financial advice.
Posted Using LeoFinance Beta
