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Have you seen an uptick in the amount of $RUNE being upgraded recently? Look at both the $RUNE volume + number of wallets. What is the trend over time + also how much is ETH vs BNB?
Hello! Toady we are talking about THorchain and thier recent big announcment: Upgrading the chain. but let's know the Thorchain at first:
THORChain is a decentralized liquidity protocol that allows users to swap assets in a permissionless setting. It enables the exchange of native layer-1 assets like BTC by acting as a vault manager. And the special thing about THorchain is swapping Native tokens not wrapped ones! In fact, Thorchain is the only protocol to find orginal $BTC in defi + plus some other famous ones like $ETH, $LTC, $DOGE, $BNB, ... .
Recently There is a big upgrade is ongoing on Thorchain,and it's about transfering wrapped version $RUNE (Thorchain's own and main token) tokens from BNB and ETH chains to the Thorchain's native version.
Here we are reviewing users activity on this event.
(our starting the is 2022-02-04, the day of publishing the upgrade announcement on the Thorchian's medium page: https://medium.com/thorchain/upgrading-to-native-rune-a9d48e0bf40f )
At first we are tracking daily upgrades amounts:
We see a big spike, but maybe a logarithmic chart can give us a better view:
So here we have better vision, but what about that big Spike on 14th June? for answering this question we should take a look to wrapped $rune types: Bep2 Rune and erc20 Rune. Let's look again to the chart in different way:
Orange highlights: ERC20 $RUNE
Blue highlights: Bep2 Rune
As we see binance type $rune have much higher share here, and the spike also is all about Bep2 $rune type, by checking the ThorChains social mwdia activity on 14th June we found something:
So it's clear the huge spike in the chart is coming from binance!
Let's see the $USD charts now:
2 main spikes here also, the 14th June spike clearly is clearly from Binance and bep2 Rune but what about second one?
Orange highlights: ERC20 $RUNE
Blue highlights: Bep2 Rune
The 27th May spike is caused by high amount of erc-20 $rune upgrading, In fact this day is the record holder of erc-20 $rune upgrades!
Let's talk about statistics and find out how many wallets are Upgrating $rune:
So more than 5000 unique wallets, let's find Top ones:
As we see Bep2 type wallet are the pioneers of the Upgrades.
And at the end let's find out to the total amount of upgraded $Rune:
More than 90M $RUNE token, and if we look at the tokens price in the upgrading time: