Decentralized liquidity protocol THORChain kicked off its kill switch a few hours ago. Support for BEP-2 and ERC-20 based altcoin variants of the RUNE token will be phased out.
The team announced yesterday that the upgrade would go live at block 6500000. It also emphasized that 1:1 exchange rates would “fall linearly” to 1:0 over the next year.
The variants – BNB.RUNE and ETH.RUNE – are now swapped for the native, upgraded RUNE token. This means that users’ tokens on exchanges will automatically transfer to the new RUNE. However, a manual upgrade will have to be performed for the tickets that are in private wallets.
Making the said tokens irrelevant with time is intended to drive adoption of the unified variant of RUNE. The same would eventually improvise things in terms of interoperability and asset decentralization.
People from the community have started opinion that is RUNE “Getting stronger every day”, thanks to growth on the development front.
The altcoin rallies
On the charts, RUNE managed to pull its socks up by >16% on the daily time frame at press time. As a result, it was one of the top winners.
On Monday alone, the altcoin rose nearly 23%, claiming $2.68. By Tuesday, however, the hype had faded as the token was priced slightly lower at $2.58. Despite the weakening, if RUNE clings to $2.5, it is more likely to move towards the $3.3-$3.5 band. On the other hand, if the price of the altcoin cannot keep the HODL at the stated level, then $1.7 and $1.4 would come into play.
Due to the recent price action, RUNE has strengthened itself among the top DEX-centric altcoins.