Today’s THORChain ROUNE price surged more than 13% to $2.29, a new daily high.

The coin was at $2.28 at the time of writing. However, bullish momentum seemed like it was gaining momentum every minute.

Today’s price surge comes after a tough week that had seen THORChain RUNE price drop from a high of $2.0197 to a low of about $1.76.

Why is the THORChain RUNE cost rising?

The main reason for today’s surge in the price of RUNE, the native token of ThorChain, was the successful launch of THORChain’s mainnet on seven different networks.

In a nutshell, THORChain enables decentralized exchanges and its users to move crypto assets seamlessly, and launching its mainnet on different blockchains expands the DEX’s reach.

THORChian has approximately $300 million of total value (TVL) at the moment.

THORChain, the current only blockchain network capable of facilitating decentralized Swaps across multiple blockchain networks, without having to use smart contracts, is currently the best. And according to the DEX, it is able to accomplish this without compromising the security of the users’ assets.

Chad Barraford (THORChain’s Technical Lead) stated that although cryptocurrencies are usually decentralized, most trades are done in centralized exchanges. THORChain was set up to ensure that cryptocurrencies can be traded in a peer-to–peer fashion.

How THORChain functions

THORChian uses smart contracts to swaps. Instead, THORChian manages liquidity pools between different blockchains. This avoids the use of wrapped tokens that are often associated with smart contract and expose users to hacking risk.

Currently, THORChain supports token swapping across Bitcoin Cash, Ethereum and Dogecoin.

Despite the security measures taken by THORChain, the network has fallen prey to a variety of hackers. The most recent was a July 2021 hack which resulted in a loss of approximately $8 million.

Not only has it affected the THORChain price, but it will also increase the security and prevent future attacks.