Thorchain, the decentralized liquidity protocol, witnesses a remarkable surge in lending activities, with weekly flows surpassing $100 million. Traders flock to avail themselves of zero-interest loans on Thorchain following the removal of collateral limits.
On March 8, Thorchain announced a significant upgrade, burning 60 million RUNE tokens, unlocking an additional $160 million worth of collateral capacity for BTC and ETH. This move led to a notable increase in deposited assets, with ETH and BTC collateral now totaling $120 million, compared to $36 million pre-upgrade.
Investors demonstrate increasing interest, with deposits soaring to 1,005 BTC and 15,279 ETH, marking a substantial rise from previous levels. Daily loan openings also witness a surge, peaking at triple digits in recent days, signifying growing demand for Thorchain's offerings.
Thorchain's appeal lies in its provision of interest-free loans against major cryptocurrencies like Bitcoin and Ether, without fixed expiration dates or liquidations. A recent reduction in collateralization ratios further enhances its attractiveness, allowing users to borrow up to half the value of their assets.
Notable crypto investor Fred Krueger publicly explores Thorchain's offerings, leveraging BTC loans to acquire more Bitcoin. Despite some criticism from Bitcoin maximalists, Krueger expresses satisfaction with his initial experience on the platform.
While Thorchain offers transparency and 200% collateralization requirements, potential vulnerabilities remain, particularly regarding RUNE minting and recent code vulnerabilities. However, the allure of zero-interest loans appears to outweigh these concerns, driving continued interest in Thorchain's services.
Before participating in DeFi projects or trading, users should understand and assess these risks and take appropriate precautions, such as conducting thorough project reviews, managing risk exposure, and maintaining investment diversification.
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