After a volatile end to 2024, the native token from Thorchain, Rune, a sharp correction in Q1 2025 suffered and the quarter ended at $ 1.14, with 74.5% quarterly over-quartaal (QOQ). The market capitalization of Rune fell by 73.8% in the same period and fell from $ 1.5 billion to $ 400.9 million, the lowest since mid -2022.
According to the last Messari report, Rune’s decrease in value has strongly influenced Thorchain’s Defi USD, because the total value locked (TVL) in USD conditions fell by 50.5% from $ 368.6 million to $ 181.1 million by the end of the quarter. On January 2, TVL peaked at $ 367.7 million before he dropped in line with the decrease in Rune price. Rune-Gesominated TVL grew by 93.2% QoQ after an increase from 82.2 million to 158.8 million Rune. According to Messari, this metric indicates the growing user activity and confidence in the multi-chain liquidity infrastructure of the protocol, even in a volatile price environment.
The average daily SWAP volume fell by 24.4% QoQ to $ 68.8 million, as a result of which the momentum of the previous quarter reversed and continued a downward trend of the daily average of $ 218.4 million that was seen at the beginning of January. A remarkable exception took place on March 2, when Thorchain processed a record of $ 1.05 billion in Swaps in one day. This abnormal peak followed the BYBIT exploit, where attackers used the protocol to convert stolen ETH into BTC. Although this increased weekly transit figures, it had no significant impact on the broader decrease in activity.
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