{"id":24075,"date":"2025-04-28T04:34:18","date_gmt":"2025-04-28T04:34:18","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=24075"},"modified":"2025-04-28T04:34:18","modified_gmt":"2025-04-28T04:34:18","slug":"rune-slump-hits-thorchains-defi-usd-tvl-in-q1-but-native-deposits-surge","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=24075","title":{"rendered":"RUNE Slump Hits THORChain\u2019s DeFi USD TVL in Q1, But Native Deposits Surge"},"content":{"rendered":"
\n

THORChain weathered a turbulent start to 2025, as the Layer 1 network faced mounting macroeconomic pressure, internal network challenges, and shifting altcoin sentiment. Following a volatile end to 2024, THORChain\u2019s native token, RUNE, suffered a sharp correction in Q1 2025 and ended up closing the quarter at $1.14, down 74.5% quarter-over-quarter (QoQ).<\/p>\n

This significantly underperformed major digital assets, with Bitcoin and Ethereum falling by 12.6% and 45.5%, respectively. RUNE\u2019s market capitalization dropped 73.8% over the same period, as it plunged from $1.5 billion to $400.9 million, its lowest level since mid-2022.<\/p>\n

THORChain\u2019s USD TVL Drops 50%<\/h2>\n

According to Messari\u2019s latest report<\/a>, the slump in RUNE\u2019s value heavily impacted THORChain\u2019s DeFi footprint, as total value locked (TVL) in USD terms fell by 50.5%, from $368.6 million to $181.1 million by the end of the quarter. TVL had peaked at $367.7 million on January 2, before sliding in step with RUNE\u2019s declining price.<\/p>\n

Despite the steep losses in USD terms, native participation in THORChain\u2019s ecosystem remained strong. In fact, RUNE-denominated TVL climbed 93.2% QoQ, after increasing from 82.2 million to 158.8 million RUNE.<\/p>\n

Messari said that the figure pointed to growing user activity and confidence in the protocol\u2019s multichain liquidity infrastructure even amid volatile pricing.<\/p>\n

THORChain Swap Volumes Dip<\/h2>\n

Swap activity, however, painted a more muted picture. Average daily swap volume fell 24.4% QoQ to $68.8 million, reversing the previous quarter\u2019s momentum and continuing a downward trend from the $218.4 million daily average seen in early January.<\/p>\n

A notable exception occurred on March 2, when THORChain processed a record $1.05 billion in swaps in a single day. This anomalous spike followed the Bybit exploit, as attackers utilized<\/a> the protocol to convert stolen ETH into BTC. While this inflated weekly throughput figures, it did not meaningfully alter the broader decline in organic activity.<\/p>\n

On-chain data also showed a drop in user engagement, with the average number of daily swappers declining 14.5% QoQ to 1,780. However, usage remained widely distributed across wallets and affiliates, which indicated that while overall volume fell, the protocol\u2019s infrastructure continued to support a broad base of participants.<\/p>\n

\n

\u201cThe sustained participation reflects the protocol\u2019s continued role as a backend settlement layer for multichain swaps, even as broader market volatility and RUNE\u2019s price drawdown weighed on user activity.\u201d<\/p>\n<\/blockquote>\n

The post RUNE Slump Hits THORChain\u2019s DeFi USD TVL in Q1, But Native Deposits Surge<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THORChain weathered a turbulent start to 2025, as the Layer 1 network faced mounting macroeconomic pressure, internal network challenges, and shifting altcoin sentiment. Following a volatile end to 2024, THORChain\u2019s native token, RUNE, suffered a sharp correction in Q1 2025 and ended up closing the quarter at $1.14, down 74.5% quarter-over-quarter (QoQ). This significantly underperformed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-24075","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24075"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24075\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}