{"id":247155,"date":"2022-07-20T03:00:16","date_gmt":"2022-07-19T21:30:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=247155"},"modified":"2022-07-19T15:44:31","modified_gmt":"2022-07-19T10:14:31","slug":"thorchain-begins-removing-bnb-rune-eth-rune-decoding-details","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/","title":{"rendered":"Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details"},"content":{"rendered":"

THORChain [RUNE]<\/span> is a proof-of-bond network that is operated autonomously by anonymous operators. In a <\/span>blog post<\/span><\/a> dated 4 February, THORChain informed its users of the network\u2019s intention to deprecate its IOU tokens (BNB.RUNE and ETH.RUNE) after its launch on the mainnet. <\/span><\/p>\n

According to THORChain, the reason for the deprecation was to prevent \u201c3rd party dependencies\u201d (BNB Chain and Ethereum) as it preferred \u201cto manage everything in-house.\u201d<\/span><\/p>\n

Since its launch on the mainnet on 22 June, the network has commenced swapping the IOU tokens for its native RUNE. In a <\/span>tweet<\/span><\/a> shared on 18 July, THORChain informed its users that its killswitch \u201cwill be activated at block 6,500,000,\u201d after which \u201cupgrades will no longer be 1:1. <\/span>Exchange rates will linearly tick down to 1:0 over the next 12 months.\u201d <\/span><\/p>\n

Essentially, the IOU tokens will have no value in 12 months. <\/span>Following the announcement, the network\u2019s native token, RUNE, saw its price rise. What else happened?<\/span><\/p>\n

Did momentum slow?<\/b><\/h3>\n

Following 18 July’s confirmation from THORChain that its killswitch will be activated, its native taken RUNE rallied to a high of $2.61. With a price jump from $2.27 per RUNE token to $2.61, the network\u2019s native token logged a 14% growth.<\/span><\/p>\n

However, in the last 24 hours of press time, the bears have pushed back, thus forcing a downward correction in price. <\/span><\/p>\n

Exchanging hands at $2.58 at the time of writing, RUNE posted 2% gains in the last 24 hours. Increased trading activity has also been underway. The token\u2019s trading volume grew by 79.17% over the day.<\/span><\/p>\n

On a daily chart, a steady increment of RUNE was spotted. The token\u2019s Relative Strength Index (RSI) and Money Flow Index (MFI) were 58 and 73, respectively, at the press time. <\/span><\/p>\n

Investors have gradually filled their crypto portfolios with RUNE tokens as the network deactivates its non-native tokens, BNB.RUNE and ETH.RUNE.<\/span><\/p>\n

\"\"<\/a>
Source: TradingView<\/figcaption><\/figure>\n

On-chain analysis<\/b><\/h3>\n

According to data from <\/span>Santiment<\/span><\/a>, the two metrics for tracking the growth of RUNE posted varying performances in the last 24 hours. <\/span><\/p>\n

While the token\u2019s social dominance rallied by 78%, its social volume logged a 63% decline within the same period.<\/span><\/p>\n

\"\"<\/a>
Source: Santiment<\/figcaption><\/figure>\n

Despite the activation of the killswitch, the token did not see any traction on a developmental front in the last 24 hours. At press time, this stood at 10.<\/span><\/p>\n

\"\"<\/a>
Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

THORChain [RUNE] is a proof-of-bond network that is operated autonomously by anonymous operators. In a blog post dated 4 February, THORChain informed its users of the network\u2019s intention to deprecate its IOU tokens (BNB.RUNE and ETH.RUNE) after its launch on the mainnet. According to THORChain, the reason for the deprecation was to prevent \u201c3rd partyContinue reading “Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details”<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":247174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-247155","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nThorchain begins removing BNB.RUNE, ETH.RUNE- decoding details - AMBCrypto<\/title>\n<meta name=\"description\" content=\"In a blog post dated 4 February, THORChain informed its users of the network\u2019s intention to deprecate its IOU...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"THORChain is a proof-of-bond network that is operated autonomously by anonymous operators. In a blog post dated 4 February, THORChain informed its users\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-19T21:30:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Abiodun Oladokun\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/0xAbiodun\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Abiodun Oladokun\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/\"},\"author\":{\"name\":\"Abiodun Oladokun\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/448f3184b94221384fedfce7a5981ea2\"},\"headline\":\"Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details\",\"datePublished\":\"2022-07-19T21:30:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/\"},\"wordCount\":400,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg\",\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/#respond\"]}],\"copyrightYear\":\"2022\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/\",\"name\":\"Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details - AMBCrypto\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg\",\"datePublished\":\"2022-07-19T21:30:16+00:00\",\"description\":\"In a blog post dated 4 February, THORChain informed its users of the network\u2019s intention to deprecate its IOU...\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\\\/#primaryimage\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg\",\"contentUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg\",\"width\":1200,\"height\":900},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#website\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/\",\"name\":\"AMBCrypto\",\"description\":\"Stay Ahead!\",\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"alternateName\":\"AMBCrypto News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/ambcrypto.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\",\"name\":\"AMBCrypto\",\"alternateName\":\"AMBCrypto News\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2026\\\/04\\\/amb-wide.jpg\",\"width\":600,\"height\":60,\"caption\":\"AMBCrypto\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/cryptoamb\",\"https:\\\/\\\/x.com\\\/CryptoAmb\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/13629485\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/448f3184b94221384fedfce7a5981ea2\",\"name\":\"Abiodun Oladokun\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/image-150x150.jpeg\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/image-150x150.jpeg\",\"contentUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/image-150x150.jpeg\",\"caption\":\"Abiodun Oladokun\"},\"description\":\"Abiodun is a freelancer writer working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.\",\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/in\\\/abiodun-oladokun-068808168\\\/\",\"https:\\\/\\\/x.com\\\/https:\\\/\\\/twitter.com\\\/0xAbiodun\"],\"knowsAbout\":[\"Technical Analysis\",\"Crypto Market Trends\",\"Crypto Market Analysis\"],\"jobTitle\":\"Journalist\",\"worksFor\":\"AMBCrypto\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/author\\\/abiodun-oladokun\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details - AMBCrypto","description":"In a blog post dated 4 February, THORChain informed its users of the network\u2019s intention to deprecate its IOU...","robots":{"index":"index","follow":"follow","max-image-preview":"max-image-preview:large"},"canonical":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/","og_locale":"en_US","og_type":"article","og_title":"Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details - AMBCrypto","og_description":"THORChain is a proof-of-bond network that is operated autonomously by anonymous operators. In a blog post dated 4 February, THORChain informed its users","og_url":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/","og_site_name":"AMBCrypto","article_publisher":"https:\/\/www.facebook.com\/cryptoamb","article_published_time":"2022-07-19T21:30:16+00:00","og_image":[{"width":1200,"height":900,"url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg","type":"image\/jpeg"}],"author":"Abiodun Oladokun","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/0xAbiodun","twitter_site":"@CryptoAmb","twitter_misc":{"Written by":"Abiodun Oladokun","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/#article","isPartOf":{"@id":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/"},"author":{"name":"Abiodun Oladokun","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/448f3184b94221384fedfce7a5981ea2"},"headline":"Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details","datePublished":"2022-07-19T21:30:16+00:00","mainEntityOfPage":{"@id":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/"},"wordCount":400,"commentCount":0,"publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"image":{"@id":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/#primaryimage"},"thumbnailUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg","articleSection":["Altcoin","News","News 1","Social","Trading View"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/#respond"]}],"copyrightYear":"2022","copyrightHolder":{"@id":"https:\/\/ambcrypto.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/","url":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/","name":"Thorchain begins removing BNB.RUNE, ETH.RUNE- decoding details - AMBCrypto","isPartOf":{"@id":"https:\/\/ambcrypto.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/#primaryimage"},"image":{"@id":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/#primaryimage"},"thumbnailUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg","datePublished":"2022-07-19T21:30:16+00:00","description":"In a blog post dated 4 February, THORChain informed its users of the network\u2019s intention to deprecate its IOU...","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/thorchain-begins-removing-bnb-rune-eth-rune-decoding-details\/#primaryimage","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/manuel-salinas-1pZqh6NVHDc-unsplash-1.jpg","width":1200,"height":900},{"@type":"WebSite","@id":"https:\/\/ambcrypto.com\/#website","url":"https:\/\/ambcrypto.com\/","name":"AMBCrypto","description":"Stay Ahead!","publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"alternateName":"AMBCrypto News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ambcrypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ambcrypto.com\/#organization","name":"AMBCrypto","alternateName":"AMBCrypto News","url":"https:\/\/ambcrypto.com\/","logo":{"@type":"ImageObject","@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/amb-wide.jpg","width":600,"height":60,"caption":"AMBCrypto"},"image":{"@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cryptoamb","https:\/\/x.com\/CryptoAmb","https:\/\/www.linkedin.com\/company\/13629485\/"]},{"@type":"Person","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/448f3184b94221384fedfce7a5981ea2","name":"Abiodun Oladokun","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/04\/image-150x150.jpeg","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/04\/image-150x150.jpeg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/04\/image-150x150.jpeg","caption":"Abiodun Oladokun"},"description":"Abiodun is a freelancer writer working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.","sameAs":["https:\/\/www.linkedin.com\/in\/abiodun-oladokun-068808168\/","https:\/\/x.com\/https:\/\/twitter.com\/0xAbiodun"],"knowsAbout":["Technical Analysis","Crypto Market Trends","Crypto Market Analysis"],"jobTitle":"Journalist","worksFor":"AMBCrypto","url":"https:\/\/ambcrypto.com\/author\/abiodun-oladokun\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/posts\/247155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/users\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/comments?post=247155"}],"version-history":[{"count":0,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/posts\/247155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/media\/247174"}],"wp:attachment":[{"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/media?parent=247155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/categories?post=247155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/tags?post=247155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}