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THORChain Outlines Ambitious Goals for 2024

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You can also read this news on BH NEWS: THORChain Outlines Ambitious Goals for 2024
January and bitcoin February mark crucial months for crypto projects to set annual goals. THORChain has shared their 2023 review and objectives for the new year, highlighting the significant impact of approaching target dates on asset prices.
The team reported a 530% increase in transaction volume, reaching $12.62 billion, and a 264% rise in total liquidity from $128 million to $339 million. Despite implementing Mimir V2 in the last quarter, desired adoption levels were not met.
Swapper Clout, a feature introduced to expedite transactions on THORChain without significant delays, assigns Clout Points to addresses interacting with the network. These points, representing the amount of RUNE spent on liquidity fees, increase with higher fee payments and result in immediate transaction processing if the swap amount is below the user’s Clout Points.
Two changes were made to Protocol-Owned Liquidity (POL). Adjustments to POL addition and withdrawal thresholds aim to maintain synthesis usage below 50% for the respective pool, with the withdrawal threshold lowered when synthesis usage falls below 10% of pool depth.
For 2024, THORChain’s goals include Memoless transactions, full adoption of Mimir V2 to enhance decentralization and security, Bifrost’s capability to send multiple outputs in a single transaction, and the introduction of limit orders. These updates aim to improve network efficiency, potentially leading to positive price outcomes in due time, despite no direct token economy-related price impact goals.
The post first appeared on BH NEWS: THORChain Outlines Ambitious Goals for 2024

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