Journalist
Posted:
- Thorchain strikes a huge win for DeFi following its integration with Metamask.
- RUNE extends its rally but could soon be subject to some selling pressure.
Crypto traders who prefer self-custody could be in for a treat following the latest Metamask development. The wallet reportedly added support for the Thorchain decentralized protocol.
Realistic or not, here’s Thorchain’s market cap in BTC’s terms
Thorchain has been working toward solving the challenge of cross-chain trading in DeFi. Cross-chain trading is easy on centralized exchanges. However, it is a tall order in the decentralized segment since most decentralized protocols are usually limited in the ability to communicate to multiple blockchains.
The announcement that Thorchain was now compatible with Metamask meant Thorchain was now closer to realizing its full potential.
You probably missed it, but MetaMask added @THORChain support (through a @ShapeShift “snap” add-on).
This means that tens of millions can now easily trade crypto using a decentralized protocol instead of a centralized exchange.
This is huge news, but few are paying attention! pic.twitter.com/TgFLD16V3g
— Joel Valenzuela (@TheDesertLynx) September 15, 2023
Metamask has over 30 million users across the globe and is one of the most popular crypto self-custody wallets. Its integration with Thorchain might be a game-changer for the protocol. This is because the integration offers a new avenue through which Metamask users can conduct swaps in a self-custody environment.
Thorchain’s integration with Metamask highlights the shifting dynamics of the crypto trading landscape. The collapse of multiple centralized exchanges sheds light on the risk of a custodial approach rather than a self-custody approach.
RUNE reacts positively to the news
Thorchain’s native cryptocurrency RUNE seems to have extended its previous bullish momentum following the announcement. This suggested that the bulls gained more confidence now that Thorchain was accessible through Metamask.
RUNE exchanged hands at $1.82 at press time after pulling off a 13% upside in the last 24 hours. It was up by roughly 26% from its current weekly low. However, traders should be on the lookout for the resurgence of sell pressure now that the cryptocurrency is approaching overbought territory as can be seen below.
Source: TradingView
Furthermore, a bit more upside will put RUNE in the same resistance range where it registered sell pressure during its August rally. As far as on-chain data was concerned, a substantial surge was seen in investor confidence judging by the weighted sentiment uptick.
Source: Santiment
The weighted sentiment metric, at press time, was at its highest level in the last seven days. The same applies to the volume metric which revealed that volume has been growing for the last few days. Of course, it helps that the overall market conditions have been improving in favor of the bulls.
Is your portfolio green? Check out the Thorchain RUNE Profit Calculator
RUNE’s latest rally further builds on its rally which kicked off in mid-June. Moreover, the rally could extend especially now that Thorchain’s prospects just hit a new high as it is now more likely to experience more demand through Metamask.