RUNE is the native currency of THORchain, a decentralized cross-chain liquidity protocol
designed to facilitate the seamless exchange of digital assets. It was created to serve as the
backbone of the THORchain network, providing liquidity and stability to the ecosystem. The
currency was launched in 2019 and has since become an important player in the
decentralized finance (DeFi) space.
RUNE works by serving as collateral in THORchain's liquidity pools. The THORchain
protocol allows users to add their digital assets to the liquidity pools in exchange for RUNE
tokens. These tokens can then be used to participate in governance decisions, such as
proposals for new assets to be added to the network, as well as for staking. By staking
RUNE, users can earn rewards and provide security to the network.
In addition to its role in THORchain's liquidity pools, RUNE also serves as a store of value
and a medium of exchange. The token has gained popularity among DeFi enthusiasts and
traders due to its strong market performance and its potential for high returns through
staking and liquidity provision. With its decentralization and transparency, RUNE is well
positioned to play a major role in the evolution of DeFi and the future of digital currencies.
Buying THORChain (RUNE) on Binance vs BingX
Cryptocurrency trading occurs on exchanges, similar to stock trading, but limited to
cryptocurrencies. To maximize profits, it is crucial to understand the fee structures of the
exchanges, which may vary.
Exchanges may have tiered fees based on 30-day trading volume, a flat fee for all trades, or
a percentage of the trade amount. Some offer discounts for members or high volume
Binance charges a 0.1% maker fee and a 0.1% taker fee, with discounts for BNB holders or
high volume traders. BingX has a 0.075% maker fee and a 0.075% taker fee.
Fee comparison table:
Fees are subject to change, so it's important to check the current fee schedule before trading
on an exchange.
Services and Features Offered
Binance is a global cryptocurrency exchange known for its versatility, offering desktop,
mobile, and tablet trading options. It also prioritizes security for users' assets and
information. While Binance is restricted in the US, it has a partnership with Binance.US for
BingX, on the other hand, is an international digital financial institution offering services
across multiple countries, including the US, Canada, EU, Hong Kong, and Taiwan. BingX
provides financial services like lending, borrowing, staking, and buying/selling
cryptocurrencies. It has a referral program, trading competition, and a copy trading feature
for users who want to follow successful traders. Those looking to buy Hashflow (HFT) on
BingX can make use of the copy trading option to achieve passive gains.
The best exchange will depend on the user's needs and preferences, and it's crucial to
research both platforms and consult with financial advisors before making investment