A sudden spike in trading volume doesn’t necessarily mean more people showed up
When looking at THORChain data related to $RUNE , I’d first set aside the days with unusually high activity and examine them separately.
The September report published by the project on October 6 said that the total value of swaps for the month was $2.4 billion, with about $1.37 billion concentrated between September 25 and 29. Those few days alone accounted for more than half the month’s total.
But the report also noted that the number of wallets didn’t change much when volumes surged at the end of the month. Large sums being swapped and a large influx of new users are two different things.
So I wouldn’t judge a project’s sudden rise in popularity based on monthly trading volume alone. A more useful question is: after those unusually large trades are over, can the project still retain usage on ordinary days?
Source: https://blog.thorchain.org/state-of-the-network-september-2026
When looking at THORChain data related to $RUNE , I’d first set aside the days with unusually high activity and examine them separately.
The September report published by the project on October 6 said that the total value of swaps for the month was $2.4 billion, with about $1.37 billion concentrated between September 25 and 29. Those few days alone accounted for more than half the month’s total.
But the report also noted that the number of wallets didn’t change much when volumes surged at the end of the month. Large sums being swapped and a large influx of new users are two different things.
So I wouldn’t judge a project’s sudden rise in popularity based on monthly trading volume alone. A more useful question is: after those unusually large trades are over, can the project still retain usage on ordinary days?
Source: https://blog.thorchain.org/state-of-the-network-september-2026