THORchain is a decentralized, cross-chain liquidity protocol that provides instant and secure access to digital assets. The native currency of THORchain is RUNE, which is used to pay fees, rewards, and incentivize liquidity providers. RUNE is a scarce digital asset with a fixed maximum supply of 500 million tokens, and it plays a vital role in maintaining the stability of the THORchain network.
RUNE is a Binance Chain (BEP-2) token, which allows it to be traded on Binance and other compatible exchanges. RUNE holders can also use the token to participate in liquidity provision and governance on THORchain. Liquidity providers earn fees from the transactions executed on the network and also receive rewards in RUNE for helping to maintain the stability of the network.
As THORchain grows, so too does the demand for RUNE. This is because more liquidity providers are needed to maintain the stability of the network, and as more assets are added to the network, more fees are generated. This creates a virtuous cycle where RUNE is in high demand, and its value is driven up as more and more users flock to the THORchain network. In summary, RUNE is an essential component of the THORchain network and plays a crucial role in maintaining its stability and growth.
Buying THORChain (RUNE) on Binance vs BingX
Crypto trading occurs on exchanges, similar to stock exchanges, but with a focus on cryptocurrencies. To maximize profits, it's crucial to understand the fee structure of the exchange, which can be based on a percentage of the trader's 30-day trading volume and vary among exchanges.
Some exchanges have a flat fee for all trades, while others charge a percentage of the trade value. Some also offer discounts for high-volume traders or users holding specific memberships.
Binance has a maker fee of 0.1% and a taker fee of 0.1%, with discounts for BNB holders or high-volume traders. BingX charges a maker fee of 0.075% and a taker fee of 0.075%.
The table below provides a quick comparison:
It's important to keep in mind that these fees are subject to change and to check the latest fee schedule for the exchange you plan to use.
Services and Features Offered
Binance is a popular choice for cryptocurrency trading with a user-friendly interface that can be accessed from desktop, smartphones, or iPads. It places a strong emphasis on security for investors' assets and information. While Binance is restricted in the US, it has a partnership with Binance.US to serve American investors.
BingX, on the other hand, is a worldwide digital financial institution offering services in North America, Canada, EU, Hong Kong, and Taiwan. BingX offers financial services including lending, borrowing, staking, and buying/selling cryptocurrencies. It has a referral program, trading competition, and copy trading feature that allows new traders to follow experienced ones. When buying HFT on BingX, users can use the copy trading option to passively maximize profits with experienced traders.
Both Binance and BingX have different services and features, and the best choice depends on the user's needs and preferences. It's crucial to thoroughly research both platforms and consult with a financial advisor before making investment decisions.