RUNE pumps 18% as THORChain disables non-native tokens

BEP-2 and ERC-20 based variants replaced by upgraded native RUNE token after long-awaited mainnet ends of THORChain month.

Cross-Chain Exchange and Proof-of-Linking Network THORChain has finally enabled the killswitch that will phase out support for the BEP-2 and ERC-20 variants of the RUNE token.

BNB.RUNE and ETH.RUNE, also known as IOU tokens, are being replaced by the upgraded, fully native RUNE token after THORChain's long-awaited mainnet late last month.

Going forward, these tokens will gradually lose value over the next 12 months as the project aims to drive adoption of its fully unified variant of RUNE, enabling better asset interoperability.

Users who hold their IOU tokens during centralized changes will have their tokens automatically upgraded to the new native RUNE. Those keeping their tokens in private wallets must create a new THORChain-supported wallet, then click an upgrade button to make the switch.

The THORChain team said via Twitter on July 18 that killswitch will go live at block 6,500,000 and 1:1 exchange rates "will linearly reduce to 1:0 over the next 12 months" as IOU tokens will become worthless.< /p>

Today the BEP-2 and ERC-20 $RUNE killswitch will be activated at block 6500000. Upgrades will no longer be 1: 1. Exchange rates will decline linearly to 1:0 over the next 12 months.

If you hold $RUNE in a self-service wallet, make sure your wallet address starts with `thor1...`

The team previously said in a blog post earlier this year that the move was part of a push for greater decentralization...