THORchain's native currency, RUNE, is the backbone of the THORchain platform, a decentralized cross-chain liquidity network that allows users to trade and exchange digital assets without the need for centralized intermediaries. The RUNE token plays a crucial role in the platform's governance, liquidity, and security mechanisms.
RUNE operates as a staking and liquidity token, meaning that users can earn rewards by holding and staking RUNE in their wallets. These rewards come in the form of transaction fees and liquidity incentives, making RUNE a valuable asset for those looking to earn passive income through the THORchain platform. Additionally, RUNE is used to vote on proposals and make decisions regarding the development and governance of the THORchain ecosystem, giving token holders a voice in the direction of the project.
The THORchain platform operates as a decentralized autonomous organization (DAO), meaning that it is powered by its community and operates independently of central authority. RUNE, as the native token, is the key to the platform's security and integrity, ensuring that the network remains autonomous and operates according to the rules set by its community. Through its unique combination of staking, liquidity, and governance features, RUNE is an essential asset for those looking to participate in the THORchain ecosystem.
Buying THORChain (RUNE) on Binance vs BingX
Trading FeesCryptocurrency trading takes place on exchanges similar to stock exchanges, but only for cryptocurrencies. Exchanges usually have a tiered fee structure based on a user's 30-day trading volume. Understanding these fees is crucial for maximizing profits.
Exchange fees for cryptocurrency can vary greatly between platforms. Some charge a flat fee for all trades, others a percentage of the trade amount, and some offer discounts for memberships or large volumes.
Binance imposes a 0.1% maker fee and 0.1% taker fee for most trades, with discounts available for BNB holders or high-volume traders. BingX charges a 0.075% maker fee and 0.075% taker fee for most trades.
See the table below for a summary:
| Exchange/ Fees | Binance | BingX |
| Maker Fee | 0.1% | 0.075% |
| Taker Fee | 0.1% | 0.075% |
Please keep in mind that fees are subject to change and to check the current fee schedule of the exchange you plan to use.
Services and Features OfferedBinance offers a versatile trading experience with options to trade from desktop, smartphones, or iPads and strong security measures to protect users' assets and information. It is not available in the US but has a partnership with Binance.US for American investors.
BingX, on the other hand, is a global financial institution with services in North America, Canada, EU, Hong Kong, and Taiwan. It offers financial services like lending, borrowing, staking, and crypto trading, with features like referral program, trading competition, and copy trading. The copy trading feature allows users who want to buy Hashflow (HFT) on BingX to follow the trades of experienced traders to maximize profits passively.
Both Binance and BingX differ in services and features, and the best choice will depend on the user's needs and preferences. It's crucial to thoroughly research both platforms and consult with financial advisors before making any investment decisions.