THORchain's native currency, RUNE, is a key component of the THORchain decentralized liquidity protocol. This cryptocurrency operates as a cross-chain asset, meaning it can be used across multiple blockchains and can be traded for other assets on the THORchain network. RUNE is designed to be the backbone of the THORchain ecosystem, serving as a store of value, unit of exchange, and security mechanism all in one.

RUNE works by allowing users to pool their assets together and participate in the THORchain network. By doing so, they earn rewards in the form of RUNE, which can then be traded for other assets on the network or used to secure the network itself. The more RUNE that is held by users, the more secure the THORchain network becomes, as it is a proof-of-stake system. Additionally, users can also earn rewards for participating in the network by validating transactions and adding liquidity to the network.

In conclusion, RUNE is a versatile cryptocurrency that plays a crucial role in the THORchain network. By serving as a store of value, unit of exchange, and security mechanism, it helps to ensure the stability and security of the network while providing rewards to users who participate in it. With its cross-chain functionality and ability to earn rewards, RUNE is an attractive investment option for those looking to participate in the decentralized finance space.

Buying THORChain (RUNE) on Binance vs BingX

Trading Fees

Crypto trading is similar to stock trading and takes place on exchanges, with fees that vary depending on the platform. To maximize profits, it's crucial to understand the fees associated with crypto trading.

Exchanges may have a tiered fee structure based on a user's 30-day trading volume or may charge a flat fee or a percentage of the trade value. Some exchanges offer discounts for high-volume traders or members with specific memberships.

Binance's standard maker fee is 0.1% and taker fee is 0.1%, with discounts for BNB holders or high-volume traders. BingX's standard maker fee is 0.075% and taker fee is 0.075%.

Fee comparison table:

Fees are subject to change, so it's important to check the current fee schedule before using an exchange.

Services and Features Offered

Binance is known for its mobile-friendly trading and strong security measures to protect users' assets and information. It offers trading from various devices including desktop, smartphones, and iPads. Binance is not available in the US but has partnered with Binance.US to serve American investors.

BingX is a global digital finance firm offering services in North America, Canada, EU, Hong Kong, and Taiwan. It offers financial services such as lending, borrowing, staking, and crypto buying/selling. BingX features a referral program, trading competition, and copy trading for those who want to follow experienced traders. When buying HFT on BingX, users can take advantage of the copy trading option for passive profit-maximizing.

In conclusion, Binance and BingX have different services and features, and the best option depends on the user's needs and preferences. Careful research and consultation with financial advisors are recommended before making any investment decisions.