RUNE Surges by 34% After THORchain Activates Synthetic Assets
- RUNE token spiked by 34% with $40.2 million 24-hour volume after synthetic assets activation.
- The synthetics activation went live earlier today; synths are ready to trade on the THORchain.
- THORChain developer Chad Barraford highlighted the importance of synthetics.
The price of the THORChain native token RUNE has spiked by 34%. This is a result of the activation of synthetic assets on the network. Crypto synthetic or synths are derivative tokens of other digital assets that are pegged to the value of the underlying collateralized asset such as Bitcoin (BTC) or Ether (ETH).
In THORChain’s difference, the project has chosen to back its synths with 50% of the underlying asset and 50% in RUNE. Earlier today, the synths activation went live; as a result, synthetics like sBTC and sETH are now ready to trade on the network. Therefore, the RUNE price has risen up by more than 20% to sit at $5.27.
Moreover, THORSwap Finance highlighted the advantages of synthetic assets via a March 10 blog post. Noting that synths have great utility for traders and arbitrageurs as they can be transacted nearly instantly and at a fraction of the cost compared to native L1 swap.
THORChain core developer Chad Barraford also emphasized the importance of freshly launched synths via Twitter earlier today. Barraford suggested the trade volume could surge on the network soon.
Likewise, the team highlighted its roadmap earlier this week; it vowed to make decentralized liquidity ten times larger than centralized. After topping off synths from the list, other notable future landmarks include decentralized finance (DeFi) – dubbed THORFi in this instance — services such as lending and saving.
Thorchain clocking in $40M of volume on day of synths launch
— $RUNE Ranger (@TheRuneRanger) March 10, 2022
A good start
Bullish $RUNE pic.twitter.com/rgJPu4MFeI
Another significant point of interest will be the highly anticipated mainnet launch on THORChain which is getting closer to completion but still lacks a specific launch date.
Read more: https://coinquora.com/rune-surges-by-34-after-thorchain-activates-synthetic-assets/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
