Rune Token rallies by double digits after the announcement of the new features, in the past 24 hours as we can see more today in our latest cryptocurrency news today.
The DeFi project ThorChain launched new updates and the rUNE token rallied right after the announcement. Thorchain is up by 18% over the past 24 hours following the DeFi project’s roll-out of the synthetic assets and the announcement of the launch date for a suite of features dubbed ThorFi. The project’s token enjoyed a healthy rise amidst the activity and RUNE traded at $4.73 as per coin market cap today, the price hit a high of $5.85 and marked a whopping 24% increase over the past week.
SYNTHETICS ARE NOW LIVE ON @THORChain
1 Synthetic #Bitcoin on THORChain is always redeemable for 1 #Bitcoin from the liquidity pools.
Result:
-Better prices
-Faster tx settlement (5 seconds)
-Increase trade volumeComplete Launch Details:https://t.co/kqxZQNoIJX
— THORChain #THORFI (@THORChain) March 9, 2022
Built on Cosmos, Thorchian is a cross-chain crypto platform whcih allows users to swap cryptos from different networks without needing a third party like Binance and Coinbase. The latest updates continue to build on mixing incompatible cryptos like BTC and ETH to create new derivative products with the latest price increase could be attributed to a variety of new updates that Thorchain rolled out or hyped up. The synthetic assets allow users to create derivative versions of other popular cryptos like BTC and ETH which saw $7 million in trade volume on DEX Thorswap.
The synthetic assets are backed by liquidity pools on the Thorchaine ecosystem and unlike the wrapped assets like Wrapped Bitcoin, the crypto asset pegged and backed 1:1 to the price of BTC and ETH while the synthetic assets are minted by 50% mix of RUNE token and 50% of the target asset. The assets are similar to liquidity pools tokens which DEFI users get a sort of receipt and deposit the liquidity into the pool on Uniswap or Curve Finance. Like the LP tokens, synthetic assets holders can redeem the synth token 1:1 for the real thing like Bitcoin or a synthetic ETH for a synthetic version. The core developer Chad Barraford noted a new initiative called Thorfinance that can bring most DEFI tools under the ThorChain umbrella.
As recently reported, the Cross-chain protocol ThorChain went live with synthetic assets trading on the platform causing the prices of RUNE to jump by 37% from the lows on Wednesday to Thursday’s peak of $5.56. Synthetic assets or blockchain-based representations of other assets like crypto are backed by half the value of the underlying asset and half in RUNE whcih allows the users to hold and trade a representative of a Layer1 or base asset at a lower cost.
