THORChain (RUNE) Price Surges 34% Following Debut of Synthesizers

  • The much anticipated THORChain mainnet launch is nearing completion.
  • Terra (LUNA) was fully integrated into the THORChain system earlier this month.

After activating synthetic assets on the THORChain (RUNE) network, the native asset’s price surged by 34% in a single trading day. At this writing, the price has returned to $4.9, representing a gain of 7%, reflecting the strong market response in the last 24 hours.

RUNE/USDT: Source: TradingView

A crypto synthetic is a token that is derived from another digital asset and linked to the value of the collateralized asset, such as Bitcoin (BTC) or Ethereum (ETH). THORChain has chosen to back its project with 50 percent of the underlying asset and 50 percent RUNE tokens. This morning, the network’s synthetic currencies, including sBTC and sETH, may now be exchanged.

Upcoming Developments

On Twitter today, THORChain’s primary developer Chad Barraford stressed the significance of newly announced synthesizers, hinting that transaction volume on the network might soon spike.

Chad stated:

“Trading with synthetics on THORChain has half the swap fees, making swaps cheaper, cheap gas fees, and faster for traders. You can do near-instant trades at a high volume.”

The team announced its plans earlier this week, promising to increase “decentralized liquidity 10X” the size of centralized liquidity. Following the removal of synthesizers from the list, notable potential milestones include decentralized financial (DeFi) services like lending and saving.

The much anticipated THORChain mainnet launch, which is nearing completion but has not yet been given a firm launch date, will also be of note. Terra (LUNA) was fully integrated into the THORChain system earlier this month. This might explain RUNE’s recent boom, which has seen it rise by more than 48.4% in the last 14 days.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.