THORChain token (RUNE) surged massively post its collaboration with SushiSwap.
Rune recorded a surge of 35 percent in a single day and more than 75 percent over the last month.
RUNE Surges Post SushiSwap Listing
The price of RUNE increased more than 35 percent in the last one day and is being traded on Binance for $1.81 and even higher than several other exchanges. RUNE token has surged up to 15 percent in the last one week, and the surge is mainly attributed as THORChain collaborated with SushiSwap to launch an Ethereum based version of its RUNE token on SushiSwap.
The Ethereum based RUNE token helps the DeFi community to leverage the token. It also brings more capabilities to THORChain– to build a community within the Ethereum blockchain. Eth.RUNE by THORChain in association with SushiSwap acts as a transitory asset, which allows the platform to grow liquidity before the launch of Ethereum Bifrost and THOR.RUNE.
RUNE surged on SushiSwap as there was no two-way bridge for the arbitrage of the price difference. Sushiswap said that the two-way bridge would be launched soon to help in arbitrage. The bridge between BNB.RUNE and ETH.RUNE will be introduced within 72 hours. The price of RUNE is amid the growth of DeFi markets even though the second-largest crypto token is currently trading approximately 20 percent below its all-time high. Data from Cryptoslate shows that various DeFi tokens like Uniswap, AAVE, and Compound are trading up to five percent in the past 24 hours.
Recently Brian Brooks from OCC talked about Decentralized Finance’s potential in paving the path for self-driving banks. With an emphasis on decentralized finance, the major players try to boost their capabilities by leveraging digital currency and DeFi.
THORChain is a cross-chain liquidity protocol that allows crypto traders to use the crypto on various chains. With THORChain, listing on Sushiswap would help its growth on a broader spectrum. The transitionary asset ETH.RUNE will promote liquidity. Initial pairs available on ETH.RUne would be RUNE: ETH, RUNE: USDT. RUNE: SUSHI. RUNE reached its all-time high two days back on January 10th hitting $1.347.
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