The price of RUNE, the native asset of THORChain, a decentralized liquidity protocol that allows users to easily exchange their cryptocurrencies between various networks, in which they do not lose ownership of their assets in the process, rose by up to 40% in one day after the activation of synthetic assets on the network.
This Altcoin Experiences Up To 40% Increase
THORChain (RUNE), which is defined as a crypto money project that provides various services in a decentralized and permissionless network, started a rapid increase after the activation of synthetic assets on the network.
The activation went live earlier today and synthetics like sBTC and sETH can now be traded on the net.
THORSwap Finance highlighted the advantages of synthetic assets in a March 10 blog post, noting that “synths are of great benefit to investors and arbitrageurs as they can be traded almost instantly and at a fraction of the cost compared to local L1 swaps.”
In addition, the following statements were included in the article shared by THORChain;
“In the future, it will allow THORChads to generate returns with Synths through crates and provide other exciting THORFi utilities.”
The activation went live earlier today, and the price of RUNE has managed to rise by up to 40% to $5.60. As of the time the content was written, RUNE continues to trade at $5.04, with an increase of 14.09% in the last 24 hours, according to Tradingview data.
RUNE Up 86%
Another notable point will be the highly anticipated mainnet launch on THORChain, which is approaching fruition but still has no specific launch date. RUNE’s recent rise, which has seen it rise more than 86% over the past 14 days, may be related to the full integration of Terra (LUNA) into the THORChain protocol earlier this month.
THORChain core developer Chad Barraford highlighted the importance of newly released synths via Twitter earlier today, suggesting that trading volume on the network could increase soon.
“Trading with synthetics on THORChain has half the swap fees, making swaps cheaper, cheaper gas fees and faster for traders. You can make high volume trades almost instantly. ”