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Thorchain, Compound Lead DeFi Recovery With Double-Digit Gains

source-logo  decrypt.co 14 April 2022 10:24, UTC

Some decentralized finance (DeFi) assets are defying the broader crypto market slump with significant gains, including Thorchain and Compound

THORchain (RUNE) is up over 17% in the last 24 hours, while Compound (COMP)—up 16% in the last day—has also gained over 11% in the last week

Synthetix Network, a decentralized synthetic asset issuance protocol, is also surging, posting over 12% gains in the last day. 

These price moves come amid a much more lethargic market for some of the industry’s biggest hitters. 

Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have posted only 2% and 1% gains in the last 24 hours. Over the last seven days, both cryptocurrencies have dropped by 5% and 4% respectively. 

DeFi recovery

Earlier this week, Compound was one of several new cryptocurrencies listed by Robinhood, a popular stock and crypto trading platform, including popular meme coin Shiba Inu (SHIB).

Just yesterday, the THORchain team announced a new user interface—THORSwap V2—had gone live at the open beta stage. 

“Our fresh new user interface delivers the elegant, user-friendly cross-chain trading and LP experience you’ve been waiting for,” the tweet reads. 

THORSwap V2’s Open Beta is live! Our fresh new user interface delivers the elegant, user-friendly Cross-chain trading and LP experience you’ve been waiting for.

Visit https://t.co/9Y7iy4aq44 and experience our Open Beta. $THOR $RUNE #thorchain

A thread 🧵👇 1/x pic.twitter.com/DgE6aVPFsD

— THORSwap (🔱 ,🔱) (@THORSwap) April 13, 2022

Yesterday was also THORchain’s “birthday,” with the DeFi asset now officially one year old. 

Happy birthday @THORChain

The multichain DEX is exactly 1 year old today. 🎉

— THORchain.BULL 🌔 (@THORmaximalist) April 13, 2022

The Synthetix boost can also likely be attributed to the protocol listing Solana (SOL), Avalanche (AVAX) and Uniswap (UNI)—among others—for futures trading earlier this week.

decrypt.co