THORChain DeFi Coin Surges 30% Following Sushiswap’s Listing

THORChain or RUNE, the popular DeFi coin has just surged 30% after Sushiswap’s listing and it continues surging with it so let’s take a closer look at the altcoin news today.

THORChain is a cross-chain liquidity protocol that allows investors to trade crypto assets across chains and RUNE is the native token of the protocol. RUNE surged 35% in the past 24hours in spite of the fact that both ETH and BTC are consolidating. The cryptocurrency is changing hands for $1.81 on Binance but traded even higher on other venues. The cryptocurrency is up by 15% over the past week and over 75% in the past month according to the data.

THORChain lists ETH.RUNE on @SushiSwap 🍣 to make inroads into the Ethereum Defi community. Initial pairs:

* RUNE:ETH
* RUNE:USDT
* RUNE:SUSHI

ETH.RUNE is a transitionary asset to grow liquidity ahead of the launch of THOR.RUNE and the Ethereum Bifröst. pic.twitter.com/VTv0fA1nTJ

— THORChain ⚡️(ᚱ) (@thorchain_org) January 13, 2021

The rally came right after THORChain listed an ETH-based version of Rune on Sushiswap to make “inroads into the Ethereum Defi community” which will allow the coin to build on liquidity, community, and other networks in the ETH blockchain before the launch of the ETH Bifrost system:

 “ETH.RUNE is a transitionary asset to grow liquidity ahead of the launch of THOR.RUNE and the Ethereum Bifröst.”

The price of RUNE on Sushiswap increased above $2.30 as a result to arbitrage the price difference and the bridge will be announced shortly:

 “Sushiswap pools will be incentivised from next week to grow liquidity. A two-way bridge between BNB.RUNE and ETH.RUNE will be launched within 72hours to help arbitrage and move the supply.”

The volume of RUNE is surging with this news and reached an all-time high according to the data from CoinGecko. RUNE’s rally underscores the decentralized finance recovery despite the fact that ETH is below 20% of its recent high of $1350. The decentralized finance market is outperforming today despite more consolidation in the top players. According to the data, coins like REN, AAve, Compound, and Uniswap are up by 10 percent over the past day and the rally came shortly after the head of the Comptroller of the Currency Brian Brooks said that banking is driven forward by Defi:

 “Other DeFi projects include decentralised exchanges that allow users to trade without brokers, and protocols for lending that do not involve loan officers or credit committees. Although these ‘self-driving banks’ are new, they are not small. They are likely to be mainstream before self-driving cars start to fly.”

Many think that this comment from the top Treasury official represents a long-term validation of the DeFi space.