Thorchain’s RUNE token surges 17%, making double-digit gains despite the recent hacks and even surpassed other DeFi tokens so let’s read more in our latest altcoin news today.
At the time of writing, Thorchain’s native RUNE token surges 17% and is trading at $7.13, gaining about 18% in the past day and 83% in the past week according to CoinGecko. The biggest push came from the token’s comeback following a series of exploits and over the past few weeks, the project suffered two major security breaches which resulted in the RUNE price crashing from $8 to $4. on July 15, the hackers drained 2500 ETH tokens from Thorchain’s liquidity pools worth $4.8 million at that time and the protocol’s developers promised to reimburse the affected providers using funds from the project’s treasury. However, the issues didn’t stop here.
Less than a week later, the project got hit by another attack, and this time the hackers left a few times for the team. RUNE however recovered as the token’s price started rising over the past few weeks and thanks to the latest rally, the token’s market cap and the combined price of all the tokens in circulation, went back to $2 billion. In the meantime, other Defi tokens were trading sideways on the day.
Tokens like UNI dropped by 4.5% and traded to $21.03, LINK traded to $22.50, Maker dropped by 3.8% and traded at $2796, AAve dropped by 3.4% and traded at $305, COMP dropped by 1.5% and traded at $391.5 and others were either in the red or just slightly recovering above the waterline. There’s more than $67 billion of value now locked on Defi platforms across the sector and according to Defi pulse, the top three spots are reserved for AAVE $12.84 billion, InstaDapp $9.49 billion, and CURVE $8.86 billion.
Overwhelming support to enhance @THORChain
– @trailofbits audit
– @HalbornSecurity audit + 6 FT engineers
– @immunefi bug bounty program @ninerealms_cap ($500K program)
– Insurance planned @NexusMutual, @CoverProtocol, @riskharbor, @riskharbor
– Everyone’s eyes on the code
— Tom Shaughnessy 🦉 (@Shaughnessy119) July 28, 2021
As recently reported, July was quite the volatile month for the THORchain defi project. In the past two weeks, the token of the project crashed due to two major hacks which saw its native token RUNE drop from $7.61 to below $4. In the second exploit, the attacker left a note that they could make off with much more but they wanted to “teach the platform a lesson” to the developers. The team scrambled to gather more reviews from their audit partners like Trail of Bits and Halborn Security and launched a $500,000 bug bounty program with ImmuneFi and make further plans to establish insurance measures for any breaches in the past.
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