RUNE Sees Massive 30% Surge After Sushiswap Listing

THORChain’s native currency is having one of the best trading days since its existence as the decentralized finance token has seen a massive surge in the past few days in the digital assets market. However, this was to be expected after a recent publication made by the developers of the coin stating that they had joined forces with Sushiswap, one of the largest decentralized exchanges in the sector.

Some of the success has been attributed to the digital asset’s design as it favors traders and investors who wish to use multiple chains to trade different digital assets. RUNE is presently having the best life even though Bitcoin and Ethereum are still trying to resume their massive uptrend.

RUNE’s latest listing is triggering the surge

Things are looking like the digital asset is here to stamp authority in the market after making a massive surge to earn a profit of 35% in one day. Looking at the statistics of the asset on Binance, one would note that the digital asset is trading around $1.8, which has been small compared to what it traded on some other exchanges. One factor for the difference in trading amounts across exchanges is that the digital asset lacks arbitrage.

In recent days, the digital asset has been able to cough up 15% while boasting about 75% profit in one month. Even though this data was obtained from several sources, it is still subject to verification. THORChain saw this recent rally after the network announced that it was planning to use RUNE’s Sushiswap listing to access a higher base of clients in the decentralized finance sector. With this latest listing, THORChain would build a complete system that would see it excel in the decentralized finance sector, including a community that would house its members and a liquidity pool.

Developers plan to fix arbitrage issues

RUNE is presently listed on Sushiswap, with the digital asset selling for as high as around $2 because of the arbitrage issued mentioned above. The developers have also communicated that they are presently working on the arbitrage issue and release an official statement to that effect.

The developers plan to build a two-way bridge that would see ETH.RUNE connect with BNB.RUNE and would eliminate the arbitrage in the protocol. According to this news, members of the crypto community are rushing into the protocol in time to accumulate massive profits when the arbitrage is eventually done because analysts have tipped the price of the coin to go up.

The recent surge that RUNE is experiencing is buttressing that the DeFi resurgence is happening even though it has not yet affected the native coin of the blockchain it was built on. Presently, Ethereum is hovering around the $1,350 price mark, with the digital asset still trading at a slight loss compared to days ago.

The DeFi market is doing remarkably well because most markets are still looking for outside factors to trigger a bull run. The recent surge in the DeFi sector is coming off the back of a recent comment made by the acting comptroller of the currency, Brian Brooks, who noted that DeFi is changing the way banking is being viewed and is driving it to the top.

Leave a Reply

Your email address will not be published. Required fields are marked *