DeFi Tokens RUNE, SNX, AAVE Tumble as Crypto Market Dips


Several decentralized finance (DeFi) tokens, including ThorChain’s RUNE and Synthetix’s SNX, saw double-digit losses in the last 24 hours.

RUNE, which last week hit a four-month high of $12.90, has been on a decline since then, plunging nearly 13% over the day.

Track live crypto price of 10000+ coins!


As data from CoinMarketCap shows, RUNE hit a daily low of $10.06 early on Wednesday before rebounding to $10.19 at writing.

RUNE underpins Thorchain, a Cosmos-based cross-chain platform that lets users swap cryptocurrencies from different networks without centralized intermediaries.

Last month, Thorchain rolled out several new features, including the addition of synthetic assets, letting users create derivative versions of other popular cryptocurrencies like Bitcoin and Ethereum.

The addition of synthetic assets, which saw over $41 million in trading volume over the last day on the decentralized exchange (DEX) Thorswap, could have contributed to RUNE’s recent rise; however, the token is now entering a dangerous zone with risk of further plunge.

DeFi ‘blue chips’ hit the skids

SNX, the native token of Synthetix, a derivatives liquidity protocol that enables users to trade synthetic versions of stocks, currencies, commodities, and indices, is down 10.4% at press time, changing hands at $6.09, per CoinMarketCap.

On Wednesday, SNX hit the daily low of $5.87, a level last seen at the end of March.

Over the next few days, Synthetix is expected to add as many as eight new assets to its futures market, including the likes of Solana (SOL), Avalanche (AVAX), Polygon (MATIC), AAVE, and Uniswap (UNI).

Related:  Despite Budding Crypto Adoption In Vietnam, Lack Of Regulatory Clarity Forces Crypto Firms To Set Up Shop Abroad ⋆ MAXBIT

However, it remains to be seen what effect this will have on the SNX token.

AAVE, the governance token of the decentralized lending protocol Aave, is down 7.92% over the past 24 hours and is trading hands at $214.77 by press time, according to CoinMarketCap.

Last month, the protocol saw a major upgrade with the roll-out of Aave V3, which added a host of new features, including cross-chain capabilities, layer-2 scaling solutions, and reduced gas costs.

The upgrade boosted the price of Aave to levels not seen since the beginning of January, with the token soaring to $259 on April 1.

Now, though, fortunes have taken a new turn.

Meanwhile, Bitcoin is down 2.91% in the last day, currently trading at $45,311, while Ethereum plunged 4.92% over the same period, changing hands at $3,344.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

The best of Decrypt straight to your inbox.

Get the top stories curated daily, weekly roundups & deep dives straight to your inbox.


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: