Thorchain rises by 17% leaving DeFi tokens in its wake

As of this writing, Thorchain’s native RUNE token is trading at around $ 7.13, gaining nearly 18% in the last 24 hours and 83% in the last week, according to the crypto platform. CoinGecko.

In particular, the latest push is part of the token’s ‘return’ after a series of exploits. In the past two weeks, the project has experienced two major security breaches that have caused the price of RUNE to plummet from nearly $ 8 to less than $ 4.

On July 15, hackers drained 2,500 Ethereum (ETH) (about $ 4.8 million at the time) from Thorchain’s liquidity pools. In response, the protocol developers promised to reimburse the affected liquidity providers using funds from the project’s treasury.

Thorchain’s problems didn’t stop there.

Less than a week later, the project was hit by another attack, and this time, the hacker also left some tips for the team.

However, RUNE has rebounded as the price of the token has risen steadily for the past two weeks. Thanks to the latest rally, the token’s market capitalization – the combined price of all tokens currently in circulation – has returned to nearly $ 2 billion.

Thorchain DeFi Leader

Meanwhile, more Token DeFi traded sideways on the day.

Native assets from platforms such as Uniswap (UNI, $ 21.03, -4.5%), Chainlink (LINK, $ 22.60, + 1%), AAVE ($ 305.73, -3.4%), Maker (MKR, $ 2,796.93, -3.8 %), Composite (COMP, $ 391.5, -1.5%) and others are in the red zone or splash just above the waterline. »alt =» A graph showing the total value locked in DeFi. » style = »max-width: 100%; overflow: hidden; width: 100%» /> Total amount of dollars purchased within all DeFi protocols as of August 3, 2021. Source: DeFi Pulse

However, there are currently more than $ 67 billion worth of currently locked DeFi platforms across the industry, secondly DeFi Pulse. top three spots are held by AAVE ($ 12.84 billion locked), InstaDapp ($ 9.49 billion), and Curve ($ 8.86 billion).


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

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