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RUNE Surges by 34% After THORchain Activates Synthetic Assets

Published 03/10/2022, 04:50 AM
Updated 03/10/2022, 05:00 AM
© Reuters.  RUNE Surges by 34% After THORchain Activates Synthetic Assets
BTC/USD
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  • RUNE token spiked by 34% with $40.2 million 24-hour volume after synthetic assets activation.
  • The synthetics activation went live earlier today; synths are ready to trade on the THORchain.
  • THORChain developer Chad Barraford highlighted the importance of synthetics.

The price of the THORChain native token RUNE has spiked by 34%. This is a result of the activation of synthetic assets on the network. Crypto synthetic or synths are derivative tokens of other digital assets that are pegged to the value of the underlying collateralized asset such as Bitcoin (BTC) or Ether (ETH).

In THORChain’s difference, the project has chosen to back its synths with 50% of the underlying asset and 50% in RUNE. Earlier today, the synths activation went live; as a result, synthetics like sBTC and sETH are now ready to trade on the network. Therefore, the RUNE price has risen up by more than 20% to sit at $5.27.

Moreover, THORSwap Finance

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