Some decentralized finance (DeFi) assets are defying the broader crypto market slump with significant gains, including Thorchain and Compound.
THORchain (RUNE) is up over 17% in the last 24 hours, while Compound (COMP)—up 16% in the last day—has also gained over 11% in the last week.
Synthetix Network, a decentralized synthetic asset issuance protocol, is also surging, posting over 12% gains in the last day.
These price moves come amid a much more lethargic market for some of the industry’s biggest hitters.
Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have posted only 2% and 1% gains in the last 24 hours. Over the last seven days, both cryptocurrencies have dropped by 5% and 4% respectively.
DeFi recovery
Earlier this week, Compound was one of several new cryptocurrencies listed by Robinhood, a popular stock and crypto trading platform, including popular meme coin Shiba Inu (SHIB).
Just yesterday, the THORchain team announced a new user interface—THORSwap V2—had gone live at the open beta stage.
“Our fresh new user interface delivers the elegant, user-friendly cross-chain trading and LP experience you’ve been waiting for,” the tweet reads.
Yesterday was also THORchain’s “birthday,” with the DeFi asset now officially one year old.
Happy birthday @THORChain
The multichain DEX is exactly 1 year old today. 🎉
— THORchain.BULL 🌔 (@THORmaximalist) April 13, 2022
The Synthetix boost can also likely be attributed to the protocol listing Solana (SOL), Avalanche (AVAX) and Uniswap (UNI)—among others—for futures trading earlier this week.
The best of Decrypt straight to your inbox.
Get the top stories curated daily, weekly roundups & deep dives straight to your inbox.
