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.
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.
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