DeFi Tokens Aave, Synthetix, THORChain Mount Bullish Rally

Jul 12, 2021 | Decrypt News | 0 comments


Numerous decentralized finance (DeFi) tokens, including Synthetix (SNX), Aave (AAVE), and THORchain (RUNE), are posting hefty gains today.

At the time of writing, SNX, the native token of the crypto stocks protocol Synthetix, is leading the charge. According to data from CoinGecko, SNX is trading at around $13.11, up 19.6% on the day.

Notably, Synthetix was also among the best-performing DeFi tokens last week.

It is followed by AAVE, the native token of the decentralized lending and borrowing platform Aave, which is currently seeing gains of around 8.6%, trading at roughly $317. In its turn, cross-chain crypto project THORChain saw the price of its RUNE token grow by around 6.3%, reaching roughly $6.6.

Many other DeFi tokens, including UMA (up 9.5%) and Harvest Finance’s FARM (up 15.4%), are also in the green zone today.

The Hottest Decentralized Apps (Dapps): From DeFi to Games

Meanwhile, there is currently just over $55 billion in value locked on DeFi platforms in total. Almost precisely half of it is concentrated in the top three protocols such as Aave ($10.85 billion), InstaDApp ($8.83 billion), and Curve Finance ($8.21 billion).

Bitcoin is trading at around $34,357, up about 1.1% on the day. Ethereum, the second-largest crypto, is showing nearly identical results—$2,146, up 1.3% over the past 24 hours.

Other popular digital assets, such as Binance Coin (up 4.5%), Cardano (up 1.6%), Ripple’s XRP (up 4.3%), Dogecoin (up 2.5%), Polkadot (up 0.7%), and Uniswap (up 3.6%) are faring better on the daily chart—but just slightly.

The 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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