(THORChain) THORChain’s native token RUNE rose by up to 37% in 24 hours to touch a peak of $5.56 on Thursday after synthetic assets went live on the platform.
The first synthetic was minted minutes after the protocol launched. About 0.00054906 worth of BTC was reportedly staked for a bitcoin synthetic.
The launch of the synthetic assets is expected to raise the demand for RUNE on the network, making them more appealing to liquidity providers who offer the underlying tokens for a fee.
The synthetic assets are also expected to increase the network usage, pool depth, and the total value locked on the platform leading to lower swap fees.
Following the launch, tokens prices of THORSwap, a DEX on the protocol, rose 11% in 24 hours. The DEX enables users to earn yields and improves liquidity on the THORChain ecosystem.
The launch comes months after hackers exploited THORChain and stole $8 million in July 2021.
RUNEUSD is currently down -9.65%.
