Your favorite crypto news blog

Top DeFi Names SUSHI, ThorChain, Others Surge 10% Higher

Other 2020/11/15 00:10 by Nick Chong

The decentralized finance (DeFi) space has surged higher in the past day once again despite stagnation in the Bitcoin price. The prices of leading cryptocurrency pertaining to this space have shot higher almost across the board.

According to CoinGecko, top coins in the span have gained a number of percent in the past 24 hours.

Altcoins such as SushiSwap’s SUSHI, Compound (COMP), Thorchain (RUNE), Aave (AAVE), and others have gained 10% in the past 24 hours alone. A number of other leading DeFi coins have gained 5-10% in the past day as well.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Top DeFi Coin SushiSwap Rallying On Anticipation of Uniswap Migration

SushiSwap’s SUSHI coin appears to be rallying as a result of the second-order effects of Uniswap’s liquidity mining campaign. On the 17th, Uniswap’s liquidity mining scheme will end, which will result in an influx of stablecoins, ETH, and Wrapped Bitcoin into the DeFi market.

There are some that believe this will result in an influx of capital inflows into SushiSwap, which is a fork of Uniswap. An increase in TVL would likely benefit SUSHI as many would see this as validation of the cryptocurrency.

SUSHI is also benefiting from developments being made to the platform.

Developers of the DeFi exchange are currently working on a number of features including limit orders, a lending solution (one-sided lending), and a system to mitigate impermanent loss for users.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

ThorChain After Beta Version of Bitcoin Swaps

ThorChain’s RUNE coin is rallying shortly after the project revealed a beta/testnet version of its Bitcoin swap. With this new system, users will be able to swap for assets on other chains using native BTC.

Analysts think that the cryptocurrency is one of the best bets in the DeFi space.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Top DeFi Names SUSHI, ThorChain, Others Surge 10% Higher

0 Like(s)

You should also read...

Crypto 28/04/20 01:22 by Guest Author
A Glimpse into the Gambling World of CryptoGames
If you’re looking for a place to wager your cryptocurrencies and savor the taste of quality entertainment, then congratulations, you have come to the right place!  CryptoGames possessed and ou...
Read More
Crypto 22/06/20 20:30 by Tony Spilotro
Rumored PayPal and Venmo Crypto Support To Provide Big Boost To Adoption
New rumors circulating the web suggest that payments processing giant PayPal and subsidiary Venmo are making a major play in crypto. What are the two powerhouses planning and how might it impact the c...
Read More
Altcoins 18/09/20 23:12 by Bernice Nyambura
Binance and Coinbase List New Uniswap Token UNI Within Hours of Minting
Uniswap has caused waves in the crypto market after minting its new governance token UNI and launching it in style by airdropping the token in huge amounts to thousands of its users. Following the...
Read More
Other 15/11/20 10:00 by Nick Chong
Why SushiSwap’s SUSHI Has Surged 100% Higher in a Week
SushiSwap’s SUSHI token has been one of the best-performing crypto-assets of the past few days. In the past day, it has surged 30%, making it the best-performing coin in the top 100 by market ca...
Read More
Altcoins 22/11/20 01:45 by Nick Chong
XRP Surges 30% Higher—and Analysts Think There’s Upside to Come
XRP has surged dramatically higher in the past day. The coin is up 30% against the U.S. dollar in the past 24 hours, making it the top-performing crypto asset in the top 100 by market capitalization. ...
Read More