Ethereum
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ETH · 6d

DeFi coin THORChain (RUNE) surges 30% following SushiSwap listing

THORChain (RUNE) is surging higher today after the cryptocurrency joined hands with SushiSwap.

THORChain is a cross-chain liquidity protocol that allows investors to trade cryptocurrencies across chains. RUNE is the protocol’s native token.

RUNE surges after SushiSwap listing

RUNE has surged 35 percent in the past 24 hours in spite of the fact that Bitcoin and Ethereum remain in consolidation. The cryptocurrency currently changes hands for $1.81 on Binance, though has traded higher on other venues due to a lack of arbitrage.

The cryptocurrency is up 15 percent in the past week and over 75 percent in the 30 days, per CryptoSlate market data. 

Chart of THOR’s price action over the past 36 hours from TradingView.com

This rally comes after THORChain listed an Ethereum-based version of RUNE on SushiSwap to “make inroads into the Ethereum Defi community.” This system will allow THORChain to build liquidity, a community, and other networks within the Ethereum blockchain prior to the launch of the Ethereum Bifrost system.

“ETH.RUNE is a transitionary asset to grow liquidity ahead of the launch of THOR.RUNE and the Ethereum Bifröst.” THORChain lists ETH.RUNE on @SushiSwap 🍣 to make inroads into the Ethereum Defi community. Initial pairs: * RUNE:ETH* RUNE:USDT* RUNE:SUSHI ETH.RUNE is a transitionary asset to grow liquidity ahead of the launch of THOR.RUNE and the Ethereum Bifröst. pic.twitter.com/VTv0fA1nTJ — THORChain ⚡️(ᚱ) (@thorchain_org) January 13, 2021

The price of RUNE on SushiSwap has surged past $2.30 as a result of a lack of a two-way bridge to arbitrage the price differences. A bridge will be announced shortly:

“Sushiswap pools will be incentivised from next week to grow liquidity. A two-way bridge between BNB.RUNE and ETH.RUNE will be launched within 72hours to help arbitrage and move the supply.”

The volume of RUNE is surging with this news, reaching all-time highs per data source CoinGecko.

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