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.
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
“Other DeFi projects include decentralised exchanges that allow users to trade without brokers, and protocols for lending that do not involve loan officers or credit committees. Although these ‘self-driving banks’ are new, they are not small. They are likely to be mainstream before self-driving cars start to fly.”
Many think that this comment from the top Treasury official is a long-term validation of this space.