Chain of Thor [RUNE], Lido Finance [LDO]and synthesizer [SNX] On August 3, the DeFi ecosystem brought the cryptocurrency market back into the green as the top performer.
While others have recovered, the revival of these DeFi tokens is even more remarkable. On August 3, RUNE rose 11.51%. LDO posts a 13.46% gain while SNX hits an unprecedented 13.14% gain Coin market value.
While none of the top cryptocurrencies have broken out of the red level, DeFi protocols have taken a big gap. So the question is – are there any major events that put DeFi first?
here we go
For RUNE, protecting user funds seems to be the top priority because remove Its IOU tokens span Binance Smart Chain and Ethereum Chain.
According to its latest renewRUNE is working on developing nodes that can stop transactions on the network if they detect any suspicious activity.
THORChain node operators practice “Code Red” today.
If anything suspicious is found, each node can suspend the network for 1 hour. Any other node can unpause.
Nodes are the most risky and monitor the network 24/7 worldwide.
This feature protects user funds. forward. $ rune pic.twitter.com/otqLWk73DS
— Thor Chain (@THORChain) August 2, 2022
As expected, this has increased development activity on the THORChain network.According to Santiment, RUNE’s development activities Increase From 0.15 on August 1 to 0.23 at the time of writing.
Additionally, trading volume increased by 69.51% to $171.44 million in the 24 hours to press time.If this continues, RUNE may follow another bullish run.
Source: Santiment
The situation for LDO seems to be similar, as development activity has increased.
Well, before the Solana exploit, the LDO had already announced that it was piloting a partnership with Solana for its operators.
To expand onboarding opportunities for validators in the Solana ecosystem, Lido is piloting a small onboarding round for Lido on Solana, specifically for operators who are not currently running a mainnet node.
More details: https://t.co/Vayayts9PV
— Lido (@LidoFinance) August 2, 2022
Despite the increase in development activity, it’s not that big of a new level.
Even so, the market value rise impressive.
Source: Santiment
While the growth of SNX has not followed any recent developments, it seems closer It reached the price of $4.25 reached on July 28. At press time, SNX is trading at $3.90.
Who else?
Apart from the RUNE, LDO and SNX trio, other DeFi protocols seem to be on the same page. As of this writing, Uniswap [UNI] rose 13.75% to $9.21, while Curve DAO Token (CRV) It rose 10.21% to $1.40.
While prices are rising across the DeFi ecosystem, it may not reflect any confirmation that bullish sentiment is warranted.
Investors in the coin can make the right decision if they see these modest gains as levels that can be retraced at any time.
