A leading crypto research firm is highlighting the sizeable gains made in just one week by a decentralized cross-chain liquidity protocol.
The data-crunching team at Messari shares on Twitter how THORChain (RUNE) brought the highest cumulative returns by a wide margin and pulled away from the rest of the decentralized finance (DeFi) in the span of seven days.
“The DeFi sector had the widest range of returns recorded since bringing back weekly recaps, spanning 77% across.
Leading the sector this week was THORChain’s RUNE with a substantial 52.4% return.”
The firm next looks at six different sectors within the crypto space to identify this week’s top gainers.
Messari says DeFi is the big winner at 8.6% as led by THORChain, followed by gaming at 7.9%.
“For the fourth week in a row, the sectors covered have seen a 180° reversal.
This week, the DeFi sector came out on top as the best performer (8.58%).
The second spot was taken by the gaming sector, bringing in 7.85% for the week.”
Messari researcher Guillermo Avilés says in the latest Weekly Recap newsletter that RUNE’s rise is partly due to the successful introduction of synthetic-asset trading within its ecosystem.
“The catalyst behind RUNE’s rally can be attributed to the cross-chain liquidity protocol’s recent feature introductions which include the launch of synthetics, coupled with the current positive sentiment within investors towards Cosmos-based projects.”
Synthetic assets, also known as synths, create tokenized derivatives by combining cryptocurrencies and derivatives.
At time of writing, THORChain is up nearly 12% and trading for $8.88.
RUNE was priced at under $6 just a week ago.
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Source: https://dailyhodl.com/2022/03/19/thorchain-rune-explodes-as-defi-sector-takes-pole-position-crypto-research-firm-messari/