Cash News
Decentralized cross-chain liquidity protocol THORChain experienced a price surge of 14% on Aug. 14 morning, making it one of the leading gainers in the crypto market.
With a one-day trading volume above $272 million, THORChain (RUNE) gained nearly 13.6% and exchanged hands around $3.70 at the time of writing. RUNE allows crypto users to exchange digital tokens across several blockchains, including Bitcoin.
This recent uplift in THORChain‘s market performance is partly due to its new partnership with Kujira, which aims to enhance the liquidity within Kujira’s suite of decentralized finance applications. This collaboration seeks to bolster growth and stability for both platforms.
A distinctive feature of their partnership is the community-driven token raise, which contrasts with traditional fundraising methods by allowing wider community involvement. The initiative is designed to manage existing financial obligations and synchronize the economic interests of both the Kujira and THORChain communities, fostering a stronger interconnection and resilience within their ecosystems.
Additionally, the partnership encompasses strategic and operational adjustments to mitigate similar financial issues in the future.
THORChain has also formed alliances with SwapKit and Noble to integrate stablecoins into the THORChain AppLayer. Noble will facilitate this integration by providing native USDC issuance, enhancing the user experience by simplifying deposits into the AppLayer with single-click functionality.
These collaborative efforts are indicative of a larger trend in the defi space, where platforms are joining forces to improve liquidity, user engagement, and overall financial stability.
Additionally, Bitcoin’s (BTC) recent surge past the $61,000 mark on Aug. 13 likely played a significant role in THORChain’s upturn. BTC, the largest cryptocurrency, rose by over 3%, with trading volumes around $29.2 billion.
BTC’s market cap also increased by 3.14% to $930 billion as of press time. This surge in Bitcoin’s metrics came a day after spot BTC exchange-traded funds experienced net positive flows, which were more than five times greater than those of spot Ethereum ETFs.
Meanwhile, the global crypto market cap also saw a 2.3% increase in the last 24 hours, standing at $2.14 trillion at the time of writing.