DeFi Tokens SNX, AAve And THORChain Start Bullish Rally: Analysis

DeFi tokens SNX, AAve, and ThorCHAIN start a new bullish rally that has been going on for a week now as we take a closer look at today’s altcoin news analysis.

The Defi tokens SNX, AAve, and throchain are on the rise and they continued the rise from last week. At the time of writing, SNX which is the native token of Synthetix is leading the way with the coin trading around $13.11 marking a 19.6% increase on the day. Notably, Synthetix was among the best performing DeFi tokens last week while Aave followed. Aave is the native token of the decentralized lending and borrowing platform with the same name and is seeing gains of about 8.6% trading roughly at $317. THORChain saw the price of the RUNE token grow by around 6.2% or roughly $6.6.

Many other DeFi tokens like UMA increased by almost 10%, Harvest Finance’s FARM also increased by 15.4%. In the meantime, there is over $55 billion in value locked on Defi platforms overall. Almost half of it is concentrated in Aave $10.85 billion, InstaDapp $8.83 billion, and Curve Finance $8.21 billion. BTC is trading at around $34,357 or up about 1.1% on the day. Ethereum is the second biggest crypto showing identical results of $2146 marking an increase of 1.3% in the past 24hours. Other popular digital assets like Binance Coin and Cardano increased by 4.5% and 1.6% respectively. Ripple’s XRP also increased by 4.3% and DOGE by 2.5%.

A few days ago we saw, Decentralized finance tokens are seeing major gains compared to the rest of the market while Synthetix rises 26% leading the parade so far. SNX was up 26.8% over the past 24 hours and now trading around $12 according to CoinGecko. Last week, SNX developers reported a monthly trading volume growth on the platform that totaled 15% of the total volume in 30 days.

DeFi is a huge ecosystem of interconnected blockchain protocols like lending platforms, DEXs, and liquidity pools which allow users to act as replacements for traditional banks. Synthetix as well as other Defi tokens posted double-digit gains in the past 24 hours. They include Ethereum-based COMP with an increase of 14.9% and SUSHI with 14.8% gainst. UNI increased by 6.2% on the day and traded around $21.71. Other Defi tokens rallied as well with ThorCHAIN increasing by 13.5%, AVAX by 9.9%, CRV 6.8%, and binance Smart Chain CAKE token increased by 6.2%. In the meantime, data provided by DeFi Pulse shows that there is $54 billion in value locked on various Defi platforms. The top five spots were taken by Aave that has $11.23 billion locked, Curve Finance with $8.51 billion, Compound $7.08 billion, and Maker $7.19 billion.