Some decentralized finance (DeFi) assets are defying the broader crypto market slump with significant gains, including Thorchain and Compound

THORchain (RUNE) is up over 17% in the last 24 hours, while Compound (COMP)—up 16% in the last day—has also gained over 11% in the last week

Synthetix Network, a decentralized synthetic asset issuance protocol, is also surging, posting over 12% gains in the last day. 

These price moves come amid a much more lethargic market for some of the industry’s biggest hitters. 

T
RUNE
-1.59%$1.932

24H7D1M1YMAX
Created with Highcharts 10.3.3May 1512:00PMMay 1612:00PMMay 1712:00PMMay 1812:00PMMay 1912:00PMMay 2012:00PMMay 2112:00PM12:00…$1.6$1.65$1.7$1.75$1.8$1.85$1.9$1.95$2

Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have posted only 2% and 1% gains in the last 24 hours. Over the last seven days, both cryptocurrencies have dropped by 5% and 4% respectively. 

DeFi recovery

Earlier this week, Compound was one of several new cryptocurrencies listed by Robinhood, a popular stock and crypto trading platform, including popular meme coin Shiba Inu (SHIB).

Just yesterday, the THORchain team announced a new user interface—THORSwap V2—had gone live at the open beta stage. 

“Our fresh new user interface delivers the elegant, user-friendly cross-chain trading and LP experience you’ve been waiting for,” the tweet reads. 

Yesterday was also THORchain’s “birthday,” with the DeFi asset now officially one year old. 

The Synthetix boost can also likely be attributed to the protocol listing Solana (SOL), Avalanche (AVAX) and Uniswap (UNI)—among others—for futures trading earlier this week.

SN
SNX
-8.84%$0.8134

24H7D1M1YMAX
Created with Highcharts 10.3.3May 1512:00PMMay 1612:00PMMay 1712:00PMMay 1812:00PMMay 1912:00PMMay 2012:00PMMay 2112:00PM12:00…$0.75$0.775$0.8$0.825$0.85$0.875$0.9$0.925

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.