DeFi Tokens Aave And RUNE Crash As Crypto Markets Falter

Defi tokens Aave and Rune crash as crypto markets falter with the rest of the coins turning red so let’s have a closer look at our latest altcoin news today.

A few blue-chip DEFI tokens suffered major losses over the past day. The Defi tokens Aave and Rune for example saw double-digit losses in the past day. RUNE hit a four-month high recently of $12.90 but has been on a decline since then and dropped by 13% in one day. As the data from Coinmarketcap shows, RUNE hit a daily low of $10.06 before rebounding to $10.19 at the time of writing. RUNE powers ThorChain which is a Cosmos-based cross-chain platform that allows users to swap crypto from different networks without the need for centralized intermediaries.

New assets are coming to Synthetix Futures!

Later this week, @synthetix_io will list $SOL, $AVAX, $MATIC, $AAVE, $UNI $GOLD, $SILVER, and $EUR with 10x leverage on @optimismPBC

Trading will be live on all frontends (@kwenta_io or others)

Obviously, all feeds are by @chainlink pic.twitter.com/MBIGFQZ5p5

— Synthetix ⚔️ (@synthetix_io) April 5, 2022

Last month, Thorchain rolled out new features like the addition of synthetic assets and allows users to create derivative versions of other popular crypto assets like ETH and BTC. The addition of synthetic assets that saw over $41 million in trading volume over the past day on ThorSwap could have contributed to the RUNE’s recent rise but the token is now entering the danger zone with a risk of another drop.

SNX’s native token of Synthetix also allows users to trade synthetic versions of stocks, currencies, commodities, and indices and it is down by 10.4% at press time, changing hands at $6.09. SNX hit a daily low of $5.87 which was a level seen at the end of March. Over the past few days, Synthetix is expected to add more assets to its futures markets like Solana, Polygon, AAve, Uniswap, and Avalanche. It remains to be seen what effect will have ont the SNX token.

Aave as the governance token of the Aave protocol is down by 7.92% over the past day and it is trading hands at $214.77 according to CoinMarketcap. Last month the protocol saw the upgrade to Aave V3 that added new features including cross-chain capabilities and gas costs. The upgrade boosted the price of Aave to levels that are nto seen since the start of January with the token surging to $249 at the start of April but now the fortunes have taken a new turn. In the meantime, BTC is down by 2.91% and now trades at $45,311 with ETH dropping 4.92% in the same timeframe and changing hands at $3,344.