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DeFi tokens Lido, Synthetix have posted substantial gains in the last 24 hours amid mixed market movements.

The broader crypto market is trading sideways Wednesday morning. However, several decentralized finance tokens ( DeFi ) are outperforming the rest by a substantial margin.

These include LDO which is the native token behind liquid staking platform Lido Fin. It has risen 17.6% in the last day.

LDO reached a daily high at $2.45 Tuesday night, but it has fallen to $2.30 as of press time per CoinMarketCap.

The latest price action for the token also occurs amid the multimillion dollar Solana Heist. Lido Finance stated that it is “piloting an onboarding round” in order to see how easy it would to onboard new Lido nodes into the Solana Staking ecosystem.

Lido currently ranks second in DeFi projects by total value locked (TVL), behind MakerDAO. There are as high as $7.11 trillion of user funds within the protocol, according to DefiLlama.

SNX, the currency that powers Synthetix’s synthetic-creating platform, is closely watching the price rise of 14.2%. SNX also enjoyed positive price action Tuesday, rising to $4.11, before falling to $3.89 at time of writing according to CoinMarketCap.

Another notable gainer in the DeFi space is Thorchain_’s RUNE which increased 11.1% over the last day, UNI (the token that underpins decentralized exchange Uniswap) (up 8.3%), CRV (the governance token of curve Finance) (up 10.9% over this span).

Bitcoin, the industry’s standard cryptocurrency, has seen a modest increase of 2.2% in the past day. It is currently trading at $23,345.

The price of Ethereum (ETH), jumped 5% during the same time period. It traded at $1,657 as of press time.

The post DeFi Tokens Avoid Sideways Trading as Lido and Synthetix Rocket first appeared on The Daily Encrypt.


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Angie Byrd