One altcoin that powers an Ethereum-based decentralized finance (DeFi) platform is defying broader market woes by rallying in a big way.<\/p>\n\n\n\n
Rari Governance (RGT) is the governance token of Rari Capital, a DeFi suite that allows participants to borrow, lend and earn yields on cryptocurrencies.<\/p>\n\n\n\n
Holders of RGT can take part in the protocol\u2019s governance system through on-chain voting, contribute to liquidity pools found on decentralized exchanges (DEXs) to earn fee rewards, and use the token to obtain discounts on the protocol\u2019s services.<\/p>\n\n\n\n
According to Rari<\/a>, RGT is a deflationary coin that burns tokens as it earns money.<\/p>\n\n\n\n \u201cRGT will be burned on every cent made by the protocol (70% of all revenues to be exact), decreasing the total supply of the token as the protocol succeeds.\u201d<\/em><\/p>\n\n\n\n The DeFi data tracker DeFi Llama\u00a0says<\/a>\u00a0that Rari Capital currently has $54.26 million in total value locked (TVL) capital.<\/p>\n\n\n\n Rari Governance<\/a> is currently surging, up over 57% on the day with an asking price of $6.73.<\/p>\n\n\n\n RGT at one point had rallied by 125% from $4.08 to $9.20 in less than 12 hours before correcting to current levels.<\/p>\n\n\n\n In contrast to Rari\u2019s success, several centralized finance (CeFi) crypto projects have recently suffered significant losses and setbacks.<\/p>\n\n\n\n Just yesterday it was revealed<\/a> that the Singapore-based cryptocurrency platform Vauld had suspended trading, deposits and withdrawals in response to \u201cfinancial challenges\u201d related to the wider market-wide slump.<\/p>\n\n\n\n Back in June, Celsius Network also\u00a0halted<\/a>\u00a0numerous site functions while facing the prospect of insolvency.<\/p>\n\n\n\n