what's thorchain?
THORChain is a decentralized cross-chain liquidity protocol that enables seamless, non-custodial swaps of native assets across multiple blockchains, including Bitcoin, Ethereum, and others, without wrapping, bridges, or centralized intermediaries. It operates using a proof-of-bonded-security model where validators bond the native RUNE token to secure the network and provide liquidity. Users can participate as liquidity providers to earn yields on assets like BTC, ETH, and stablecoins through automated market maker pools. The protocol emphasizes censorship resistance, trust minimization, and economic incentives aligned with network security and growth. THORChain powers tools like THORSwap for user-friendly DeFi interactions.
Thorchain noted in Maya Protocol's Bifröst update for integrations, following a Polkadot bridge exploit.
Mentioned in Maya Protocol's weekly update regarding upcoming Bifröst readiness that will enable additional chain integrations for Maya Protocol.
A third-party Polkadot bridge (Hyperbridge) was exploited on April 13, 2026, with an attacker minting 1 billion fake DOT on Ethereum and draining approximately 240,000 ETH from the liquidity pool in a single transaction.
Will start deploying Protocol-Owned Liquidity (POL) to deepen pools using system income.
Uses Huginn, an AI agent, to fix bugs, review code, and accelerate development.
Processed a single Rapid Swap transaction of 22.5 BTC for 718.4 ETH (approximately $1.6M value) on April 8th, 2026, completing 41% faster than a standard streaming swap with roughly 12 minutes saved in execution time.
Processed $801M in swap volume during March 2026.
Rapid swaps approach 50% of total volume.
Operates with 105 nodes securing the network.
Completes Monero (XMR) integration development, with testing ongoing, targets mainnet deployment between May 10 and June 10, 2026.
Processed $2.8B in volume, 1.5M swaps, and generated $3.1M in fees during Q1 2026, with 78.5K unique wallets using the protocol.
An onchain investigator reported that DPRK IT workers helped build the protocol during DeFi summer (2020).
Building Bittensor (TAO), Monero, and Zcash integrations; Bittensor enables native Bitcoin and other assets to swap into native TAO via DEX. Explored potential native XMR integration on 2026-04-11.
Leap Wallet is sunsetting on 2026-05-28, prompting RUNE holders using Leap to migrate to other wallets.
CBarraford has taken on more responsibilities within the project.
Distributes 75% of network revenue to nodes and LPs from swap fees, with no block rewards or inflation. A portion is burned daily.
Processed $18.2M cross-chain from Ethereum to Bitcoin on March 31, 2026, involving 878 ETH and 26.5 BTC, with $1.7M linked to recovery of stolen funds from a social engineering hack where a Kraken user lost ~$18M ETH.
THORStackAPI launched as a free API for builders providing REST, WebSocket, gRPC, and Midgard access with no keys or setup required.
Limit Orders went live on THORChain inside the Thorwallet app.
Opt-in node level privacy was introduced on THORDex, increasing censorship resistance by 10x according to the announcement.
Featured in a discussion about potential future integration challenges with privacy UTXO chains like Zano, which may become possible after Zano's Hardfork 6 introduces gateway addresses.
Featured in Brave The New World podcast episode #185 with Matt Carano.
Burns 64.9M RUNE under ADR023, reducing total supply from 425M to 360M.
Maya Protocol takes over part of THORChain development and maintenance as 9 Realms transitions out, with 1 dedicated developer and shared infrastructure across both ecosystems.
Completed a $40,000 audit competition for Rujira through Code4rena.
Hosts a community livestream on 2026-03-21 at 2PM UTC featuring Peer to discuss no-KYC fiat on/off ramps across 20+ chains and currencies.
Co-Founder Chad Barraford participated in livestream #182.
Vaults hold over $500M in assets across 11 blockchains including Bitcoin, Ethereum, and Solana.
Integrates Zcash and Polygon networks in V3.16 release for native cross-chain swaps; Zcash integration launches end of April 2026.
Implemented streaming swaps feature that automatically splits large trades into hundreds of smaller sub-swaps executed sequentially over time, with one set of network fees instead of fees per sub-swap.
Processed a 323 BTC transaction using streaming swaps.
Ranked #14 out of 45 tokens generating meaningful revenue for holders in a screen of 17,148 tokens by @DefiIgnas.
Generated $882M in volume during February 2026, with arbitrage trading representing 60%.
Generated $1.48M in fees during February 2026.
Onboarded 19,200 new wallets during February 2026.
RUNE APR reached 21.39% in February 2026.
TCY yield reached 10.61% in February 2026.
Processed two trading days with over $100M in volume each during February 2026.
Messari launched THORChain Dashboard March 12, 2026, tracking ecosystem growth, as THORChain's frontend crossed $1 billion cumulative swap volume.
Integrated SOL trading via InstaSwap_io on THORChain.
Resumed treasury buyback program in February 2026, buying back 19.1M RUNE since September 2025, representing over 10% of circulating supply.
Hosts a community side event at Bitcoin Las Vegas on 2026-02-21 at 7PM local time with RSVP available.
Used as a bridge by a hacker to convert stolen ETH to BTC following the IoTeX Bridge exploit of over $8M on February 21, 2026.
Deployed auto-swap functionality for TCY rewards on mainnet, enabling automatic conversion into BTC or other tokens.
Upgrading to v130 for Cosmos hard fork and SDK upgrades, introducing 2-second block times, IBC groundwork, Cosmos Hub compatibility, Virtualization Strategy, and automatic arbitrage between Base Layer and App Layer, improving capital efficiency and enabling faster swaps.
achieved second highest volume day with $35 million in swaps driven by the ZEC pool
Added 3 Protocol Engineers for THORNode development using Go and Cosmos SDK for cross-chain swaps across 10+ chains.
Vultisig integrated Circle Smart Contract Accounts and native USDC tooling for institutional-grade digital dollar infrastructure within seedless MPC/TSS vaults.
Partners with TeamKujira to build an omnichain DeFi hub, hosting Kujira ecosystem migration with KUJI to RUJI token conversion ending 2026-04-05.
Vultisig Plugin Marketplace launched as the first on-chain, self-custodial, multi-chain automation marketplace, with 70% of plugin fees distributed to developers.
Rujira Network launched bRUNE liquid staking token on mainnet for testing, reaching its temporary 50,000 RUNE cap within hours.
Restored SOL swaps, part of native cross-chain integrations via SwapKit in SafePal, Ledger, OKX, Bitget, and Trust Wallet's agent kit, supporting BTC, ETH, EVM assets, and native TRON USDT without bridges, using Maya Protocol.
Integrated THORChain, Maya Protocol, and other DEXes for swap rate checking in Unstoppable Version 0.47 for Android.
Bior Labs will go live on 2026-02-04, providing private and open access to the digital economy.
Generated $2.14 million in fees over a 30-day period, ranking 11th among DEXs by fee generation.
Processed $118 billion in native BTC swaps.
Generated $5M in protocol revenue from swap fees in Q4 2025, representing a 39% increase quarter-over-quarter.
Increased daily unique swappers by 23.6% quarter-over-quarter in Q4 2025.
Launched Rapid Swaps feature during Q4 2025, enabling multiple sub-swaps within the same block for faster large swaps and maintained price quality via peer-to-peer matching.
Resumed Solana swaps with v3.16 release, integrating Solana mainnet February 4, 2026, enabling native SOL and SPL token swaps with Bitcoin across 12 supported blockchains, with native liquidity support.
Total swap volume reached $4.06B in Q4 2025, a 10.3% decrease quarter-over-quarter.
RUNE-denominated TVL increased 22.6% quarter-over-quarter to 81.6 million RUNE in Q4 2025.
Achieved a 3000x improvement in spread performance within the ecosystem.
Was used to bridge $282M+ in stolen BTC and LTC funds (from a hardware wallet scam on January 10th) to Ethereum, Ripple, and Litecoin after the funds were swapped to Monero via instant exchanges.
Launched Credit Accounts feature allowing users to borrow against native assets without wrapping or leaving THORChain's security model.
Integrated Huggin AI on the platform.
Integration with Dune Analytics platform completed, enabling onchain data visualization and dashboard creation for the protocol.
Published an ecosystem recap highlighting builder contributions and partnerships during 2025, mentioning products from THORWallet, Vultisig, SwapKit, THORSwap, RUNEBond, LeoDex, Unstoppable Domains, Moca, Asgardex, ShapeShift, Rango Exchange, Rujira Network, CacaoSwap, Trust Wallet, Ledger, AutoRujira, and CALC Finance.
Burns 5% of swap fees automatically every block, creating deflationary tokenomics tied to protocol volume.
Earned approximately $945,000 in protocol fees between November 17 and December 16, 2025.
Submitted listing requests for RUNE and TCY tokens to CoinGecko on December 17, 2025.
Completed 11 major upgrades and 220+ merge requests during a 9-month development period in 2025.
A whale/institution swaps an additional 317 BTC for 9,105 ETH ($28.15 million) via cross-chain functionality today, bringing cumulative swaps since 11/25 to 2,289 BTC for 67,253 ETH ($204 million) at an average ETH price of $3,036.
A whale/institution swaps an additional 340 BTC for 9,784 ETH ($30.42 million) via cross-chain functionality today, increasing cumulative swaps since 11/25 to 1,972 BTC for 58,148 ETH ($176 million) at an average ETH price of $3,028.
RUJI Lending distributes 90% of interest to lenders and shares remaining 10% protocol revenue equally with THORChain, accompanied by RUJI Analytics for transparency.
Launched limit order functionality in February 2026 with automatic execution and refunds. Next features include Intents, Memoless outbounds, DKLS implementation, and faster swaps via confirmation-counting.
The THORChain Frontend reaches 1,000 unique wallets.
A whale/institution swapped 1,469 BTC into 43,647 ETH ($131 million) through THORChain's cross-chain functionality over the past two weeks at an average ETH price of $3,000, with the funds consolidated into multiple wallets 11 hours ago.
Router v6 launches as a major architectural upgrade for the EVM side, removing state from the Router, simplifying deposits, improving batching, and making aggregator integrations cleaner and more reliable.
Development roadmap includes concentrated liquidity implementation, on-chain order books, and next-generation TSS schemes capable of scaling to thousands of signers for greater decentralization and resilience.
RUNE token gets listed on MEXC exchange.
Work done by Unstoppable will be handed over to a neutral party for maintenance and further development, allowing Kenton to continue with the Marketing ADR and resolving interface competition.
Monthly Data Update initiative launches with November metrics covering volume, fees, yield, user growth, security, supply, and affiliate trends.
Competitor Pact Swap positions itself as a cheaper alternative, claiming 82% lower costs for BTC trades and addressing pain points including high validator collateral requirements and fees often exceeding 2%.
RUNE long positions show 95.1% liquidation vulnerability, creating risk of cascading liquidations if prices drop.
Protocol upgrade V3.14.0 launches with seven pull requests that reduce delays, clean vaults, and fix technical issues.
A Bitcoin whale purchases millions worth of native BTC on THORChain.
The official Thorchain frontend has a fee-sharing arrangement with Unstoppable Finance, which also operates as a competing interface, and Unstoppable Finance controls deployment keys, operational control, and affiliate fee addresses. Community concerns emerge about conflict of interest and lack of in-house operational control over this strategic infrastructure.
Thorwallet integrates TRON blockchain support, enabling cross-chain swaps for TRX and USDT (TRC-20) across Bitcoin, Ethereum, Solana, and BSC through THORChain and NEAR Intents routing.
Completed Cardano integration, entering StageNet phase; January upgrade includes CosmWasm and Rujira. Launched version 128 with EDDSA key fixes for Cardano, MAYA token pool cleanup, Midgard fixes, and XRD liquidity providing patches. Cacao Bonding rolls out; Kujira deprecates.
Annual earnings reach $35.7 million with a P/E ratio of 11.21 based on Q3 market cap of $400.4 million.
A $5 million $TCY buyback program is underway, with 27.9% completion.
25.5m $TCY tokens remain unclaimed in an airdrop for THORFi users.
Bonding $RUNE to nodes offers 30% APY yield for bond providers.
A $885K BTC swap executes on the platform.
stUSDS refinanced a large loan to RUNE that moved off Sky's balance sheet without backstop protection, approaching first liquidation unless SKY price improves.
The protocol processed millions of swaps during Q3 from nearly 90,000 unique addresses.
Memoless Transactions feature launches, enabling any wallet to use the protocol by pre-registering swaps with short codes, eliminating memo field requirements and wallet compatibility issues.
Bonding $RUNE offers 22% APR yield.
Emergency mainnet update fixes version 3.13.0 block production issue caused by x/scheduler module Cosmos store upgrade, requiring validators to update for eligibility in subsequent churn. Network maintains zero downtime during the incident.
A critical UTXO bug affecting THORChain was discovered and patched, requiring both THORChain and Maya to pause UTXO chains temporarily to prevent potential double-spend attacks. Zcash (ZEC) integration completes and goes live on mainnet, with the ZEC pool surpassing ETH and RUNE pools in size.