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THORChain

THORChain RUNE

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About

What Is THORChain (RUNE)?

THORChain is the first decentralized exchange (DEX) to swap Bitcoin, and other UTXO chains, with Ethereum, and other EVM chains. All without using wrapped tokens.

THORChain currently supports swapping between 10 different blockchains. Assets available to swap on THORChain include the following:

Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
BNB (BNB)
XRPL (XRP)
USDC (USDC)
Tron (TRX)
Dogecoin (DOGE)
Bitcoin Cash (BCH)
Wrapped Bitcoin (WBTC)
Chainlink (LINK)
Litecoin (LTC)
Dai (DAI)
Avalanche (AVAX)
Aave (AAVE)
Cosmos (ATOM)
Base (BASE)

What Makes THORChain (RUNE) Unique?

Swapping on THORChain is permissionless and censorship resistant.

THORChain makes it possible for people to stop using centralized exchanges (CEXs) for swapping tokens across chains.

People can use any self-custody wallet in the world to swap Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRPL (XRP), Tron (TRX), Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), Avalanche (AVAX), and Cosmos (ATOM), without having to connect the wallet to a website.

There are no block rewards on THORChain. 100% of the revenue on the network is real money paid by real users. 5% of the revenue is burned, making the token supply deflationary.

There are no more token unlocks. The circulating supply has been distributed since 2023.

When did THORChain (RUNE) launch?

THORChain was conceptualized in 2018 by a team participating in a Binance Dexathon (decentralized exchange coding competition). The first whitepaper was published in July 2018.

The RUNE token was launched on June 19, 2019. THORChain conducted an IDO on July 20, 2019.

In June 2020, the first public test net was launched. In August 2020, Single Chain Chaos Net (SCCN) was launched. SCCN only had BNB Beacon Chain tokens available to swap.

In April 2021, Multi Chain Chaos Net (MCCN) launched. This marked the first time in history crypto users could swap between 5 different blockchains on a DEX, from self-custody wallets, and without using wrapped tokens. Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BNB), Bitcoin Cash (BCH), and Litecoin (LTC) were the first 5 tokens available to swap.

MCCN was rolled out as a guarded launch, where a cap was placed on the size of liquidity pools to reduce the potential loss of funds. As bugs and problems with the code were ironed out, the self-imposed limitations on the network were slowly lifted.

After several months of stable performance, the development team announce mainnet in June 2022.

Since then, THORChain has become the largest DEX for swapping bitcoin with $118 billion in total volume as of December 2025.

What's Next for THORChain (RUNE)?

Work is being done to add the following blockchains to THORChain:

Solana (SOL)
Toncoin (TON)
Cardano (ADA)
Sui (SUI)
Zcash (ZEC)
Monero (XMR)

THORChain is developing its version of intents, which will enable the swapping of long tail assets on every blockchain. Eventually people will be able to swap any token from any self-custody crypto wallet.

THORChain is evolving into a true layer 1 protocol. Now, developers can create smart contracts on THORChain, and those contracts have direct access to native token liquidity. Smart contracts make it possible to have collateralized lending, bitcoin backed stablecoin, perp DEX, prediction market, token launch platform, NFTs, and more.

The Rujira team is responsible for building smart contracts on THORChain. The fees generated from smart contracts are split 50/50 between THORChain and Rujira.

What Can the THORChain (RUNE) Token be Used For?

All the fees on THORChain are paid in RUNE tokens. The user doesn’t have to own any RUNE tokens, or have a RUNE wallet, to swap on THORChain. The fees are deducted from the inbound token of the swap and used to buy RUNE. These fees (RUNE tokens) are then distributed as per below.

10% to TCY token holders
5% are burned
5% to the developer fund
5% to the marketing fund
75% is split between the liquidity providers and bond providers (nodes) according to an incentive pendulum

Every liquidity pool on THORChain is paired with RUNE. The bitcoin pool is BTC/RUNE, the ethereum pool is ETH/RUNE, and so on. As long as there’s bitcoin, ethereum, and other liquidity pools on THORChain, RUNE has value and a floor in its market cap. Liquidity providers collect some of the revenue from the exchange.

The RUNE token is used to bond nodes to the network. A minimum bond of 300,000 RUNE is required for a node to enter. The average node has 950,000 RUNE bonded to it.

Nodes receive a portion of the revenue in return for securing the network. This revenue is distributed in RUNE tokens to all the bond providers of the nodes on a pro rata basis.

Governance of the protocol is voted on by the nodes. Not individual RUNE holders. Therefore, RUNE is not a traditional governance token.

The RUNE token is used to pay gas fees for any transaction occurring on the network. The fee is currently set at 0.02 RUNE per transaction.

Where Can You Buy THORChain (RUNE)?

RUNE is most liquid on the THORChain AMM therefore the best place to buy or sell RUNE is at swap.thorchain.org

RUNE is a popular cryptocurrency that is available to purchase and trade on a large number of both centralized and decentralized exchange platforms. The most prominent of the centralized exchanges are Binance and Kraken. For decentralized platforms, a list of THORChain interfaces can be found here.

AI Analysis

Analyzed on March 1, 2026

What is the THORChain (RUNE) cryptocurrency good for? What are its main use cases?

THORChain (RUNE) is a decentralized, cross-chain liquidity protocol that enables the swapping of assets between different blockchain networks. The main use cases for THORChain (RUNE) are:

  1. Cross-Chain Swaps: THORChain allows users to swap assets between different blockchain networks, such as Bitcoin, Ethereum, and Binance Smart Chain, without the need for a centralized exchange or intermediary.
  2. Decentralized Exchange (DEX): THORChain operates as a DEX, enabling users to trade assets in a permissionless and trustless manner, with liquidity provided by a network of nodes and validators.
  3. Liquidity Provision: RUNE holders can participate in the network by providing liquidity to the protocol, earning fees and rewards in the form of RUNE tokens.
  4. Yield Optimization: THORChain's protocol allows for yield optimization, enabling users to earn interest on their assets by providing liquidity to the network.
  5. Interoperability: THORChain enables seamless interactions between different blockchain networks, allowing for the free flow of assets and value across the cryptocurrency ecosystem.
  6. Decentralized Finance (DeFi): THORChain is a key component of the DeFi ecosystem, providing a decentralized and trustless infrastructure for lending, borrowing, and trading assets.
  7. Staking and Validation: RUNE holders can participate in the validation process by staking their tokens, helping to secure the network and earning rewards in the form of additional RUNE tokens.

The THORChain protocol is designed to provide a number of benefits, including:

  • Increased liquidity: By providing a decentralized and cross-chain liquidity protocol, THORChain can increase liquidity for assets across different blockchain networks.
  • Improved usability: THORChain's user-friendly interface and simple swapping process make it easy for users to trade assets and participate in the DeFi ecosystem.
  • Enhanced security: The decentralized and trustless nature of the THORChain protocol provides a high level of security for users, with no single point of failure or control.

Overall, THORChain (RUNE) is a powerful tool for the cryptocurrency ecosystem, providing a decentralized and cross-chain liquidity protocol that enables the free flow of assets and value across different blockchain networks.

Answered by llama-3.3-70b-versatile (groq)

What blockchain does THORChain use? Is it its own blockchain or built on top of another?

THORChain operates as an independent blockchain, not built on top of another existing blockchain. It is a Layer 1 (L1) blockchain designed specifically to facilitate cross-chain decentralized finance (DeFi) operations.

Key Details:

  1. Native Blockchain: THORChain runs on its own blockchain, called THORChain (RUNE), which uses a Proof-of-Stake (PoS) consensus mechanism (specifically, a variant called Tendermint BFT).
  2. Cross-Chain Interoperability: Unlike many DeFi protocols that rely on Ethereum or other L1s, THORChain is built to enable trustless cross-chain swaps between different blockchains (e.g., Bitcoin, Ethereum, BSC, etc.) without requiring bridges or wrapped assets.
  3. Cosmos SDK: THORChain is developed using the Cosmos SDK, which allows it to be interoperable with other Cosmos-based chains (via IBC) but operates independently as its own sovereign blockchain.

Why Not Built on Another Chain?

  • Decentralization: Running its own chain ensures THORChain remains fully independent and not subject to the limitations or risks of other blockchains.
  • Cross-Chain Focus: Its architecture is optimized for cross-chain liquidity provision and swaps, which would be harder to achieve if built on top of another chain.

Summary:

THORChain is its own blockchain, not a layer built on top of another. It is designed for cross-chain DeFi and operates independently while leveraging Cosmos SDK for interoperability.

Answered by mistral-small-latest (mistral)

Is THORChain programmable? Does it support smart contracts or decentralized applications?

Yes, THORChain (RUNE) is programmable and supports decentralized applications (dApps) and smart contracts, but in a different way compared to Ethereum or other smart contract platforms.

Key Features of THORChain's Programmability:

  1. Cosmos SDK-Based Smart Contracts

    • THORChain is built on the Cosmos SDK, which allows for Wasm-based smart contracts (via CosmWasm).
    • Developers can write smart contracts in Rust (via CosmWasm) or other supported languages.

  2. THORChain’s Native Functionality

    • While THORChain is primarily a cross-chain liquidity protocol, it enables developers to build decentralized finance (DeFi) applications that interact with its liquidity pools, swaps, and cross-chain transactions.
    • The THORChain RPC and THORNode API allow for programmatic interactions with the network.

  3. Interoperability with Other Chains

    • THORChain’s Bifröst Protocol enables cross-chain smart contract interactions, meaning dApps can leverage THORChain’s liquidity while remaining on other chains (e.g., Ethereum, BSC, Solana).

  4. Governance & Incentives

    • The RUNE token powers governance, staking, and liquidity provision, allowing for decentralized decision-making and incentive-based dApp development.

Limitations Compared to Ethereum/Solana

  • THORChain is not a general-purpose smart contract platform like Ethereum or Solana.
  • It is optimized for cross-chain liquidity rather than complex smart contract execution.
  • For advanced smart contracts, developers may need to use CosmWasm or integrate with THORChain’s APIs.

Conclusion

THORChain supports smart contracts and dApps but is best suited for DeFi applications focused on cross-chain liquidity. If you're looking for a general-purpose smart contract platform, Ethereum, Solana, or Cosmos-based chains (like Osmosis) might be better. However, if you want to build cross-chain DeFi tools, THORChain is a strong choice.

Would you like help finding resources for developing on THORChain?

Answered by mistral-small-latest (mistral)

How fast are THORChain transactions? What is the typical confirmation time and throughput (transactions per second)?

THORChain (RUNE) is a decentralized cross-chain liquidity protocol that enables users to swap assets across different blockchains without intermediaries. Its transaction speed and throughput depend on the underlying consensus mechanism and network conditions.

Transaction Speed & Confirmation Time

  • Block Time: THORChain operates on a 6-second block time (as of the latest updates).
  • Finality: Transactions are considered final after ~1 block (6 seconds), but cross-chain swaps may take longer due to the need for confirmations on the source and destination chains.
  • Cross-Chain Swaps: These typically take 30 seconds to a few minutes, depending on the chains involved and their respective confirmation times.

Throughput (Transactions Per Second - TPS)

  • Base Layer (Bifrost): THORChain’s native chain (Bifrost) can theoretically handle ~100 TPS under optimal conditions.
  • Cross-Chain Swaps: Due to the complexity of cross-chain transactions, the effective TPS for swaps is lower, often 5–20 TPS in practice.

Comparison to Other Chains

  • Faster than Bitcoin (~7 TPS) and Ethereum (~15–30 TPS, pre-L2 scaling).
  • Slower than Solana (~2,000–65,000 TPS) or Cosmos-based chains (~1,000+ TPS).

Factors Affecting Speed

  • Network Congestion: High demand can slow down confirmations.
  • Cross-Chain Dependencies: Some chains (e.g., Bitcoin) have slower block times, affecting swap finality.
  • Protocol Upgrades: THORChain is continuously improving its performance.

For the latest metrics, check THORChain’s official dashboard or RuneScan.

Would you like details on gas fees or specific chain interactions?

Answered by mistral-small-latest (mistral)

How much data can I store on the THORChain blockchain? Does it support on-chain data storage?

THORChain (RUNE) is primarily designed as a decentralized cross-chain liquidity protocol, enabling users to swap assets across different blockchains without intermediaries. However, it does not natively support large-scale on-chain data storage like some other blockchains (e.g., IPFS, Filecoin, or Arweave).

Data Storage on THORChain

  1. Limited On-Chain Storage

    • THORChain's blockchain is optimized for financial transactions (swaps, staking, governance) rather than general-purpose data storage.
    • Transactions and smart contract interactions (via CosmWasm) can store small amounts of data, but this is not scalable for large files.

  2. CosmWasm Smart Contracts

    • If you deploy a CosmWasm smart contract on THORChain, you can store small amounts of structured data (e.g., key-value pairs) within the contract's state.
    • However, this is not suitable for storing large files or unstructured data.

  3. Off-Chain Storage Solutions

    • For larger datasets, you would need to use off-chain storage (e.g., IPFS, Arweave, or centralized cloud storage) and store only a content hash or reference on the THORChain blockchain.
    • Example: Store a file on IPFS and record its CID (Content Identifier) in a THORChain transaction or smart contract.

Comparison with Other Blockchains

  • Ethereum (IPFS, Filecoin, Arweave): Supports decentralized storage via Layer 2 solutions.
  • Solana (Arweave, Helius): Has better storage capabilities than THORChain.
  • THORChain: Best for cross-chain DeFi, not general-purpose data storage.

Conclusion

If you need on-chain data storage, THORChain is not the best choice. Instead, consider:

  • Storing small metadata in a CosmWasm contract.
  • Using off-chain storage (IPFS, Arweave) and referencing it on THORChain.

Would you like guidance on integrating THORChain with off-chain storage solutions?

Answered by mistral-small-latest (mistral)

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