Analyst Takeaway
- THORChain averaged $31.1 million in daily L1 Swap Volume in 2025.
- Trade Asset Volume averaged $54.2 million daily throughout 2025, surpassing L1 Swap Volume.
- Secured Asset Volume was steady throughout 2025 but remains relatively small, averaging 4%.
- Cumulative volume reached over $120 billion since launch.
Analyst Takeaway
- Instead of bonding or pooling RUNE to earn yield from the network, investors can buy and stake TCY.
- 10% of THORChain’s revenue goes to users who stake TCY.
- TCY has a maximum supply of 210 million, all of which is circulating.
- All swap fees from the TCY liquidity pool and the yield from unclaimed TCY are used to buy more TCY and lock it into the protocol.
- The yield from these protocol-owned tokens is used to buy more TCY, compounding the locked TCY. Over a long enough time horizon, the protocol could eventually own 100% of the TCY supply.
Analyst Takeaway
- THORChain is one of the highest revenue generating protocols in crypto
- Fees are deducted from the swap and used to buy RUNE, creating buy pressure on the token.
- 75% of the fees go to nodes and pools, 10% goes to TCY token holders, 5% goes to the developer fund, 5% goes to the marketing fund, 5% are burned.
Analyst Takeaway
- THORChain had an average liquidity of $135.2 million in 2025.
- Majors (BTC + ETH) continued to make up the majority of liquidity distribution, averaging a combined $79.4 million, which is 58% of all liquidity across 2025.
- Stablecoins were the next-largest liquidity asset, accounting for 16.9% of all liquidity and totaling $22.7 million in 2025.
- Due to THORChain's capital efficiency, trades of the same size as the pool can be executed with minimal slippage. For example, a pool that has $5M in depth can handle a $5M swap with ease.
Analyst Takeaway
- THORChain enables wallets developers to add an affiliate fee on all their swaps. The protocol collects these affiliate fees on every transaction and sends them to the affiliate address in a non-custodial and transparent manner.
- Affiliate fees are distinct and in addition to protocol fees.
- THORChain affiliates finished 2025 with a total cumulative revenue of $44.7 million.
- TrustWallet was the most profitable affiliate in 2025, making $6.1 million in affiliate fees.
Analyst Takeaway
- Ethereum was the largest chain by swap fees in 2025, with a total of $14.7 million.
- Bitcoin swap fees totaled $9.1 million for 2025, averaging $24.5k per day.
- THORChain continues to expand the short tail (large market cap) assets that aren’t supported on other DEXs
Analyst Takeaway
- THORChain had a total of $25.65 billion in BTC volume over the past year, vs. $9.73 trillion on centralized exchanges, putting THORChain’s volume at 0.26% against CEX volume over the past year.
- Binance and Coinbase averaged 18.3% and 3.1% of BTC volume, respectively.
- THORChain had a daily average of $26.5 million in BTC volume over the past year.
- THORChain’s lifetime Bitcoin volume is $41.75 billion.
THORChain is the first decentralized exchange to enable swaps between native Bitcoin and other native L1 tokens. It solved the problem of swapping between UTXO and EVM chains without using bridges, wrapped assets, centralized intermediaries, or offchain transactions. You can trade from any self-custodial wallet worldwide without connecting it to a website. Any app, aggregator, or wallet can integrate THORChain into its backend, acting as infrastructure for cross-chain swapping. Trust Wallet and Ledger have already integrated it, along with dozens of others.
THORChain is a Layer 1 blockchain that functions as a decentralized liquidity network, enabling users to swap BTC, ETH, SOL, and other major L1 tokens directly via continuous liquidity pools. Each liquidity pool is paired with RUNE, THORChain's token.
The pools are secured by a decentralized network of nodes using TSS (threshold signature scheme). Running a node is permissionless except for bonding a minimum amount of RUNE to enter the validator set. The incentive for users to provide liquidity, bond, and operate nodes is to access yield from network fees. The fees are paid in RUNE and deducted from the user's swap.
THORChain has no block rewards; all the revenue on the protocol is from real users paying with real money. The token supply is deflationary, with 5% of revenue going towards burning tokens.
THORChain has another token called THORChain Yield (TCY). 10% of protocol revenue goes to users who stake TCY tokens.
THORChain has developed the ability to create smart contracts on it, paving the way for it to become a true L1 protocol. The dApps built on this app-layer will use wrapped assets, however, users will be able to settle directly into native Bitcoin and other L1 tokens. The app layer enables the following: orderbook, perp DEX, options, money market funds, Bitcoin-backed stablecoin, AI agents, prediction markets, token launchpad, NFT marketplace, and more.