$0.6430

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)

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.

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.

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.

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.

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.