THORChain

THORChain is a decentralized exchange protocol built on its own Layer 1 blockchain that allows users to swap native assets across different blockchains — for example, swapping Bitcoin directly for Ethereum — without relying on wrapped tokens or custodians. The problem it addresses is the friction and counterparty risk involved in moving value between incompatible blockchains, such as UTXO-based chains like Bitcoin and EVM-based chains like Ethereum. It is aimed at anyone who wants cross-chain liquidity without depending on a centralized intermediary.

THORChain operates its own blockchain and uses liquidity pools funded by participants who deposit assets from supported networks; swaps are settled natively on each connected chain rather than through synthetic or wrapped representations. RUNE, the protocol's native token, serves as the settlement asset in every liquidity pool, meaning it sits on one side of each pool pairing and facilitates pricing and settlement across all supported assets. The data does not specify the consensus algorithm in use, so no further mechanical detail on that dimension can be confirmed from the information stored here.

THORChain generates fees from users conducting cross-chain swaps, and the data shows fees of 124 USD over the most recent 24-hour period, 1,836 USD over the trailing 7 days, 2,619.90 USD over the trailing 30 days, and 109,093.94 USD over the trailing 12 months. The annualized figure derived from the trailing 30-day pace stands at 31,875.45 USD. The take rate is recorded at 100 percent for the trailing 30 days, meaning all fees collected are treated as protocol revenue with zero flowing to liquidity providers as supply-side revenue in that period. Fee growth over the last 30 days is recorded at 785.71 percent, though this figure should be read alongside the absolute levels, which remain modest.