THORChain

THORChain is a Layer 1 blockchain designed to let people swap cryptocurrencies across different blockchains directly, without relying on bridges or wrapped versions of assets. It currently connects thirteen blockchains, including Bitcoin, Ethereum, Solana, and others, allowing users to exchange native assets from one chain for native assets on another. The protocol is permissionless and does not require identity verification, addressing the problem of fragmented liquidity across separate blockchain ecosystems.

THORChain operates its own blockchain and uses liquidity pools that hold pairs of assets, with RUNE serving as the common settlement asset in every pool — meaning every swap is routed through RUNE on the THORChain network. Node operators bond RUNE to participate in securing the network and processing cross-chain transactions, which removes the need for traditional bridges or custodians. The consensus algorithm is not recorded in the data stored here, so further detail on that mechanism is unavailable.

The protocol generates fees from swaps conducted across its liquidity pools, paid by the traders using the network. Over the trailing 30 days the protocol collected 24,358 dollars in fees, and annualizing that 30-day figure produces 296,355.67 dollars; over the full trailing 12 months, fees totaled 102,399.74 dollars. The take rate for the trailing 30 days is recorded at 100 percent, meaning the protocol retains all fees rather than distributing a share to liquidity providers as supply-side revenue — supply-side revenue for the trailing 30 days is recorded as zero. At the current market capitalization, annualized fees represent a fee yield of approximately 0.139 percent.