THORChain Achieves Record Swap Volume, Lending Activity Surges
THORChain Achieves Record Swap Volume, Lending Activity Surges
π Record Volume, Lending Boom
THORChain, a decentralized cross-chain liquidity protocol, has reported record swap volume exceeding $20 billion since the start of 2024, with over half of this volume generated in the last month alone. The platform has also witnessed a significant increase in lending activity, with collateral deposits of Bitcoin and Ethereum surging in recent weeks. THORChain's lending module allows users to borrow against their cryptocurrency holdings without interest or expiration, providing a unique opportunity in the DeFi landscape. As the protocol continues to gain traction, industry observers anticipate further growth in THORChain's swap volume and lending activity in the coming months.
π Streaming swap has started [9c5u]: 68.0 BTC ($4.7M) β β‘ β ETH / 485.8α± clout 299 swaps every 3 blocks, duration is about 1 hour 29 min + outbound delay. Track Tx: track.ninerealms.com/AA0E55E881FB61β¦
THORChain just passed $40b in total volume π For months now, processing >$100m every 24h Next target? $1 billion in daily volume Onwards
Since the start of 2024, swap volume on @THORChain has exceeded $20 billion, with over half of this volume generated in the last month alone. As we move into Q2, what can we anticipate for @THORChain's swap volume?
WOW one of the biggest opportunities to eat a DeFi platform's lunch has just presented itself for @THORChain MakerDAO has "Temporarily" raised their interest rate to 17.25% as of 12 hours ago. I was running math on my vault and I am now paying $60,375 PER YEAR in interest
Just pulled some lending numbers. 3968 total loans to date on THORChain. 3046 come from THORSwap. THORSwap accounts for > 76% of all loans. By volume: $37,685,622 / $46,964,769 Collateral TS/TC (80.24%) $14,550,546 / $18,398,112 Borrowed TS/TC (79.09%) Basically, 80% of all
> they donβt know @thorchain lending is an option
π¦β Loan open [58nx] Collateral deposited: 3.0 BTC ($209,550) CR: x2.0 Debt: $104,643 Target asset: BTC dashboards.ninerealms.com/#lending
$RUNE Highest monthly volume on @THORChain and we are not even halfway through the month....we are gonna see Billion dollar daily volumes soon. #THORChads #Thorchain
I'm doing a small scale test of borrowing BTC against my BTC using shapeshift.com So far, I am liking what I am seeing.
Approaching the Peak: @THORChain Nears All-Time High TradingΒ Volume πΉThe rise of the $RUNE Ecosystem has been significant, as the ecosystem is currently processing over 100M in daily volume. πΈ@Thorchain can capitalize on the latest volatility, as the DEX is perceived as
π Streaming swap has started [6e8e]: 6.0 ETH.WBTC ($402.0K) β β‘ β BTC / 14.4α± clout 192 swaps every 3 blocks, duration is about 57 min 36 sec + outbound delay. Track Tx: track.ninerealms.com/664A3BFC10F1F3β¦
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$RUNE is fully distributed. The Treasury sits on 7m RUNE (1.4% of supply) for long term ecosystem funding. Literally everything else is circulating, burnt or locked in the protocol. Major investors all puked last cycle. Only the thorchads hold rune now.
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This one chart summarizes @THORChain's journey to becoming the #1 cross-chain DEX in the industry. The network survived the Terra blow up, 2 year bear market, and growing pains while scaling, and now its doing >$1b in volume per week. We have more scaling to do, onwards.
π¦β Loan open [0787] Collateral deposited: 520.7 ETH ($2,097,543) CR: x2.0 Debt: $1,047,035 Target asset: ETH.USDC dashboards.ninerealms.com/#lending
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Collateral is being onboarded onto THORChain at a rate of $1m/hour. Previously it was $1m/day. At this rate, lending caps will be full in a week. However, Lending Caps are based on RUNE:L1 prices. Any price reflexivity will result in a higher collateral cap.
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Liquidity on @THORChain is surging. This surge could be attributed to the price action of $RUNE, which increases the value of liquidity pools when measured in dollars. However, the question arises: Is this surge affecting the profitability of liquidity providers (LPs)?
Retail may not be here already, but when they are, one thing is certain: @lifiprotocol will be part of their foray into crypto. Robinhood β the home of retail. MetaMask β the entry point to the EVM ecosystem. Phantom β the gateway to the memecoin casino. All of them have one
π Streaming swap finished π€[c819]: 120.0 $ETH β β‘ β 6.1 $BTC ($435.3K) ShapeShift Aff. fee: $435.3 (0.1%) Slip: 0.030 %, liq. fee: $221.3 β±οΈ Time: 2 min 36 sec. runescan.io/tx/A0CDA7D6716β¦
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π Streaming swap has started [1123]: 350.0 ETH ($1.1M) β β‘ β BTC / 2,058α± clout Swaps every 10 blocks. Track Tx: track.ninerealms.com/A24DB72E2AB06Eβ¦
Loans are streaming in at a huge rate. As RUNE is reflexive, the space just keeps opening up. The caps (right now) can now onboard a total of $216m in Collateral. Let's gooo!
At least they are talking about us. I wouldn't advise anyone to put #BTC into @thorchain without having done proper due dilligence. For the majority it is better to hodl cold storage. But thorchain offers a fantastic option to those willing to take the risk. #RUNE
Time to watch the next class get REKT. Nothing comes without risk. Ever. Protect your #Bitcoin at all costs.
March 2024 was the first month in THORChain history with over $10b in trading volume π A major win for DEXs, but the goal is unambiguously to flip the volume and liquidity of centralized exchanges. Bitcoin liquidity will live natively, on-chain. Onwards
π¦β Loan open [hye3] Collateral deposited: 4.96 BTC ($325,293) CR: x2.0 Debt: $162,356 Target asset: BTC dashboards.ninerealms.com/#lending
@THORChain is the leading player in this category of cross-chain BTC/ETH DEX, and it achieved $2.29B in trading volume last week, surpassing Curve Finance. This implies that smart money is gradually shifting from BTC to ETH in parts.
π Streaming swap has started [1123]: 350.0 ETH ($1.2M) β β‘ β BTC / 1,982α± clout Swaps every 10 blocks. Track Tx: track.ninerealms.com/D5C33D551576A6β¦
THORChads grind. The last 3 years everything has been thrown at the protocol and yet currently shooting for ATH metrics. Onwards. $RUNE
This one chart summarizes @THORChain's journey to becoming the #1 cross-chain DEX in the industry. The network survived the Terra blow up, 2 year bear market, and growing pains while scaling, and now its doing >$1b in volume per week. We have more scaling to do, onwards.
new loan activity today new Collateral totals: BTC: 53.86 ETH: 649.54
I noticed from @THOR_InfoBot this huge $eth LP deposit 22 days ago. Theyβre currently up 70 eth already β‘οΈπ₯
π³ββ‘ Add liquidity π€[46d9]: 212.5K Rune ($1.9M) βοΈ 2.0M $USDC (ETH) ($2.0M) Total: $3.9M (12.52% of pool) Pool depth is $31.1M now. runescan.io/tx/307860A788Cβ¦
People can borrow 50% against their $BTC on @THORChain with 0% interest and no liquidations⦠and this BUYS and BURNS $RUNE off the open market⦠and the current caps allow another 20M $RUNE to be bought and burned⦠and nearly nobody understands this yet⦠interesting.
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Cross-chain liquidity protocol @THORChain has seen its usage and TVL surge after burning 60M RUNE last week to boost its lending capacity. $RUNE is up nearly 70% in the past weekπ Read more: thedefiant.io/thorchain-thunβ¦
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π¦β Loan open [q36j] Collateral deposited: 2.0 BTC ($135,418) CR: x2.0 Debt: $67,637 Target asset: ETH.USDC dashboards.ninerealms.com/#lending
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THORChain investment thesis: 1. @THORChain's fundamentals are arguably at an all time high: users, volume, liquidity, network effect, integrations, features, etc. It's a battle tested protocol with a large moat and strong community behind it. This is reason enough for an
This Thorchain lending with native #Bitcoin collateral might be a very big deal. - Unlocks DeFi for Bitcoin - Never sell your BTC, just borrow against it - No liquidations, so no cascading liquidations: 'fuck begets fuck' never gets rolling. - No stored collateral, so nothing to
π Streaming swap finished π€[tzxz]: 10.3 $BTC β β‘ β 689.1K $USDT (ETH) ($688.6K) Aff. fee: $4.8Kβ (0.7%) Slip: 0.040 %, liq. fee: $351.4 β±οΈ Time: 12 min 24 sec. runescan.io/tx/DEDB550E4B7β¦
π¦β Loan open [2f8a] Collateral deposited: 21.0 ETH ($72,403) CR: x2.0 Debt: $36,239 Target asset: ETH.USDC dashboards.ninerealms.com/#lending
π Streaming swap has started [0663]: 400.0 ETH ($1.5M) β β‘ β BTC / 10.3α± clout 91 swaps every 9 blocks, duration is about 1 hour 21 min + outbound delay. Track Tx: track.ninerealms.com/D34806F10CB77Fβ¦
π Streaming swap finished π€[zqmu]: 2.9 $BTC β β‘ β 56.3 $ETH ($203.5K) Aff. fee: $1.4K (0.7%) Slip: 0.030 %, liq. fee: $106.8 β±οΈ Time: 1 min 12 sec. runescan.io/tx/3817E943671β¦
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π¦β Loan open [a352] Collateral deposited: 50.0 ETH ($177,566) CR: x2.0 Debt: $88,630 Target asset: ETH dashboards.ninerealms.com/#lending
Lending on @THORChain averages around 5% of the daily volume (in purple), which is a notable increase since 2024. Despite not dominating the volume metrics, it remains a pivotal component of THORChain's ecosystem and strengthens THORChain's position in the DeFi landscape.
Anyone know what fraction of this 10B is purely from lending? Looks like there is 15M $RUNE worth of collateral deposited so approx 130M USD. So even if 1 deposit causes 2 or 3 swaps, it's still only a small fraction of all the volume right?
π Streaming swap finished π€[8e77]: 211.0K $USDT (ETH) β β‘ β 3.1 $BTC ($209.2K) Aff. fee: $1.5K (0.7%) Slip: 0.040 %, liq. fee: $104.3 β±οΈ Time: 3 min 48 sec. runescan.io/tx/130E8B892B5β¦
π Streaming swap finished π€[tkes]: 5.8 $BTC β β‘ β 115.2 $ETH ($404.4K) THORSwap Aff. fee: $1.2K (0.3%) Slip: 0.030 %, liq. fee: $206.8 β±οΈ Time: 7 min 30 sec. runescan.io/tx/8846ACFD883β¦
β‘DeFi degens have piled more than $100 million into Thorchain after the cross-chain liquidity protocol raised its collateral limits. The surging activity follows a spike in Thorchain's volume and TVL π Read More: thedefiant.io/thorchain-loanβ¦
π¦β Loan open [su69] Collateral deposited: 2.57 BTC ($169,349) CR: x2.0 Debt: $84,558 Target asset: ETH.USDC dashboards.ninerealms.com/#lending
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π¦β Loan open [6341] Collateral deposited: 42.0 ETH ($150,182) CR: x2.0 Debt: $75,110 Target asset: ETH dashboards.ninerealms.com/#lending
π¦β Loan open [4837] Collateral deposited: 50.0 ETH ($178,855) CR: x2.0 Debt: $89,168 Target asset: BTC dashboards.ninerealms.com/#lending
β‘BREAKING: New monthly volume ATH on THORChain and we are only halfway through March. Previous ATH- $5.17 B, November. $RUNE onwards!
π³βπ° Add to savings vault π€[kwc2]: 3.0 synth $BTC Total: $194.6K Savers cap is β°β°β°β°β°β°β±β±β±β± (61.8%) full. You can add 1.5K BTC more. runescan.io/tx/A624F33669Aβ¦
π¦β Loan open [4cy7] Collateral deposited: 7.5 BTC ($509,221) CR: x2.0 Debt: $254,284 Target asset: ETH.USDC dashboards.ninerealms.com/#lending
Now tracking THORChain Lending on @THORChain THORChain Lending provides USD-denominated loans against native assets as collateral, with no interest or expiry
Over $3.1 BILLION traded on @THORChain in the past 7d. The utility is real. Resilient project. Don't fade. π« $RUNE
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The integration of @THORChain into @lifiprotocol has experienced a consistent increase in swap activity, with close to 500 swaps conducted. A peak of 48 swaps occurred on 24th March 2024, marking it the highest number of swap transactions.
The redemption arc has begun. ATH in swaps, volumes, users, TVL. THORChads have ground, worked, hustled and shipped for years for this moment. The largest cross-chain DEX is about to become much, much larger. Onwards.
π¦β Loan open [jap2] Collateral deposited: 2.0 BTC ($131,480) CR: x2.0 Debt: $65,680 Target asset: ETH.USDT dashboards.ninerealms.com/#lending
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π¦β Loan open [4268] Collateral deposited: 36.0 ETH ($129,004) CR: x2.0 Debt: $64,489 Target asset: ETH.USDC dashboards.ninerealms.com/#lending
$0 liquidations on @THORChain lending. That's it. $RUNE
π¦β Loan open [BtiB] Collateral deposited: 7.0 BTC ($469,565) CR: x2.0 Debt: $234,527 Target asset: BTC dashboards.ninerealms.com/#lending
Update -- I have now successfully used Thorchain's native #Bitcoin lending at low power. I put in $527 worth of native #Bitcoin as collateral (.0077 BTC) (Note: I needed to use the local @ShapeShift Bitcoin wallet -- I could not get it to work with OKeX web wallet and
So @THORChain currently has space for 17.82m RUNE worth of collateral for new loans. At a $RUNE price of $11, this is ~ $200m worth of collateral that can be deposited into TC. 50% of loan collateral is used to market buy and burn $RUNE. This creates a price agnostic $100m bid
TEN BILLION DOLLAR MONTHLY VOLUME TARGET ACHIEVED!!! β‘οΈπ΄ ββββββββββ 100% π₯π₯π₯ $rune
$RUNE long and strong.... has the best fundamentals and usage at ATH. Pool Liquidity at #AllTimeHigh and it's not gonna stop anytime soon. It's @THORChain 's time to #ReignOn
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What happens next: 1) 100% of nodes update: V1.128 code path executed 2) 60,000,000 $RUNE moved into RESERVE and insta-burned 3) Lending Caps opened ~$100m in Collateral Space opened 4) Resume onboarding collateral at a rate of $1m/day Who's ready?
π Version upgrade progress β°β°β°β°β°β°β°β°β°β°β°β°β±β± 83 % 85 of 102 nodes upgraded to version 1.128.0. β‘οΈ Active protocol version is 1.127.2 (17 nodes). * Minimum version among all active nodes.
Maya Protocol Takes Over THORChain Development as Cardano Integration Nears
**Maya Protocol is expanding its role in the THORChain ecosystem** with two major developments: - **Cardano integration imminent**: Stagenet testing for $ADA + v129 is live, with mainnet release expected within days. Liquidity will be seeded in phases, with additional tokens planned post-launch. - **Infrastructure transition**: As 9 Realms steps back from THORChain, Maya Protocol is stepping in to handle part of THORChain's development and maintenance. The team is dedicating 1 developer plus shared infrastructure across both ecosystems. **New tools and features launched:** - [THORStackAPI](https://thorstackapi.com) went live - free API for builders with REST, WebSocket, gRPC, and Midgard support - THORWallet added Limit Orders on THORChain - [leodexio V2](https://leodexio.com) launched with 0.45% fees across 107+ DEX aggregators - THORDEX introduced opt-in node-level privacy, increasing censorship resistance by 10x **Notable milestones:** - ZenGo surpassed 1M+ Android downloads - Unstoppable Wallet's duress mode feature highlighted - allows multiple unlock PINs, each revealing different wallet sets for security in forced-unlock scenarios
Zano Tackles Privacy Chain Integration Challenge with Gateway Addresses
**The Challenge** Integrating privacy-focused UTXO blockchains into DeFi protocols presents a fundamental technical problem. Cryptocurrencies like Zano operate with privacy by default - there are no visible balances for protocols to interact with. **The Solution** Zano's upcoming Hardfork 6 introduces **gateway addresses** as a potential solution. This innovation could enable privacy chains to integrate with cross-chain protocols like THORChain, which currently struggle to work with assets that have no visible on-chain balances. **Why It Matters** This addresses a real infrastructure gap in crypto. Privacy chains offer genuine benefits for traders, businesses, and users who need transaction confidentiality, but their architecture has made them difficult to incorporate into broader DeFi ecosystems. Gateway addresses may provide the bridge between privacy preservation and protocol interoperability.
THORChain tackles $3M monthly arbitrage leak with Rujira's smart contract solution
THORChain's liquidity pools suffer from a structural inefficiency: external arbitrage bots capture $3 million monthly by correcting price deviations that average 0.40% from market rates. On $800 million in monthly arbitrage volume, these small gaps cost users through worse swap execution. **The solution:** Rujira Network's App Layer uses dynamic liquidity strategies that track THORChain's enshrined oracle prices (deployed August 2025). Instead of waiting for external bots, smart contracts correct price deviations faster. **Projected impact:** - Capture 10-50% of arbitrage volumes - Return $190K-$925K monthly to the ecosystem - Tighter spreads and better execution for users Rujira's revenue model splits fees 50/50 with THORChain when not using base layer liquidity. When using native assets, Rujira keeps fees while THORChain earns its swap fee separately. As more users deposit native assets (BTC, ETH) into Rujira apps, more RUNE must be bonded by node operators, creating upward pressure on RUNE demand. The App Layer demonstrates how protocol infrastructure enables builders to improve efficiency without extracting value from the base layer.
Why Bridge Hacks Keep Happening and How Atomic Swaps Solve It
**Bridges don't actually move your assets** - they lock them in vaults and issue wrapped tokens as IOUs. When you bridge ETH to Solana, your real ETH sits locked while you receive a synthetic token representing a promise to unlock it later. **This architecture creates a critical vulnerability**: the system must maintain perfect synchronization between locked assets and minted synthetics. Major exploits include: - Wormhole: $320M lost - Ronin: $600M lost - Nomad: $190M lost **THORChain uses a different approach** with atomic swaps. When swapping ETH for SOL, your Ethereum enters a threshold-signature vault while native Solana from a separate vault goes to your address. No wrapped tokens exist. **Key differences**: - Bridge hack β your wrapped tokens become worthless - Atomic swap β transaction either completes or refunds, no synthetic tokens at risk **The tradeoff**: Native swaps are slower and more expensive than bridges, but eliminate the failure mode where users discover their wrapped tokens have no backing. With atomic swaps, you never hold someone else's promise.
THORChain Reports $4B Swap Volume in Q4, Plans Solana and ZCash Integration
THORChain released its Q4 2025 ecosystem report showing significant activity across its decentralized liquidity protocol. **Key Metrics:** - $4.02B in swap volume - 108,000 unique swappers - 1.22M total trades - $5.02M collected in swap fees - Beta launch of swap.thorchain.org **2026 Roadmap Highlights:** - Solana integration - ZCash support - Rapid Swaps feature The numbers represent a slight decrease from Q3's $4.5B volume and 1.8M swaps, though the platform maintained strong user engagement with over 100,000 active swappers. [Read the full report](https://blog.thorchain.org/thorchain-q4-2025-ecosystem-report-2026-roadmap/)