🔓 THORChain: No-KYC DeFi Protocol with $29M Revenue and Global Validator Network

**THORChain affiliate program generates significant revenue** - Affiliates have earned over $46M to date, averaging $29K daily across current chains - Solana integration is imminent, with SOL holding $7.9B TVL - second only to Ethereum - Solana's active builder community and high transaction volume expected to substantially increase affiliate earnings **Wallet providers called to integrate** Major wallets including MetaMask, Phantom, Coinbase Wallet, Atomic Wallet, Exodus, and Binance Wallet are being urged to integrate before the Solana launch. The combination of deep liquidity and multi-platform access continues to drive sustainable ecosystem growth for THORChain's cross-chain swap infrastructure.

A user executed two large swaps totaling $3.9M, converting USDC to Bitcoin through Ledger's integration with THORChain's SwapKit. **Key Details:** - $2M USDC → BTC swap - $1.9M USDC → BTC swap - Native Bitcoin transactions with full self-custody - No centralized exchange required **The Opportunity:** Any wallet can integrate THORChain to offer similar swaps and earn affiliate fees. Potential integrators mentioned include Rabby, Phantom, Magic Eden, and MetaMask. **Recent Performance:** THORChain's frontend processed $534M in Q4, saving users $1.8M in fees compared to typical DEX costs - all without KYC or custody risk.

THORChain has published its State of the Network report for January 2026, providing insights into the protocol's performance and metrics for the month. The report covers key operational data across THORChain's cross-chain liquidity infrastructure, which supports swaps, earning, and borrowing across Bitcoin, Ethereum, BNB, Cosmos and other chains. **Key areas likely covered:** - Trading volumes and liquidity metrics - Network security and node operations - Protocol revenue and treasury updates - User activity across supported chains The full report is available on the [THORChain blog](https://blog.thorchain.org/state-of-the-network-january-2026-2/). This monthly update follows THORChain's regular cadence of transparency reporting, with the previous marketing update published in late January covering November-December activities.

THORChain's January metrics show the protocol operating at institutional scale: - **$30M BTC-ETH trade** executed via streaming swaps - the largest single swap ever completed in DeFi - **$1.1M in protocol revenue** generated despite slow market conditions - **1M cumulative wallets** milestone reached - **$53M bonded** to secure the network The data demonstrates THORChain's capacity to handle institutional-grade transactions through its native cross-chain infrastructure.

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/)