THORChain V3.​11.​0 Launches with Rapid Swaps and Marketing Fund

THORChain's recovery from the May 15th exploit continues with measured progress. Nodes have upgraded to **v3.18.1**, which patches the vulnerability and restores Rujira Network's credit account functionality. **Key Developments:** - ADR028 approved by node operators, activating bounty for attacker to return funds - Protocol will cover remaining losses using Protocol-Owned Liquidity (POL) - v3.19.0 release in development, targeting stagenet testing by end of day tomorrow - tss-lib temporarily moved to closed source for security audit (reopening in weeks) **Recovery Plan Details:** Losses absorbed through POL (reduced to zero) and spread across synth holders. No new RUNE minted or sold, protecting holders from dilution. System income will be redirected to replenish POL over time. The attack exploited GG20 TSS implementation, allowing vault key material to leak. One malicious node operator reconstructed the private key, resulting in approximately $10.7M loss. The network's automatic detection systems halted signing activity, preventing further damage. Node operators urged to upgrade quickly once v3.19.0 reaches mainnet. Team prioritizing security over speed in the recovery process.

THORChain has published a comprehensive post-mortem report detailing the May 15, 2026 security exploit. The report covers: - Complete timeline of the incident - How the protocol's security layers detected and responded to the breach - Technical analysis of the vulnerability - Proposed solutions outlined in ADR-028 The team has also released a two-part video analysis providing additional context on the exploit. [Read the full report](https://thorchain.org/blog/thorchain-exploit-report-1)

**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 → your wrapped tokens become worthless - Atomic swap → 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 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/)

**THORChain v3.14.0** addresses several critical issues affecting user experience and network operations. **Key Fixes:** - **Swap Speed Restored**: Fixed bug causing trade assets (BTC~BTC) and secured assets to take ~13 minutes instead of instant settlement - **Vault Recovery**: Automated retry system for failed refunds from retired vaults, eliminating manual intervention - **Quote Consistency**: Removed randomness in quote queries to ensure same inputs always return identical results - **Outbound Safety**: All transactions now checkpointed immediately to prevent silent failures **Technical Improvements:** - Retired vault balances automatically recovered and refunded - Streaming swap time estimates now accurate for rapid swaps - Enhanced node safety with automatic retry mechanisms These updates resolve operational overhead, improve swap reliability, and strengthen the overall network infrastructure for cross-chain liquidity.