THORChain v3.​5.​0 Introduces Major Bifrost Refactor and TCY Token

THORChain has implemented a significant technical upgrade, achieving a **3000x improvement in spread** - a metric that affects trading efficiency and slippage for users swapping assets across chains. This enhancement builds on previous optimizations, including the activation of memoless transactions and the Advanced Swap Queue in November 2025, which improved operational efficiency. **Key implications:** - Dramatically reduced trading costs for cross-chain swaps - Better pricing for liquidity providers and traders - Continued momentum in protocol development The improvement represents another step in THORChain's ongoing efforts to optimize its decentralized liquidity infrastructure for cross-chain asset swaps.

THORChain published an analysis examining the fundamental differences between self-custody and exchange-held assets. **Key Points:** - Explores why assets held on centralized exchanges aren't truly "yours" despite appearing in your account - Discusses the trade-offs between convenience and actual ownership - Examines custody models and their implications for users - Highlights the importance of understanding who controls your private keys The piece serves as an educational resource for users navigating different custody options in crypto, emphasizing the distinction between holding keys yourself versus trusting third parties with asset control.

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** continues to stand out as a leading decentralized liquidity protocol in DeFi, offering cross-chain swaps without KYC requirements. **Key Highlights:** - **Revenue**: $29M in protocol revenue - **Decentralization**: 100+ validators operating globally - **Privacy-focused**: No KYC requirements for users - **Access**: Available at [swap.thorchain.org](http://swap.thorchain.org) The protocol enables users to swap, earn, and borrow across major chains including BTC, ETH, BNB, and Cosmos ecosystem assets while maintaining decentralization and user privacy.

THORChain has deployed protocol upgrade V3.15.0, implementing 41 merge requests focused on technical improvements and reliability. **Key Updates:** - Outbound memoless transactions to reduce failed transactions on restrictive chains - Fixes for swap execution across streaming, limit, and rapid swap types - Enhanced security and safety measures - Chain-specific reliability improvements, including preparations for Solana integration The upgrade addresses core infrastructure challenges and expands cross-chain compatibility as the protocol prepares for additional chain support. Full technical details: [THORChain Blog](https://blog.thorchain.org/protocol-upgrade-v3-15-0/)