Thorchain

**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/)

**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.

**Vultisig** rolled out its new DeFi tab on iOS, enabling **one-tap access** to DeFi on Rujira Network and THORChain directly from vaults. **CALC Finance** announced grid trading coming soon to Rujira Network, offering advanced trading strategies within the native cross-chain stack. **Rujira Network** simplified cross-chain UX with omnichain logic - users just deposit USDC and the network handles everything else. No chain switching or extra steps required. **SwapKit** secured another major integration as CoolWallet joined to access THORChain routes for cross-chain flows, advancing native interoperability.

**THORChain node operators are being urged to vote on a crucial Mimir update** that promises to enhance network efficiency. The update specifically targets: - **Arbitrage support** - providing better tools for arbitrageurs - **Network optimization** - improving overall system performance - **Operational efficiency** - streamlining network operations This follows a previous October proposal to scale the App Layer by increasing TVLCAPBASIS to 15,000, which aimed to unlock deeper liquidity across the protocol. **Node operators play a critical role** in THORChain's governance, with their votes determining key protocol upgrades and parameter changes that affect the entire ecosystem. The community is actively encouraging participation to ensure the network continues evolving and maintaining its competitive edge in decentralized liquidity provision.

A new version **V3.14.0** is set to launch this Friday, bringing essential fixes and improvements to the platform. The development team describes this as a **small but important release**, focusing on stability and performance enhancements rather than major new features. Key highlights: - Targeted bug fixes and system improvements - Streamlined release focused on core functionality - Continues the platform's regular update schedule This follows the team's pattern of consistent updates, with previous releases showing their commitment to iterative improvements and maintaining platform reliability.

**Cross-chain competition intensifies** as most protocols rely on wrapped tokens and centralized solutions to scale. **THORChain takes opposite approach:** - Uses real assets instead of synthetic versions - No wrapped tokens or custodians required - Maintains decentralized infrastructure This creates a **fundamentally different model** - prioritizing resilience over quick scaling solutions that introduce trust assumptions. The battle lines are drawn between fast-scaling wrapped asset protocols and native asset approaches like THORChain.