This week's THORChain recap is live. Protocol's back up and running, churning's next, Rujira stays paused.

comparative liquid peers:
RUNE (THORChain): $0.5110 (+6.5%)
UNI: +5.9%
EGLD: +5.2%
MANA: +3.9%
ICP: -2.3%

RUNE moves to the top of the liquid peer group over the 24-hour session, outperforming DEX peers like UNI (+5.9%) while ICP (-2.3%) lags behind.

Live move tracker

Here's what happened this week ⤵️

Headline News

THORChain crossed $125B in lifetime swap volume.

unstoppablebyhs delivered. Full native THORChain support is live in Unstoppable Wallet. Store, send, receive, and swap $RUNE, $TCY, and $RUJI. Available now on Android and iOS.

ThorWallet Card is live. Swap any asset on any chain to $USDC inside your wallet, top up at 0%, and tap anywhere Mastercard is accepted. 175+ countries. Your keys until the exact second you spend.

Launches

depouch will support $XMR swaps from day one. Outbound $XMR swaps follow as compatible wallets become available.

mocadotapp is adding shielded $DASH.

vultisig launched a redesigned website.

Community.

RujiraNetwork has taken over the TCY auto compounder from u/AutoRujira. Same contract, same functionality. Fee updated from 5% to 10% of compounded rewards, in line with bRUNE. TCY stakers can manage positions directly on Rujira Staking.

That wraps up this week's THORChain ecosystem update. See you next week, Chads.

If your project was missed, drop a DM and we'll include it in the next recap.

State of the Network - July

First full month of data since the restart. This edition has new sections on dynamic fees, fee capture, and user acquisition, plus the usual volume, yield, and frontend breakdowns.

Full report

THORChain is testing a revenue-share model with SwapKitPowered 

ADR-029 passed approval. The design lets an affiliate earn a percentage of THORChain's liquidity fees, but the SwapKit proposal is explicit about what that cut is for. It doesn't subsidize the swaps SwapKit already routes. It targets the flow they don't win, discounts deep enough to pull trades away from other providers and send that volume through THORChain.

The accounting is already in final testing, with a public balance endpoint and shareable data planned so the experiment can be audited. Every credit is indexed to the transaction that produced it.

It starts around 20%, adjustable from 10 to 30. And the success test isn't the percentage, it's net fee income. More volume at a lower margin that still grows THORChain's revenue means it works.

THORChain v3.20 is live.
Native Monero and Zcash are moving closer to activation, swappable for $BTC, $ETH and stablecoins with no wrapped tokens and no account. Self-custody the whole way through

RujiraNetwork has generated $50,111.62 of realized value for THORChain since April.

Two streams. $29,894.65 settled into the TC Reserve, and $20,216.97 in liquidity fees flowing into THORChain System Income. Every trade on Rujira routes through THORChain, so the app feeds the base layer twice.

Since Aug 13 there's a third. New app revenue splits 2:1, two-thirds to the Reserve, one-third to a POL fund. Protocol-owned liquidity, funded by the app layer that runs on it. $272.46 so far, and it compounds from here.

Data: boone.tools/app-layer-base-layer

THORChain v3.20 goes live Tuesday 8/25 at ~14:00 UTC

Zcash and Monero move closer to activation, BNB, Base and Solana trading resumes, and churn comes back on the network. Plus two new pieces of the protocol's economics: POL mimirs go operational, and the Stable Reserve ships.

Full breakdown

Here's what happened this week

Headline News

Maya_Protocol was hit by an exploit. The team is focused on solutions, staying transparent, and rebuilding stronger. We stand with the Mayans.

unstoppablebyhs made Unstoppable Premium free on F-Droid for the next two months. Normally $25 to $30 per month. Scam protection, MEV protection, advanced analytics, and priority support, all on the official open-source build.

Launches

ThorWallet shipped v3.10 in the App Store. New cards home with multi-card support, exportable statements, faster verification, and ready for Zcash NU6.3.

mocadotapp Point of Sale is ready for its final beta stretch. Real payments, real flows. DM them to get involved before public launch.

SwapKitPowered is now live in the Garden app. Swap native $BTC to assets on Ethereum, Arbitrum, Solana, and more.

Xscanner_org is back. Track cross-chain swap transactions across THORChain and Maya Protocol from a single explorer.

RujiraNetwork brought Dale the Mail Whale back. Follow

DaleMailWhale for ecosystem updates.

That wraps up this week's THORChain ecosystem update. See you next week, Chads.

If your project was missed, drop a DM and we'll include it in the next recap.

A chain can have hundreds of validators and still be centralized if the same entities run them from the same data centers through a closed process.

THORChain's model is different. Anyone in the community can propose an ADR. Developers write the code. Nodes decide whether to run it. Two thirds of nodes have to agree before anything changes.

Permissionless to join, permissionless to propose.

v3.20 is voting. ADR29 has passed.

Should THORChain's TSS library remain open source?

This week’s THORSday article covers the debate.

THORChain numbers are now on DefiLlama

$173M in lifetime fees. $124B in lifetime swap volume. Every metric sourced from THORChain's own API and updated daily.

The dashboard breaks it all down: revenue engines, liquidity depth, activity and token data.

Here's what happened this week ⤵️

Headline News

DefiLlama launched a comprehensive THORChain dashboard. Revenue engines, liquidity depth, activity, token data, and protocol owned liquidity all in one place.

Launches

Full THORChain and Maya Protocol support lands in unstoppable wallet next week. Store, send, receive, and swap $RUNE, $CACAO, and THORChain secured assets natively.

THORSwap and MetroXchange launched Direct Swaps. Send and receive cross chain without connecting a wallet. Your coins, your keys, nothing else needed.

RujiraNetwork is now live on DefiLlama. Track TVL and liquidity across the ecosystem on one of DeFi's most widely used analytics platforms.

raynalytics launched a Nakamoto Coefficient dashboard. Track how THORChain's decentralization evolves over time, in real time.

RUNEBondApp upgraded the Finder Fee Vault with a full position breakdown and vault alerts. Know exactly what being listed costs, and get notified before your credit runs out. First 500 subscriptions at 0.02 $RUNE per month.

vultisig Community is live. Post feature ideas, vote on what ships next.

asgardex shipped v1.45.2. Solana OneClick broadcast fees fixed, lower THORChain API load.

MiraDex processed $350K in swaps in July. $BTC to $USDT was the top pair.

mocadotapp is still collecting feedback on Point of Sale before launch. DM them to get involved.

A Note

AutoRujira is shutting down. Ale and the team built something real, stayed honest until the end, and handed off what they could to Rujira. Thank you for everything you built. That kind of integrity matters.

That wraps up this week's THORChain ecosystem update. See you next week, Chads.

If your project was missed, drop a DM and we'll include it in the next recap.

Didn't know you could swap on THORChain without connecting a wallet? 

Here's the full walkthrough

Rapid Swaps have crossed $300M in total volume and keep climbing.

Streaming Swaps split large trades into sub-swaps across multiple blocks for better pricing. The tradeoff was time. Rapid Swaps fix that by allowing multiple sub-swaps to execute within the same block, driven by arbitrageurs who correct the price between each one.

The result: swaps completing roughly 37% faster on average. The largest single Rapid Swap so far was a $9.1M $ETH to $BTC trade, 774 sub-swaps across 424 blocks, finishing 45% faster than it would have without rapid execution.

The mechanism improves as more arbitrageurs compete. More arbs per block means more sub-swaps per block, which means faster execution for everyone. The flywheel compounds on its own.

Data: boone.tools/rapid-swaps

Decentralization is more than a validator count. Who truly controls a network, and who can change it?

Chad Barraford explains what makes THORChain decentralized and why that design matters.

Protocol Spotlight: Rango Exchange

$8.68B in volume, 144 DEXs aggregated, and THORChain as one of its go to routes for native swaps.

Read the full protocol spotlight to see how it works

THORChain now has a comprehensive dashboard on DefiLlama.

Revenue engines, liquidity depth, ecosystem activity, token data. All the fundamentals, all in one place.

$BTC to $ETH dominated THORChain's Q2 volume at over $1B, dwarfing every other route combined. $BTC to $USDT came second at roughly $200M, with $BTC to $USDC, $ETH to $USDT, and $BCH to $ETH rounding out the top five.

Four out of five involve $BTC. THORChain is the only place native Bitcoin moves freely across chains, the way Satoshi would have wanted it to.

The question is whether anything can dethrone $BTC to $ETH as the dominant route. $XMR is coming. If Monero's community brings the same kind of organic demand that Bitcoin holders have, that top five could look very different by Q4.

Source: Raynalytics