THORChain

THORChain is a cross-chain exchange for swapping native assets like Bitcoin without bridges; RUNE settles every swap and secures the network.

THORChain is a decentralised exchange that swaps native coins between blockchains, for example real Bitcoin for real Ether, without wrapped tokens or bridges. Funds sit in vaults controlled jointly by validators through threshold signatures. It is permissionless and asks for no identity checks.

RUNE is paired with every asset in THORChain pools and settles all swaps. Validators must bond over 300,000 RUNE, which can be slashed if they try to steal funds, and holders can delegate RUNE to nodes. Rewards come from swap fees; 1% of fees is burned and 10% goes to holders of TCY, a token created in 2025 to repay about $210 million of debt after THORChain's lending and savers programmes failed (the debt was reported as about $200 million when the programmes were paused in January 2025). RUNE supply is capped at about 360 million and fully released.

THORChain has had security incidents, including a suspected $10 million exploit in May 2026, and has been criticised for refusing to block funds stolen in exchange hacks.