Q4’24 Report | Q1’25 Report | Q2’25 Report | Q3’25 Report Summary Q4 2025 processed $4.02 billion in volume across 1.22 million swaps from over 108,000 unique addresses, collecting $5.02 million in swap fees. Pool liquidity contracted from $186 million to $87 million as market
Release v3.15.0 is an important upgrade focused on reliability, security, and user experience, comprising more than 41 merge requests. Among the most significant changes is the extension of memoless support from inbound flows to outbound transactions. The release also includes targeted fixes to swap execution logic, particularly in
November–December THORChain Marketing Update 2025: What We Shipped, Fixed, and Set Up
Rujira has already demonstrated that it can build serious DeFi infrastructure. Spot trading is live, perpetuals are live, and trading strategies are already being deployed on top of its stack. But a DeFi ecosystem built only around trading is incomplete. Lending is what unlocks capital efficiency, leverage, and a broader
Welcome to the January edition. This month, we track security, liquidity, volume, fees, user activity, and supply across THORChain. The goal is simple: a clear and comprehensive view of the state of the network. ⬇️ Let’s dive in. ⬇️ Volume and Fees December showed contrasting patterns compared to November's
THORChain is now officially live on Dune, bringing the protocol’s entire cross-chain liquidity layer into a single, transparent analytics environment. From today, all THORChain activity is fully visualisable, queryable, and exportable through Dune. This includes swaps, liquidity pools, vault activity, node operations, bonding, and cross-chain flows across every supported
In this series, TCC aims to give regular condensed “state of THORChain” updates. Enjoy!
Something special happened in the THORChain ecosystem over the past year. Wallets hit billion dollar volume. Security went institutional. Native DeFi apps started processing real transactions. Cross chain infrastructure became seamless. This isn't just growth. This is an ecosystem thirving. Some projects shipped more than others. Some hit
Between March and December 2025, THORChain entered a period of accelerated development. This translated into more than 220 merge requests delivered across 11 major protocol upgrades. As the year draws to a close, this is a good moment to step back and assess how THORChain has evolved from a robust
The only swap interface built to put THORChain first. We built swap.thorchain.org as the protocol's home base - a place where every swap prioritizes native cross-chain trading. No wrapped tokens. No centralized exchanges. Zero friction. Built for the community that makes it all possible. Why We
Most THORChain users never think about the Router. Yet every swap, deposit, and outbound transaction on Ethereum, BNB Chain, and other EVM chains passes through it first. The Router is the gateway between THORChain and the EVM world. It receives assets, reads user intent through memos, and emits the signals
In this series, TCC aims to give regular condensed “state of THORChain” updates. Enjoy!