A Recap of 2025 — Laying The Foundations

2025 has been a year of building and an important year for laying the foundation for what is shaping up to be a very promising 2026, when we begin to scale. Together with the THORChain team, we built an entire App Layer from the ground up, launched our token, and deployed our first products alongside our amazing community and ecosystem builders.

Let’s recap the most important milestones and what we have accomplished so far.

⚡️App Layer and Cosmos SDK

While THORChain and Rujira were a natural fit from the beginning, launching Rujira as the App Layer and deploying our products required several upgrades. One of the major upgrades was the implementation of Cosmos SDK v50 and CosmWasm, enabling smart contract functionality on THORChain.

Both teams worked very hard toward this. All effort led to THORChain v3.3, which marked a very important milestone for both THORChain and Rujira, as it introduced CosmWasm to Mainnet and therefore marked the birth of the App Layer, allowing us to launch the very first smart contract on Mainnet.

⚡️Secured Assets

Another big upgrade that was needed was to allow the native assets supported by THORChain to be used across our products.

THORChain’s primitive, Secured Assets, is what allows us to offer DeFi with native assets. It lets you deposit your BTC and other assets into an Asgard Vault, protected by over 100 decentralized validators, and mint Secured BTC to use it across our product suite. A much better, safer and fully decentralized alternative to wrapped tokens or third-party bridges. More information on how it works and its benefits can be found in the article below.

⚡️Enshrined Oracles

2025 has been the year of the rise of Perp DEXes, but also a year with many oracle issues and exploits across both CEXes and DEXes, often leaving the community on the wrong end of it.

THORChain released Enshrined Oracles, a major upgrade that provides robust price feeds by having nodes aggregate data from multiple external sources, filter outliers, and average the remaining prices weighted by volumes. This powers our products with accurate pricing, reduces the impact of large swaps or single market distortions, and helps ensure you are protected from price manipulation for a safe and fair experience.

⚡️The Merge and $RUJI TGE

April was an important month with the opening of the Merge, allowing you to migrate your tokens from Kujira to THORChain and convert your merge tokens into RUJI.

If you have not merged your tokens yet, make sure to do so as soon as possible. You can find the details of the Merge below.

Just over two months after the Merge, the RUJI token reached its Token Generation Event (TGE). Trading began shortly after, with withdrawals enabled later, giving you the choice to claim your RUJI or leave it in the Merge contract to earn bonus tokens.

The $RUJI Token is now tradeable via our own orderbook, RUJI Trade, THORChain front ends through the RUJI/RUNE Base Layer Pool, and on three CEXs: MEXC, Kraken, and Bitrue. To increase awareness and accessibility, we will continue expanding RUJI’s reach throughout 2026.

⚡️RUJI Trade

Just before the RUJI TGE, our 100% onchain orderbook went live. It sits at the core of our ecosystem, and almost every Rujira product and ecosystem project connects to it. Whether you trade BTC spot, make a bid on liquidated BTC and get up to 30% discount, or set-up Recurring Orders from Calc Finance, it all flows through the orderbook.

Together with the community, we have been iterating on the UX and UI, making significant improvements, and we will continue to do so to deliver the best possible experience.

We also introduced new order types, such as Tracking Orders that follow oracle prices and

@CALC_Finance’s Recurring Swaps, allowing you to DCA into native assets. More will be available to you in 2026.

One important missing piece was removing the need for you to manually claim orders. @AutoRujira’s AutoClaimer, added toward the end of the year, solved this by letting you set it up once and automatically claim your orders, so you can focus on other things.

⚡️RUJI Pools

With the launch of RUJI Trade, we also launched RUJI Pools and the first AMM strategy, XYK strategies.

RUJI Pools is our multi-strategy AMM, built to provide liquidity to the orderbook, and offers various strategies where you can deposit liquidity and earn yield based on your market views, risk preferences and experience.

⚡️Base Layer Virtualization Strategy

We also launched the long anticipated Virtualization Strategy, another AMM strategy that allows us to tap into THORChain’s deep liquidity. It virtualizes liquidity from THORChain pools into the orderbook and provides you with access to the deep liquidity available on THORChain.

This is an important step in getting the flywheel going. While it has not yet reached its full potential, it has already created significantly more BTC liquidity in the orderbook than we ever had on Kujira.

Learn more about how it works below.

⚡️RUJI Leagues

The leaderboard for our sustainable points competition, RUJI Leagues, went live. If you generate revenue across products, you can already earn points for the upcoming Season 1, where you will be able to earn a share of the RUJI and USDC prize pool.

⚡️RUJI Index and the NAMI Merger

Crypto Indices, launched by the former NAMI protocol team who have since merged into Rujira, went live with the first three indices:

• RJI, the ecosystem index
• yRUNE, yield bearing RUNE
• yTCY, yield bearing TCY

The next index will be very exciting, and will be a large cap index that allows you to diversify into blue chip assets.

Indices and ETFs are widely used in traditional finance and have significant untapped potential in crypto. We are excited to build on this and offer a broad range of indices, allowing you to spread risk by investing in multiple assets at once.

⚡️Omnichain Upgrade

Being omnichain and offering access to DeFi with native assets from all connected chains is one of the things that makes us unique. While we had already taken important first steps, we noticed that it could still feel overwhelming to the users.

In the final months of the year, we launched a major UX upgrade that makes Rujira truly omnichain. We changed the way we approach things and switched from a chain first approach to a token first one, and now show your balances across different chains as one unified balance. Want to open a position but don’t have your funds on Rujira yet? You will be guided through an easy deposit flow, deposit your assets, and get started.

⚡️Credit Accounts

One of the most exciting launches this year has been Credit Accounts. They sit at the core of our debt products and give both you and us enormous flexibility in how debt is structured. They already power CDP loans and RUJI Lending, and in 2026 they will enable our BTC backed stablecoin, spot margin trading, and Perps v2.

⚡️RUJI Lending and Liquidations

With Credit Accounts live on mainnet, CDP loans and borrowing are now available. You can already borrow using six different assets as collateral, including BTC and ETH.

It is currently rolled out with a $10k cap per asset while the @code4rena

bug bounty is running. Once it concludes on January 16th and after all findings are addressed, we will add more assets and relax the cap so we can begin scaling. Where there is debt, there are also liquidations, and you can now catch liquidated loans at up to a 30% discount via tracking orders on RUJI Trade. Our liquidations are different because you benefit, not the protocol or bots. Anyone can participate in bidding on liquidated assets, and everyone has an equal chance.

We will also soon deploy RUJI Liquidations, a dedicated UI for opening bids, where you will have all the information you need to help you compete in the bidding process.

⚡️Building in the open, together

It has been an exciting and busy year of building. We sincerely thank our community for sticking with us, supporting us, helping improve our products, and joining us on the journey to build a fair financial system.

A big thank you as well to all the ecosystem builders who helped us reach this stage: @THORChain, @Maya_Protocol, @vultisig, @NotifyU_Bot,

@AutoRujira, @CALC_Finance, @LiquidyFinance, @0xbloctopus, @redacted_money, and many more.

We are looking forward to scaling Rujira as we head into 2026.

Stay tuned for the roadmap update.