Protocol Spotlight - RAVN

Cross-chain trading has become increasingly fragmented. Liquidity is spread across DEXs, intent networks, and cross-chain protocols, each with its own pricing, execution process, and integration requirements.

For wallets and applications looking to offer cross-chain swaps, connecting to these different liquidity sources individually can require considerable development and maintenance.

This is the problem that RAVN is trying to solve.

RAVN is a cross-chain execution aggregator that connects multiple trading venues through a single API. It allows applications to compare quotes from different providers and execute swaps across EVM networks, Solana, and native Bitcoin without having to integrate each protocol separately.

The idea for RAVN came from its founder's experience launching infrastructure and a product on Sei. Despite expecting around $200,000 in trading volume on launch day, the product generated only $60,000. According to the founder, the main obstacle wasn't demand for the product but the difficulty users faced moving their assets from EVM networks and Solana onto Sei.

The experience highlighted a problem that RAVN was designed to address. Cross-chain liquidity already existed across different protocols, but users and applications lacked a straightforward way to compare and access it.

How Does RAVN Work?

At the center of RAVN is a routing engine that compares quotes from multiple liquidity providers simultaneously.

When a user requests a swap, RAVN identifies which venues support the trading pair and requests quotes from eligible providers in parallel. These can include onchain DEX aggregators, request-for-quote (RFQ) market makers, intent-based protocols, relayer networks, and native cross-chain liquidity protocols such as THORChain.

RAVN then compares the available routes and selects the one offering the highest expected output under the requested conditions. The winning quote and alternative routes are returned through a standardized API.

One feature that sets RAVN apart is its ability to combine multiple liquidity providers into a single execution route. Instead of only comparing existing venues, RAVN can construct routes that use different protocols in sequence when doing so provides a better quote.

For example, an AVAX-to-native-Bitcoin swap can be routed through Across and then into a Chainflip deposit channel. According to RAVN, one live quote for swapping 50 BNB into Bitcoin returned approximately $150 more through a combined route than through the best available single venue.

Another of RAVN's main features is its ability to support different execution models through the same interface.

Depending on the underlying protocol, a swap can require one of three actions:

• Transaction: The user signs and broadcasts an onchain transaction, as with conventional DEX swaps and THORChain routes.
• Signature: The user signs an offchain message, allowing a market maker or solver to execute the trade without requiring the user to pay gas directly.
• Deposit: The user sends assets to a designated deposit address, after which the underlying protocol processes the swap and delivers the destination asset.

RAVN standardizes these differences through a single execution interface. Applications can request a quote, receive the necessary execution instructions, and monitor the transaction's status without building a separate integration for every provider.

The platform also supports swaps involving native Bitcoin. This allows users to exchange BTC with assets on other supported networks without first wrapping their Bitcoin.

RAVN itself doesn't custody users' assets or operate its own settlement contracts. Execution and settlement take place through the selected underlying venue, meaning the security assumptions depend on the protocol handling the swap.

How Is RAVN Connected to THORChain?

THORChain is one of the native cross-chain liquidity protocols integrated into RAVN.

While many of RAVN's providers focus on EVM networks, Solana, or intent-based execution, THORChain provides access to liquidity for swaps involving native Bitcoin.

When a user requests a supported swap into BTC, RAVN can compare THORChain's quote against those offered by other integrated providers, including Chainflip, Relay, and NEAR Intents.

For example, when swapping ETH for native BTC, RAVN can request quotes from eligible providers and compare how much BTC the user would receive. If THORChain offers the most competitive eligible route, RAVN can return the instructions needed to execute the swap through THORChain.

RAVN's routing model is designed to remain neutral between providers. The platform has no native token and doesn't prioritize any particular venue, including routes it constructs itself. Instead, eligible routes compete based on the expected amount the user receives.

This means THORChain can attract volume both when it provides the most competitive direct quote and when its liquidity contributes to a more competitive route assembled by RAVN.

This allows wallets and applications using RAVN to access THORChain's liquidity without building and maintaining a dedicated THORChain integration.

For THORChain, integrations like RAVN create additional distribution opportunities. Applications that integrate RAVN can automatically consider THORChain alongside competing cross-chain protocols, allowing THORChain to attract swap volume whenever it offers competitive execution.

RAVN's Infrastructure and Ecosystem

RAVN recently moved beyond its public beta and has integrated a wide range of blockchain networks and liquidity providers. The platform supports 17 blockchains, including 15 EVM networks, Solana, and native Bitcoin, and connects to approximately 20 trading venues. According to the team, RAVN has already settled more than $300,000 in swaps since its initial launch.

These integrations include major cross-chain protocols such as THORChain, Chainflip, Across, and NEAR Intents, alongside DEX aggregators and trading platforms such as Jupiter, CoW Protocol, 0x, and Relay. Together, they allow RAVN to offer competitive quotes across different networks while supporting three execution models through a single API.

RAVN also offers several tools for developers looking to integrate its routing infrastructure into their applications. Alongside its REST API, the platform provides TypeScript and Python SDKs, React tools, and an embeddable swap widget. It also supports AI agents through a Model Context Protocol (MCP) server and x402-based API payments, allowing automated systems to access its quoting and execution functionality.

According to the team, its MCP server is free to use and listed on the official MCP Registry. This allows AI agents to access the same routing infrastructure as conventional applications, including the ability to quote and initiate native Bitcoin swaps. For THORChain, this creates another potential source of demand as automated trading systems gain access to its liquidity through RAVN.

Another feature is RAVN's pricing model. The platform charges 0 bps in its own swap fees, while users still pay the fees associated with the underlying trading venues. Applications integrating RAVN can also monetize their swap activity by setting an additional fee of up to 1%. Under the standard revenue-sharing arrangement, integrators receive 60% of these fees, while RAVN retains 40%. The exact terms can vary depending on the venue.

Looking ahead, RAVN plans to expand its network of integrated venues and develop more routes that combine different liquidity providers. Another focus is private cross-chain execution. The platform currently supports private swaps through NEAR Intents Confidential Intents and Houdini Swap, with plans to extend privacy beyond individual swaps to accommodate institutional users.

Over the next 6 to 12 months, the team also intends to expand integrations with wallets, applications, exchanges, and AI agents, making its routing infrastructure available to more users through a single connection.

Conclusion

RAVN makes cross-chain liquidity more accessible by bringing DEX aggregators, intent networks, market makers, and native cross-chain protocols together through a single interface. Its ability to construct routes across multiple venues also allows it to identify execution opportunities that individual liquidity providers may not offer on their own.

For THORChain, this creates another distribution channel for its native Bitcoin liquidity. As more applications adopt RAVN, they can offer their users access to THORChain's liquidity without building a dedicated integration. THORChain can also benefit when its liquidity is used as part of a combined route, extending its reach beyond users who would otherwise interact with the protocol directly.

As RAVN expands its integrations and routing capabilities, it could become an increasingly useful distribution channel for THORChain, connecting its native Bitcoin liquidity to more wallets, applications, and automated trading systems.