State of the Network - June

State of the Network - June 2026

Welcome to the June edition. This is the counterpart to last month's report. Where May gave us 15 days of trading before the halt, June gave us the restart. The network came back online around June 22nd after roughly a month offline, so this edition covers the final week or so of live activity rather than a full month.

The important line for users is that trading is back on THORChain, and the roadmap can move again. Monero shifted from "roughly a month after restart" to "closer to two weeks," with v3.19.2 embedding the $XMR code. Other tokens are in the pipeline such as $DASH and $ZEC. This month, Protocol Owned Liquidity became the biggest governance conversation centred on how aggressively THORChain should route income into pools it owns.

Volume and Fees

General volume

June's trading window opened around June 22nd. The first day was quiet, with volume near $1.5M as the network eased into live operation. Activity stepped up quickly from there. June 23rd jumped to roughly $19M, the strongest single day of the window, followed by a steady run in the $10M to $16M range through June 24th, 25th, 27th, and 29th. Total volume for the live period came in at $88.55M .

Fees collected

System income followed the same restart curve. June 22nd, the first day back, generated the highest single day of the window at around $52K, with June 23rd close behind near $40K. From June 24th onward, daily income settled into a more typical $8K to $18K range as activity normalised.

TCY and RUNE Yield

The rolling APR chart traces the restart cleanly. Yield sits flat at zero through the paused period, then lifts off from June 22nd as swaps resume and fees start flowing again. The 7-day $RUNE APR climbed fastest, reaching roughly 13% by June 24th and holding in the 12% to 14% band through the end of the month before easing back toward 9%. The 30-day $RUNE APR built more gradually, as expected from a wider rolling window, ending the month around 6.5% and still trending upward. $TCY tracked between 2% and 4.5%, peaking around June 27th to 28th before softening slightly.

Retention and User Acquisition

June added roughly 1K new wallets, reflecting the short live window at the end of the month. With the network paused for most of June, there simply wasn't the runway for meaningful acquisition.

Security and Supply

Bonds

June closed with 95 active nodes, up three from the prior period, a healthy sign that operators re-engaged as the network came back online. Total bonded capital sits at 88.03M $RUNE ($33.62M), with an average bond of 926,668 $RUNE ($353.93K) per node. The minimum bond stands at 329,753 $RUNE ($125.94K) and the maximum effective cap at 1,024,507 $RUNE ($391.29K).

Burn

The 30-day burn total came in at $8,270.82, reflecting the short active window. Cumulative all-time burned value now sits at $53,441,370.25. The sharp drop in the cumulative figure from prior months is a $RUNE price effect on the USD valuation of previously burned supply, not a change in the burn mechanism itself, which continued removing $RUNE on every swap the moment trading resumed.

Frontends

Leaderboard by Volume

THORChain Swap (swap.thorchain.org) dominated the affiliate board across June's live window, the green band taking the largest share on nearly every trading day. Its lead was clearest on the strongest days: June 27th and June 30th, where the official frontend accounted for the bulk of a roughly 6M daily total each.

SwapKit was the standout second, surging on June 27th and 30th to sit right behind THORChain Swap on those peak days. The rest of the field spread across the usual mix of THORSwap, THORWallet, TrustWallet, Vultisig, Asgardex, ShapeShift, and Rango Exchange, each contributing smaller but steady slices.

The read is encouraging for a restart week. Within days of trading resuming, the affiliate layer was already processing volume across a wide spread of interfaces, with swap.thorchain.org leading throughout despite charging zero affiliate fees.

Key Takeaways

June was the restart. After roughly a month offline, THORChain came back online around June 22nd and resumed trading on its own terms, through a careful staged recovery rather than a rushed one.

The week or so of live activity that followed was healthy: volume climbing back into familiar ranges, fees flowing, yield rebuilding from zero, and swap.thorchain.org leading the affiliate board again.

The network is live, the roadmap can move, and Monero is next. July should give us the first clean, full month of data since the incident.

If there are specific metrics or themes you want included in future editions, drop your requests in the comments. We'll add the most relevant ones next month.

Data Sources: THORChain Explorer, Raynalitics, Dune, BooneTools