THORChain Q3 2025 Ecosystem Report &amp; Q4 Roadmap

Currently, all node operators must run daemons, observe transactions, and sign outbounds for all chains supported. With this change, new chains can be added by only a subset of nodes, allowing the network to continue to scale without the load and development effort required to support every chain by the entire network. This change has security implications: chains operated by a subset of nodes won’t have the same consensus strength as those supported by all operators, meaning there is less redundancy in how observations are confirmed.

Intents

THORChain doesn’t perform well with long tail assets due to its architecture. With the move to Secured Assets, THORChain has the capability to offer intents based markets, allowing providers to provide liquidity for assets outside of the pools. This approach eliminates the need to maintain liquidity pools for long tail assets and instead rely on third party liquidity providers to maintain pricing. This service will still accrue fees to the protocol, but allows more flexibility for the network to offer more assets for swaps without needing to maintain liquidity pools paired with RUNE.

Custom Affiliate Payout Thresholds

Affiliates can opt to get paid in their preferred asset. When they collect affiliate fees, RUNE is accumulated to their affiliate address. When it reaches a threshold (currently 200x the outbound fee of their preferred asset), the RUNE is swapped to the preferred address and sent to their L1 address. This change will allow the affiliates to customize the threshold at which they get paid, so they can get paid more or less frequently than the default and save on outbound fees.

Upgrade Threshold Signatures to DKLS

THORChain currently uses the GG-20 library for Threshold Signatures which secure the native asset vaults. The team is looking at upgrading this to DKLS, which requires much fewer coordination rounds between nodes. This should improve churn reliability, improve signing speeds, and also enable the network to have fewer Asgard vaults with more members which will decrease churn costs and increase vault security.

EVM Router V6

The current EVM router is stateful and custodies all of the tokens on EVM chains including Ethereum, BNB Chain, Avalanche, and Base. The change to Router V6 will move asset custody to the L1 vaults and make the router stateless. This will allow Memoless Inbounds to support ERC-20 assets and save on costs. It also increases the gas limit, which will allow THORChain to swap into smart contract multisig wallets like Safe.

Memoless Inbounds

Support is being added for inbound transactions without using a memo, expanding THORChain's accessibility to wallets and chains with limited or no memo support. Users can interact with THORChain through two methods: amount-based registration (encoding a 5-digit reference code in the last digits of their transaction amount) or address-based registration (pre-registering their sending address with memo intent). This is particularly important for Bitcoin wallets without OP_RETURN support, ERC-20 tokens, and HD wallets. The implementation includes built-in protections against griefing attacks, a 24-hour time-to-live window for registered intents, and automatic refund handling to ensure users never lose funds due to registration errors.

Remove Memos from Outbound Transactions

THORChain is removing memo requirements from all outbound transactions, eliminating unnecessary on-chain data that adds gas costs and prevents transaction batching. Currently, every outbound includes a memo (OUT, REFUND, CONSOLIDATE, MIGRATE, or RAGNAROK), but these memos were originally added for debugging in early versions and were never reconsidered for removal. Since THORChain already uses five other parameters to identify outbounds (chain, vault pubkey, destination address, coin asset/amount, and in_hash), removing memos doesn't meaningfully increase collision risk. This optimization reduces blockchain bloat, lowers gas costs, and enables batched outbound processing across all supported chains.

What’s new to Rujira in Q3 2025?

The past few months have been both busy and very exciting for Rujira, one of the key ecosystems building on THORChain.

From launching their Base Layer Virtualization Strategy and unlocking THORChain liquidity, to introducing new products, features, partnerships, and UI updates, Rujira’s ecosystem has continued to evolve at a rapid pace.

Let’s take a look back at some of their Q3 highlights.

Base Layer Virtualization Strategy Live on Mainnet

Announcement After months of building the foundation for this launch, Rujira released the Base Layer Virtualization Strategy, which allows them to access THORChain’s deep liquidity and quote it in pairs on RUJI Trade, their fully on-chain orderbook.

The rollout is being done in phases, with a few restrictions still in place as the team completes the audit and prepares the RUJI Trade v1.1 upgrade. The system is already proving highly efficient, and users can start trading with initial liquidity available.

Rujira x THORChain London Event

A few weeks ago, Rujira hosted a week of collaboration in London for their second community event, bringing together members and partners from Rujira, Maya, and THORChain.

Throughout the week, participants discussed key topics such as the Virtualization and Orbital Pool strategies, the Maya integration with THORChain, and the treasury yield savings account through m0.

Recurring Swaps Went Live

CALC Finance’s Recurring Orders are now live on Rujira, allowing users to automate trades and DCA into their favorite native assets directly through RUJI Trade.

This helps users stay consistent with their trading strategies while reducing the stress of market timing and volatility.

It also marks an important milestone for the THORChain treasury, which is using Recurring Orders to DCA and buy $TCY as outlined in Proposal 6.

Nami Joined Forces with Rujira

Nami Protocol and Nami Index have merged with Rujira, bringing the Nami Earn and Nami Index products in-house to contribute direct revenue to RUJI stakers.

This move also expanded Rujira’s team with two experienced builders from the ecosystem.JP Nami now leads growth and partner integrations, while Zefiro contributes to developing the Rujira API and smart contracts.

Faster Building Enabled

Rujira introduced a feature allowing approved deployers to launch CosmWasm contracts directly.

This gives them and App Layer projects the ability to deploy new apps, updates, and fixes independently, without waiting for THORChain upgrades. It makes development faster, safer, and more flexible across the ecosystem.

RUJI Staking Went Live

Rujira launched RUJI staking, allowing users to stake their RUJI to earn $USDC or auto-compound to earn more RUJI. Rewards have been accumulating over the past months and will be distributed once the final infrastructure is ready.

Teaming Up with Bloctopus

Rujira partnered with Bloctopus to enable builders to fork the THORChain Mainnet into a dedicated devnet environment, making development faster, safer, and more flexible across the App Layer.

DAO DAO Live on Rujira

DAO DAO has officially launched on Rujira, giving projects and users the ability to create and manage omnichain DAOs.

This deployment allowed AutoRujira and Liquidy Finance to migrate their DAOs to Rujira, enabling governance and treasury migration within the ecosystem.

RUJI Index Launched

The RUJI Index went live, offering a simple and efficient way to invest in multiple native assets through a single interface.

It provides an easy way to track and capture broader market trends across Rujira and the wider crypto space.

Trading Bots with Funttastic

Rujira partnered with Funttastic Labs, who developed a trading bot template for RUJI Trade.

This allows anyone with technical skills to set up their own systematic strategies and automate trading on the App Layer.

RUJI Roadmap

Q4 is set to be Rujira’s most important quarter so far, with a main focus on lending, leverage, and liquidations. Let’s take a look at what the team will be working on for the remainder of 2025.

Base Layer Virtualization Strategy

The Base Layer Virtualization Strategy is live on Mainnet, and testing with the first pairs has been going very well. The next milestones that will help Rujira unlock its full potential are:

RUJI Trade v1.1, which will allow multiple market making strategies on a given pair and enable quoting pairs with an XYK pool (and later CL pools) that can become counterparty to the Virtualization Strategy when prices move on the Base Layer.
A successful audit of both the Virtualization Strategy and Lending Vaults, which will allow them to relax liquidity caps.
Removing outbound fees for secured assets, which will prevent the Virtualization Strategy from losing money on small swaps and enable more aggressive quoting.

Credit Accounts and RUJI Lending

Credit Accounts and RUJI Lending are the major focus right now, unlocking the next wave of Rujira products. Credit Accounts let users deposit and withdraw assets into an isolated account, forming the foundation for everything related to lending and leverage:

CDP loans, which will be the first lending product to go live
Spot margin trading
A native BTC-backed stablecoin
Perps v2, a peer-to-peer orderbook model similar to HyperLiquid
Delta neutral LPs

Credit Accounts and RUJI Lending are about to go live on Stagenet, allowing users to start taking out CDP loans.

RUJI Liquidations

Democratized access to liquidations has been Rujira’s bread and butter since the Kujira days.

With Credit Accounts unlocking products built around leverage, liquidations return to center stage. RUJI Liquidations will be open to everyone, giving all participants a fair and equal chance to bid on liquidated assets, with discounts of up to 30% on successful bids.

Expect some upgrades that will make hunting liquidations even more exciting!

RUJI Trade v1.1

RUJI Trade has been live for a few months now, and its first major upgrade is almost here. This upgrade includes:

Multiple market making strategies per pair, allowing Base Layer Virtualization and other strategies to be added to pairs that currently have an XYK strategy (and vice versa).
Support for the advanced order type Fill-or-Kill.
Replacement of Fixed Price Orders with Limit Orders. This change lets users consume liquidity up to a certain price and achieve better average execution than if they were executed exactly at the requested price as in the current version.

Staking Rewards

Almost 10 million $RUJI have been staked since launch, and rewards continue to accumulate.

Rewards have been building up over the past months and will be distributed once the final infrastructure is ready.

RUJI Pools v1.1

Issue UI, Issue Enshrined Oracles

The next upgrade to RUJI Pools will add:

Permissionless LP incentivization to let anyone offer incentives for any LPs.
Block events to track all trading profits captured by the AMM strategies to provide accurate analytics about LP performance.
Yield streaming to separate principal from trading profits.

RUJI Perps v1.1

A major upgrade is also coming to RUJI Perps:

Enshrined Oracles for a safer and more robust price feed
Higher liquidity caps and up to 50x leverage
New markets for assets not supported by THORChain such as SOL and XRP
A new UI aligned with RUJI Trade

RUJI Swap v2

RUJI Swap is getting an upgrade with Liquidy’s Smart Router. While it currently serves as the front end for THORChain’s cross-chain swaps, the upgrade will route all swaps directly via RUJI Trade orderbooks and allow the router to automatically find the best path and split trades across pairs instead of relying on single-route swaps via Base Layer pools only.

Users simply choose their assets, and the router handles the rest.

Concentrated Liquidity

Issues

Uniswap v3–style Concentrated Liquidity is coming to Rujira.

These pools differ from the already live XYK pools by allowing liquidity providers to distribute funds where trades are most likely to occur, making them much more capital efficient and suitable for specific strategies.

This means the same capital can facilitate more volume within a given range, resulting in tighter spreads, lower slippage, and an improved trading experience on RUJI Trade and RUJI Swap.

RUJI Launchpad

Only one small issue remains before Rujira is ready to deploy the contract on Mainnet and run its first test token sale.

Once live, any project will be able to launch directly on Rujira, instantly gaining access to the full suite of products, THORChain-supported chains, and communities.

Users will be able to experience fair launches and, for the first time, act as true angel investors by gaining access to the same opportunities on the same terms as VCs and accredited investors.

Season 1 RUJI Leagues

Final design and contract work are underway for RUJI Leagues, Rujira’s in-house points competition where users can earn $RUJI and $USDC by driving revenue across the ecosystem.

Season 1 is expected to begin shortly after the launch of RUJI Liquidations.

RUJI Analytics

RUJI Analytics will be Rujira’s in-house solution for monitoring usage and economic activity across core apps.

It will feature comprehensive dashboards presenting data in a clear format, including revenue and usage by app, LP performance for RUJI Pools, RUJI token statistics, and more.

Global Referral & Affiliate System

Rujira will implement a global system to manage both referral and affiliate fees across its apps, helping drive growth through integrators, KOLs, and anyone willing to join its decentralized salesforce. The referral fee will be taken directly from protocol revenue, allowing partners to drive volume at no extra cost to the end user. In contrast, the affiliate fee will be charged on top of the protocol fee (following the same model as THORChain), which is ideal for integrators with a captive, price-insensitive user base.

RUNE Autobonding

Issue, Announcement

Kiruse is working on the RUNE Autobonding contract, a key step toward simplifying RUNE bonding. For the first time, any $RUNE holder will be able to easily bond tokens to active nodes and earn a share of THORChain revenue in under a minute.

Deposited RUNE will be automatically distributed equally among whitelisted node operators (any operator may opt in), and the system will rebalance when nodes churn out.

RUJI Games

RUJI Games is Rujira’s gaming vertical that enables anyone to create fun, revenue-generating games and plug them directly into the Rujira suite.

To kick things off, Cacaomatt will launch RUJI Games with two titles he has been building: a lottery and Roll the Dice.

Updates:

Station

Station Wallet, Rujira’s in-house wallet built for their products and omnichain vision, made strong progress last quarter but is temporarily on hold while the team dedicates this quarter fully to RUJI Lending and Liquidations.

This strategic decision ensures Station can be delivered to the highest standard. To provide the best experience for new users, especially those new to crypto, the goal is to launch Station with top-tier UX and deep liquidity across the ecosystem, which will be better achieved once both Lending and Liquidations are live.

In the meantime, users will need to use other wallets to access Rujira. The team is prioritizing and optimizing the experience for third-party wallets to ensure smooth interaction across the ecosystem. This includes integrating direct Ledger support and collaborating with wallet providers to improve existing integrations.

Orbital Pools

Rujira has placed Orbital Pools on lower priority for now, as practical implementation challenges differ from the theoretical design, requiring further research.

In the meantime, focus has shifted to Concentrated Liquidity, after which Orbital Pools will be revisited with a refined approach as it remains a high priority.

Ecosystem Products

AutoRujira’s Automation