About
THORChain is the world’s largest decentralized exchange (DEX) for trading Bitcoin. It enables users to swap native cryptocurrencies across different blockchains directly from their self-custody wallets, without relying on centralized exchanges or wrapped tokens. THORChain is a programmable layer 1 protocol with the ability to write smart contracts on it to create different decentralized applications (dApps).
THORChain is an exchange, not a wallet. Wallets integrate THORChain's infrastructure to give their users the ability to swap within the wallet app. Website interfaces and aggregators also integrate THORChain, where users connect their existing wallet to trade.
A decentralized set of node operators secures the network and processes swaps through on-chain rules and incentives. There is no DAO or entity that controls the network.
THORChain has no central governance body or DAO. Protocol upgrades are proposed and coordinated by the developer community, and node operators vote on-chain by choosing whether to adopt new software versions. If a super majority (two thirds) of nodes upgrade, the changes activate. The network evolves through consensus among its operators and contributors.
Most DEXs operate on a single blockchain and require wrapped versions of assets from other chains. Bridges lock native assets and issue synthetic representations, introducing custodial risk. THORChain is a purpose-built cross-chain settlement layer that holds native assets directly in decentralized vaults — no wrapping, no bridges, no custodians. It supports true native asset swaps across multiple blockchains in a single transaction.
All transactions on THORChain are performed on-chain. Other DEXs have off-chain transactions which result in user funds being frozen or confiscated.No. THORChain does not require accounts, registration, or identity verification. Users interact with the network directly from their self-custody wallets. Some third-party interfaces that provide access to THORChain may have their own requirements, but the protocol itself does not.
The THORChain protocol has no geographic restrictions, just like Bitcoin and Ethereum. Anyone in the world can use THORChain. However, some third-party interfaces that provide access to THORChain may have their own self imposed restrictions.
THORChain's goal is to become the largest crypto exchange in the world. Visit our Vision page to learn more about where the protocol is headed.
How it Works
THORChain is a network of decentralized nodes that collectively control addresses (vaults) on each supported blockchain, where native assets are held. The private key for each vault is never created whole. Instead, keyshares are generated across all nodes using threshold signature scheme (TSS) cryptography, meaning the full key never exists in any one place. Moving tokens from a vault requires a supermajority of nodes to coordinate and sign together, making theft by an individual node impossible. When a swap is initiated, nodes move real BTC, ETH, or other supported assets directly from the relevant vaults. Since every liquidity pool pairs a native asset with RUNE, all swaps can be settled through RUNE in the background. This allows any supported asset to be swapped for any other without wrapping or bridging.
Each THORChain liquidity pool pairs a supported native asset (such as BTC or ETH) with RUNE. A swap between any two assets always routes through RUNE because RUNE is the shared settlement layer across all pools.
When you sell asset A to buy asset B, the protocol sells asset A for RUNE, then sells RUNE for asset B, then sends you asset B. This design allows any supported asset to be swapped for any other in a single transaction without having to own any RUNE. For example, 40 different tokens supported on THORChain gives 780 possible trading pairs.No. THORChain swaps native BTC for native ETH directly. You send real BTC from your Bitcoin wallet and receive real ETH to your Ethereum wallet.
However, there are wrapped BTC and ETH tokens supported on THORChain, that you can trade into native BTC and ETH instead of unwrapping the tokens in the traditional manner.Streaming swaps allow large trades to be broken into multiple smaller sub-swaps and executed over a longer period of time. This reduces price impact (slippage) on large orders by giving time for arb-bots to rebalance the liquidity pool, resulting in a better overall execution for the user. Streaming swaps are similar to Time Weighted Average Price (TWAP) trades.
Streaming swaps on THORChain are so efficient that trades as large as the pool itself can be performed with minimal slippage.THORChain nodes are required to post a bond, denominated in RUNE, to enter the network. When a node operator doesn't have enough RUNE to meet the minimum on their own, they can accept contributions from third parties called bond providers. Bond providers earn a pro-rata share of the node's yield without having to operate a node themselves. Note that bond providers share in any slashing penalties if the node misbehaves, so choosing a reliable operator matters.
Visit the Bond Provider page for a more extensive list of FAQ and to learn more.
Swapping
THORChain currently supports Bitcoin, Ethereum, XRP Ledger, BNB Smart Chain, Solana, TRON, Dogecoin, Bitcoin Cash, Litecoin, Avalanche, Cosmos, and Base. Additional blockchains will be added over time. The goal is to enable direct swaps between native assets across every blockchain.
You can swap the following tokens on these blockchains:
Avalanche (AVAX, SOL, USDC, USDT)
Base (ETH, USDC, VVV)
Bitcoin Cash (BCH)
BNB Smart Chain (BNB, BTCB, BUSD, ETH, TWT, USDC, USDT)
Bitcoin (BTC)
Dogecoin (DOGE)
Ethereum (DAI, ETH, FOX, GUSD, LINK, LUSD, TGT, THOR, USDC, USDP, USDT, VTHOR, WBTC, XRUNE, YFI)
Cosmos (ATOM)
Litecoin (LTC)
Solana (SOL)
THORChain (RUJI, RUNE, TCY)
TRON (TRX, USDT)
XRP Ledger (XRP)
Supported cryptocurrencies will grow as the network evolves. Use this link for a current list of supported tokens and their liquidity pools.Swaps on THORChain involve three types of fees. You pay the gas fee on the source network when sending your transaction. THORChain then deducts the destination network gas fee and a liquidity fee from your swap output. Total fees vary based on network conditions, swap size, and pool depth.
No. Users can swap supported assets directly. Fees for the swap are deducted from the asset being sold, which are converted into RUNE by the protocol, then distributed as yield to the network.
Visit the official THORChain swap interface at swap.thorchain.org and follow the instructions. You have the option of connecting your browser wallet to the site, or not connecting your wallet to the site and using any self-custody wallet of your choice.
Yes. THORChain enables direct swaps between native Bitcoin and all supported assets without opening an account or providing KYC.
RUNE & TCY
RUNE is the gas token of THORChain and serves several critical roles within the protocol. Node operators bond RUNE to secure the network, every liquidity pool is paired with RUNE, every swap is settled through RUNE, and all the fees and yield are denominated in RUNE.
Learn more about the RUNE token on this link.THORChain Yield (TCY) is a token that was introduced as part of THORChain's debt restructuring process in Q1 2025 when the THORFi feature was defaulted on. Creditors were granted 1 TCY token for every $1 of debt owed. 10% of the protocol’s topline fees go towards the 210 million TCY tokens, making TCY a direct claim on the long-term fees of the network.
Learn more about the TCY token on this link.
Developers
Use our free API to integrate THORChain in a day. Monetize your platform by adding a custom affiliate fee on top of each swap.
Go to the Integrate page to learn more.Full developer documentation, API references, and integration guides are available at dev.thorchain.org. The THORChain community is also active in the Dev Discord and will provide support there.
THORChain rewards demonstrated work instead of self-promotion. Ship tangible improvements such as code, tooling, research, or documentation, and funding will follow proven impact.
The App-Layer is for developers who want to build secure and sustainable dApps on the protocol. The App-Layer is built and managed by Rujira.
Visit our Build page to learn more.