A DECENTRALISED LIQUIDITY NETWORK


THORChain facilitates cross-chain liquidity pools with no pegged or wrapped tokens.

Swap between assets across chains. Stake assets to earn liquidity incentives. Run a node to service the network.


THORCHAIN PAPERS

Whitepapers, Audits and more.

Draft White Paper

MAY 2020

Draft Economic Paper

MAY 2020

Certik Audit Report

APRIL 2020

SWAP ASSETS

  • Swap between any connected asset
  • Pay a transparent fee for access to the liquidity
  • Swaps completed immediately (once confirmed on-chain)
  • Swaps are non-custodial (no third-parties)
  • Swap directly from supported wallets

STAKE ASSETS

  • Stake in existing pools, or add new ones
  • Liquidity providers earn fees and block rewards
  • Liquidity is always on-chain and never “pegged” or “wrapped”
  • Only the original provider can claim back their share
  • Staked capital is always under-written by the system

BOND AS A NODE

  • The system churns nodes every 3 days, ensuring liveness and preventing capture
  • Nodes compete to enter with bonded capital
  • The oldest and most unreliable node is churned out
  • Nodes are anonymous, with plausible deniability on all transactions
  • Nodes earn 2/3rds of the System Income

SOLVING SECURITY

  • Incentives ensure bonded RUNE is always double staked RUNE
  • Malicious nodes are slashed to protect staked capital
  • The liquidity and security of the system is tightly-coupled
  • A Threshold-Signature-Scheme with no trusted dealer protects assets
  • The system is always byzantine-fault-tolerant

SOLVING SCALABILITY

  • Liquidity is sharded into realms to reduce signing committee sizes
  • Liquidity is delegated into smaller vaults for faster signing
  • Base-infrastructure is Tendermint (100+ Nodes possible)
  • Chains and Assets added via economic weight
  • High-performance CosmosSDK replicated state machine

SOLVING CROSS-CHAIN

  • THORChain observes transactions on external networks
  • State is highly-validated; incorrect transactions are ignored or refunded
  • Logic is applied to state changes; generating outgoing transactions
  • Transactions are signed via a chain-agnostic TSS protocol
  • Outgoing transactions broadcast back to the external network

ROADMAP

THORCHAIN IS A MULTI-YEAR PUBLIC PROJECT

PUBLIC ALPHA

DELIVERED

First testnet on Binance Chain, allowing simple swaps. Non-public API. No public nodes and no active churning. No bonded capital.

TESTNET

FINAL TESTING

Second testnet on Binance Chain, allowing swaps, stakes, withdrawals. Public Midgard API. No public nodes and no active churning. Bonded capital, but no block rewards.

CHAOSNET

FINAL TESTING

Launched on Binance Chain, with swaps, stakes and bonding. Public nodes participating, with active churn. Block rewards, with liquidity incentives. System capital limited to 600k RUNE. ChaosNet ends in a Ragnarök, a global shutdown.

BEPSWAP

IMPLEMENTING

Mainnet on Binance Chain, with swaps, stakes and bonding. Public nodes participating, with active churn. Block rewards, with liquidity incentives. Launch partners to list first. No cap on staked or bonded amount. Public audit completed.

ASGARDEX

IMPLEMENTING

Connected to Ethereum, supporting ERC-20 assets. Release of cross-platform wallet.

BITCOIN

SCOPED

Bitcoin staking. Asgard Wallet updated to support Bitcoin.

RUNE

A FIXED-SUPPLY NETWORK ASSET
ON-CHAIN LIQUIDITY
  • All pools contain RUNE at a 1:1 ratio to asset value
  • A single settlement asset means any two pools can be linked
  • Only staked capital is secured, simplifying the economic security model
  • Pools earn continuous liquidity incentives, 1/3rd of the System Income
NETWORK SECURITY
  • All nodes bond RUNE at a 2:1 ratio to staked RUNE
  • Highest bonded nodes are churned in to drive bonding rates
  • Nodes are slashed if malicious behaviour is detected
  • Nodes earn 2/3rds of the System Income (fees and emission)

GOVERNANCE

A GOVERNANCE-MINIMAL APPROACH
  • Staked capital drives the network direction (listed assets and chains)
  • Developers respond to the network, delivering tested and validated code
  • Nodes choose to run backwards-compatible software
  • Nodes are anonymous and do not communicate, coordinate or socially-signal
  • Nodes are second-class citizens that service the network

TEAM

PSEUDO-ANONYMITY IS A STRENGTH
  • The team is mostly pseudo-anonymous to protect the project
  • Figure-heads, personalities and founders undermine a project’s ability to decentralise
  • Transparency is demonstrated in other facets (treasury, code, research)
  • In time, Node Operators will fund satellite development teams
  • Reach out on Telegram, Twitter or Discord to discuss further

PROJECT

OTHER DETAILS ABOUT THORCHAIN
  • The project was seed-funded in 2018
  • RUNE was listed on BinanceDEX to assist distribution prior to mainnet
  • Weekly developments updates cover project progress
  • Monthly treasury reports cover project finance