Why We Built THORChain
Centralized Exchanges are Anti-Crypto
Centralized Exchanges are Anti-Crypto
CEXs have custody of your tokens, which can be seized, frozen, or lost to exchange failures and hacks.
CEXs are permissioned. You have to ask to open an account.
CEXs collect your personal information that can be stolen by identity thieves and used to harm you.
Decentralized Exchanges are Limited
Decentralized Exchanges are Limited
Atomic swaps can’t scale because you have to find someone looking to trade at the exact same time, size, and price as you.
Traditional DEXs are beholden to the blockchain they’re built on, for example, a DEX on Ethereum can only swap ERC-20 tokens.
Trading tokens between different blockchains requires bridging, wrapped tokens, and interacting with centralized intermediaries that can censor or confiscate transactions.
THORChain is the Solution
THORChain is the Solution
You maintain custody of your crypto until you place a trade. Trades settle in your favorite self-custody wallet.
It's permissionless, anyone can use it.
No account required. No KYC collected.
Continuous liquidity pools make swapping scalable, efficient, and available 24/7.
You can swap native Bitcoin, Ethereum, Solana, Monero, and more without using bridges or wrapped tokens.
There are no off-chain transactions where a centralized intermediary can censor or confiscate your trade.
THORChain is Financial Freedom The Cypherpunk Way
Self-Custody
Your keys, your crypto.
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Permissionless
Open to everyone, always.
Pseudonymous
Your identity isn’t required.
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Decentralized
No rulers, no censorship.
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Open-Source
Don’t trust, verify.
THORChain Roadmap
Where We Are and Where We’re Going
Today
World's largest decentralized exchange for Bitcoin, Monero, and Bittensor.
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Medium Term
World's largest decentralized exchange.
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Long Term
World's largest crypto exchange.
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THORChain is Digital Binance
Bitcoin proved that a decentralized asset could rival gold, the oldest store of value in history. Many view Bitcoin as digital gold and believe its market cap will equal - and exceed - gold’s market cap one day.
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If Bitcoin can rival gold, THORChain can rival Binance - the largest crypto exchange in the world. One day THORChain’s market cap could be larger than Binance’s market cap.
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Path to Largest Crypto Exchange
- Native Liquidity
THORChain’s base layer of native asset liquidity is like nothing else that exists in crypto.
- Best Coverage
Traditional DEXs only support at most one third of the total crypto market. THORChain covers 90% of the total crypto market.
- Intents
THORChain is developing intents-based swapping to cover long tail assets, capturing the remaining 10% of the crypto market.
- Efficient Execution
Users can perform a swap as large as a liquidity pool, with minimal slippage. Swapping continues to get cheaper and faster, which will attract more volume.
- AI and Crypto
AI agents can’t open a bank account but they can use crypto.
- THORChain for AI
AI agents will recognize THORChain as a leading DEX and the protocol will have the tools necessary for AI to use it.
- More AI than Humans
Analysts expect there to be more AI agents than humans one day, which doubles the total addressable market for THORChain.
- Smart Contracts
The App-Layer, built by Rujira, brings smart contract and dApp functionality to THORChain.
- Endless dApps
The App-Layer makes it possible to have an orderbook, perp DEX, options, money market funds, Bitcoin-backed stablecoin, AI agents, prediction markets, token launchpad, an NFT marketplace, and more.
- Programmable Layer-1
The App-Layer enables THORChain to evolve from just a DEX into a fully programmable Layer-1 protocol.
- Wrapped Tokens
The App-Layer uses wrapped tokens called Secured Assets on THORChain.
- Power Users
Pro traders use Secured Assets on THORChain’s App-Layer to access centralized exchange-like features that aren’t possible on the base layer with native Layer-1 tokens.
- Security
Secured Assets are always backed 1:1 and are protected by THORChain’s decentralized node network.
- No Slippage
Secured Assets can be minted and redeemed for native tokens at any time with no slippage.
- CEX-Like Experience
Every crypto-native feature on a centralized exchange will be available on THORChain.
- Integrated Everywhere
Dozens of wallets and aggregators already have THORChain integrated. Even more will follow.
- Scalable
Without the barriers to entry that exist on centralized exchanges, THORChain can scale without limits.
- Upside Potential
With first-mover advantage, years of network effects, and its position as the biggest Bitcoin DEX, THORChain has the potential to become the world’s largest crypto exchange.
