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THORChain DEX(RUNE)

Total Value Locked$59m

TVL by Chain

THORChain$27.54m

Bitcoin$14.86m

Ethereum$9.72m

BSC$1.81m

Bitcoincash$1.36m

Doge$870,919

Avalanche$832,486

XRPL$687,749

Litecoin$599,024

Tron$457,282

CosmosHub$113,200

Base$97,360

Solana$52,119

Key Metrics

Fees 30d$1.92m

Fees 30d by chain

Ethereum$631,385

Bitcoin$415,373

THORChain$328,114

Tron$318,274

Litecoin$67,122

BSC$58,352

Bitcoincash$56,985

Base$17,911

XRPL$10,663

Avalanche$9,735

Doge$8,339

CosmosHub$1,132

Solana$0

Fees 7d$654,969

Tron$194,619

Ethereum$194,618

THORChain$139,057

Bitcoin$76,076

Litecoin$16,699

BSC$12,522

Bitcoincash$6,985

XRPL$5,083

Base$4,073

Avalanche$4,066

Doge$1,172

CosmosHub$0

Solana$0

Fees 24h$1,588

Avalanche$736

XRPL$451

Base$231

THORChain$170

Bitcoin$0

Bitcoincash$0

BSC$0

CosmosHub$0

Doge$0

Ethereum$0

Litecoin$0

Solana$0

Tron$0

Cumulative Fees$175.9m

Ethereum$60.17m

THORChain$50.3m

Bitcoin$33.78m

BSC$17.09m

Litecoin$2.91m

Avalanche$2.78m

Bitcoincash$2.59m

Doge$2.18m

Terra Classic$1.12m

XRPL$1.06m

CosmosHub$839,719

Tron$807,914

Base$235,309

Solana$7,666

Revenue 30d$495,539

Revenue 30d by chain

Ethereum$195,678

Bitcoin$129,300

Tron$98,659

Litecoin$20,843

BSC$18,263

Bitcoincash$17,495

Base$5,550

XRPL$3,294

Avalanche$3,002

Doge$2,540

THORChain$567.97

CosmosHub$346.42

Solana$0

Revenue 7d$161,509

Ethereum$60,885

Tron$60,589

Bitcoin$23,922

Litecoin$5,211

BSC$3,924

Bitcoincash$2,199

XRPL$1,590

Avalanche$1,276

Base$1,268

Doge$365.23

THORChain$280.26

CosmosHub$0

Solana$0

Revenue 24h$493

Avalanche$233

XRPL$142

Base$72

THORChain$46

Bitcoin$0

Bitcoincash$0

BSC$0

CosmosHub$0

Doge$0

Ethereum$0

Litecoin$0

Solana$0

Tron$0

Cumulative Revenue$9.74m

Ethereum$4.23m

Bitcoin$2.98m

BSC$986,932

XRPL$292,744

Litecoin$243,734

Tron$226,693

Bitcoincash$226,574

Avalanche$187,958

Doge$150,681

CosmosHub$56,428

Terra Classic$56,159

THORChain$55,832

Base$36,951

Solana$1,376

Holders Revenue 30d$15,575

Holders Revenue 30d by chain

Ethereum$6,153

Bitcoin$4,068

Tron$3,089

Litecoin$660.52

BSC$569.65

Bitcoincash$549.52

Base$178.31

XRPL$102.79

Avalanche$95.09

Doge$80.13

THORChain$17.90

CosmosHub$11.02

Solana$0

Holders Revenue 7d$5,027

Tron$1,899

Ethereum$1,885

Bitcoin$741

Litecoin$164.74

BSC$120.49

Bitcoincash$67.52

XRPL$48.90

Avalanche$40.36

Base$40.24

Doge$11.47

THORChain$8.73

CosmosHub$0

Solana$0

Holders Revenue 24h$15.55

Avalanche$7.31

XRPL$4.49

Base$2.31

THORChain$1.44

Bitcoin$0

Bitcoincash$0

BSC$0

CosmosHub$0

Doge$0

Ethereum$0

Litecoin$0

Solana$0

Tron$0

Cumulative Holders Revenue$2.49m

Ethereum$1.22m

Bitcoin$800,305

BSC$123,565

Bitcoincash$69,829

Avalanche$69,717

Litecoin$64,471

Doge$55,372

THORChain$23,451

Tron$22,913

XRPL$21,282

CosmosHub$14,588

Base$10,209

Solana$355.13

Terra Classic$0

Incentives 1y$0.55

Incentives 30d$0.55

Incentives 7d$0.55

Incentives 24h$0.55

Cumulative Incentives$166.48m

Earnings (Annualized)$3.24m

Earnings 30d$495,538

Earnings 7d$161,508

Earnings 24h$492.45

Cumulative Earnings-$156.75m

DEX Volume 30d$1.555b

DEX Volume 30d by chain

THORChain$1.555b

DEX Volume 7d$505.88m

THORChain$505.88m

DEX Volume 24h$1.06m

THORChain$1.06m

Cumulative DEX Volume$128.854b

THORChain$128.854b

Market Cap$182.77m

$RUNE Price$0.55

All Time High$20.87

All Time Low$0.0085

View $RUNE token page

Fully Diluted Valuation$196.42m

Outstanding FDV$187.54m

$RUNE Volume 24h$25.37m

CEX Volume$16.82m

DEX Volume$9.62m(37.89% of total)

Protocol Information

THORChain is a decentralized exchange (DEX) enabling native cross-chain swaps without wrapped assets or bridges. All trades occur on-chain and are permissionless.

Website X/Twitter

Category:Dexs

Sub Category: AMM

Audits:

Methodology

TVL: Total value of all coins held in the smart contracts of the protocol Fees: Slip-based liquidity (swap) fees paid by users on each chain's THORChain pools, gross outbound fees and slashing fees paid into the Reserve, and affiliate fees charged by interfaces/wallets (affiliate fees are attributed to the THORChain native chain). RUNE block-reward emissions and the native tx fee (counted in the THORChain chain fees adapter) are excluded.Revenue: The share of swap fees burned as RUNE (1% since 2026-09-12, 5% before) - value to all RUNE holders - plus protocol-kept income (outbound fees net of the gas reimbursed to nodes, slashing fees, developer fund, marketing fund and the 20% directed into protocol-owned liquidity). The node-bonder share of swap fees is treated as a security cost and the LP, affiliate and TCY shares as supplier payments, so none of those count as revenue.Holders Revenue: Value to RUNE holders: the share of swap fees burned as RUNE (1% since 2026-09-12, 5% before), permanently removed from supply - the only component that accrues to every RUNE holder.DEX Volume: Total USD value of swaps executed through THORChain's liquidity pools, sourced from THORChain Midgard. Every swap routes through native RUNE and settles on the THORChain L1, so volume is reported on the THORChain chain. Daily RUNE-denominated swap volume is converted to USD using that day's RUNE price.

Incentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.

Earnings: Revenue of the protocol minus the incentives distributed to users

Hacks

Date: Jun 29, 2021

Amount: $350,000

Classification: Bridge & Cross-Chain

Technique: Bridge Logic Flaw

On June 29, 2021, THORChain was exploited via a same-symbol deposit flaw where ERC20 tokens with the 'ETH' symbol were incorrectly identified as genuine ETH, allowing attackers to exchange fake ETH for other tokens and steal approximately $350K. This was the first of three consecutive attacks on THORChain.

Chains: Ethereum

Bridge Hack

Language: Go

Target Type: DeFi Protocol

Date: Jul 15, 2021

Amount: $5m

Classification: Bridge & Cross-Chain

Technique: Bridge Logic Flaw

On July 16, 2021, an attacker exploited an override function in THORChain's Bifrost bridge, wrapping the router contract to repeatedly extract value from liquidity pools by manipulating reported deposit amounts, draining approximately $4.9-7.4 million.

Chains: Ethereum

Bridge Hack

Language: Solidity

Target Type: DeFi Protocol

Date: Jul 22, 2021

Amount: $8m

Classification: Protocol Logic

Technique: Withdrawal Logic Flaw

On July 23, 2021, THORChain's ETH Router was exploited when an attacker deployed a custom contract to trick Bifrost Protocol into accepting fake asset deposits, triggering refunds of real assets. The attacker limited impact and requested a 10% bug bounty, suggesting a white-hat teaching lesson.

Chains: Ethereum

Bridge Hack

Language: Solidity

Target Type: DeFi Protocol

Date: May 15, 2026

Amount: $10.7m

Classification: Bridge & Cross-Chain

Technique: Bridge Logic Flaw

On May 15, 2026, a flaw in the GG20 threshold-signature scheme securing Asgard vaults allowed a newly churned malicious node to authorize unauthorized withdrawals, draining approximately $10.7-$10.8 million across Bitcoin, Ethereum, BNB Chain, and Base.

Chains: Bitcoin, Ethereum, Base, BSC

Bridge Hack

Target Type: Chain

Competitors

Bridgers ($72,208)Uniswap V3 ($1.518b)Uniswap V4 ($1.143b)Curve DEX ($1.094b)Uniswap V2 ($879.09m)PancakeSwap AMM V3 ($692.57m)SushiSwap V3 ($38.16m)SushiSwap ($35.57m)Metric V1 ($17.56m)DODO AMM ($13.49m)

Income statement for THORChain DEX

YearlyQuarterlyMonthlyCumulative

	Q4 2026*	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Gross Protocol Revenue	$1.99M	$5.36M	$3.3M	$5.25M	$7.8M	$8.1M	$12.77M	$23.3M	$19.93M	$10.13M	$11.76M	$16.71M	$11.79M	$4.55M	$3.12M	$2.9M	$1.63M	$1.93M	$7.1M	$4.64M	$6.62M	$2.28M	$2.92M
Swap Fees	$1.62M	$4.47M	$2.37M	$3.13M	$5.02M	$3.64M	$6.14M	$13.93M	$10.95M	$6.39M	$5.38M	$8.58M	$6.61M	$3.45M	$1.98M	$1.92M	$1.28M	$1.45M	$5.01M	$3.45M	$3.89M	$2.16M	$1.97M
Outbound Fees	$39.5K	$47.05K	$43.9K	$74.87K	$92.35K	$204.74K	$210.66K	$477K	$1.01M	$505.25K	$2.45M	$3.24M	$2.65M	$678.97K	$919.45K	$554.03K	$222.19K	$304.44K	$1.18M	$1.08M	$2.41M	$122.07K	$946.18K
Slashing Fees	$55.94	$47.37K	$133.05K	$120.93K	$1.85K	$25.21K	$151.57K	$15.91K	$3.51K	$2.3K	$5.32K	$4.43K	$948.74K	$33.52K	$82.79K	$240.53K	$2.63K	$2K	$332.43K	$50.07K	$293.99K	$32.60	$740.50
Affiliate Fees	$332.67K	$794.93K	$755.48K	$1.92M	$2.68M	$4.22M	$6.27M	$8.87M	$7.97M	$3.23M	$3.93M	$4.9M	$1.59M	$389.59K	$140.13K	$187.01K	$128.57K	$174.9K	$575.7K	$56.25K	$24.21K	$0.01	$0
Cost of Revenue	$1.48M	$4.15M	$2.81M	$4.65M	$7.15M	$7.62M	$11.91M	$21.8M	$18.83M	$9.97M	$11.76M	$16.71M	$10.84M	$4.52M	$3.04M	$2.66M	$1.63M	$1.93M	$6.77M	$4.59M	$6.33M	$2.28M	$2.74M
Swap Fees To RUNE Bonders	$495.65K	$1.77M	$1.33M	$1.76M	$2.99M	$2.07M	$3.39M	$5.84M	$3.22M	$4.06M	$3.27M	$3.59M	$2.05M	$1.86M	$1.21M	$1.03M	$579.58K	$612.76K	$2.13M	$1.51M	$1.96M	$983.8K	$860.61K
Swap Fees To LPs	$459.77K	$1.09M	$445.79K	$593.74K	$888.69K	$848.78K	$1.71M	$6.7M	$6.63M	$2.17M	$2.1M	$4.99M	$4.55M	$1.59M	$772.64K	$891.31K	$697.88K	$838.34K	$2.88M	$1.94M	$1.93M	$1.18M	$1.11M
Affiliate Fees To Integrators	$332.67K	$794.93K	$755.48K	$1.92M	$2.68M	$4.22M	$6.27M	$8.87M	$7.97M	$3.23M	$3.93M	$4.9M	$1.59M	$389.59K	$140.13K	$187.01K	$128.57K	$174.9K	$575.7K	$56.25K	$24.21K	$0.01	$0
TCY Staker Rewards	$161.94K	$447.24K	$236.79K	$313.29K	$502.25K	$364.3K	$418.75K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Gas Reimbursement	$27K	$43.65K	$40.89K	$66.23K	$87.41K	$113.04K	$121.45K	$392.53K	$1.01M	$505.25K	$2.45M	$3.24M	$2.65M	$678.97K	$919.45K	$554.03K	$222.19K	$304.44K	$1.18M	$1.08M	$2.41M	$122.07K	$769.81K
Gross Profit	$514.55K	$1.22M	$491.24K	$599.51K	$646.15K	$481.19K	$854.46K	$1.49M	$1.1M	$167.05K	$5.32K	$4.43K	$948.74K	$33.52K	$82.79K	$240.53K	$2.63K	$2K	$332.43K	$50.07K	$293.99K	$32.60	$177.27K
RUNE Burn	$16.19K	$133.93K	$118.38K	$156.65K	$251.13K	$182.15K	$306.84K	$696.71K	$547.27K	$82.38K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Outbound Fees	$12.49K	$3.4K	$3.01K	$8.64K	$4.94K	$91.66K	$89.18K	$84.47K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$176.38K
Slashing Fees	$55.94	$47.37K	$133.05K	$120.93K	$1.85K	$25.21K	$151.57K	$15.91K	$3.51K	$2.3K	$5.32K	$4.43K	$948.74K	$33.52K	$82.79K	$240.53K	$2.63K	$2K	$332.43K	$50.07K	$293.99K	$32.60	$740.50
Developer Fund	$80.97K	$223.63K	$118.38K	$156.65K	$251.13K	$182.15K	$306.84K	$696.71K	$547.27K	$82.38K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Marketing Fund	$80.97K	$223.63K	$118.38K	$156.65K	$137.09K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Protocol Owned Liquidity	$323.87K	$583.78K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Incentives	$0.55	$0	$0	$0	$0	$0	$0	$3.94M	$13.12M	$9.93M	$15.64M	$12.9M	$9.7M	$3.13M	$3.74M	$4.68M	$4.81M	$7.23M	$23.85M	$17.3M	$18.52M	$11.89M	$6.1M
Block Rewards	$0.55	$0	$0	$0	$0	$0	$0	$3.94M	$13.12M	$9.93M	$15.64M	$12.9M	$9.7M	$3.13M	$3.74M	$4.68M	$4.81M	$7.23M	$23.85M	$17.3M	$18.52M	$11.89M	$6.1M
Earnings	$514.55K	$1.22M	$491.24K	$599.51K	$646.15K	$481.19K	$854.46K	-$2.45M	-$12.02M	-$9.76M	-$15.63M	-$12.9M	-$8.76M	-$3.1M	-$3.66M	-$4.44M	-$4.81M	-$7.23M	-$23.52M	-$17.25M	-$18.22M	-$11.89M	-$5.92M
Token Holder Net Income	$16.19K	$133.93K	$118.38K	$156.65K	$251.13K	$182.15K	$306.84K	$696.71K	$547.27K	$82.38K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
RUNE Burn	$16.19K	$133.93K	$118.38K	$156.65K	$251.13K	$182.15K	$306.84K	$696.71K	$547.27K	$82.38K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0

Income flow visualization

YearlyQuarterlyMonthlyCumulative

THORChain DEX history

TVL is the default DefiLlama definition. Daily values are UTC snapshots from Apr 11, 2021 to Nov 2, 2026.

All-time high TVL: $546.44m on Apr 2, 2022. All-time low TVL: $2.31m on Apr 11, 2021.

Daily TVL, Oct 4, 2026 to Nov 2, 2026

Date	TVL
Oct 4, 2026	$71.48m
Oct 5, 2026	$74.48m
Oct 6, 2026	$73.67m
Oct 7, 2026	$72.21m
Oct 8, 2026	$69.39m
Oct 9, 2026	$66.34m
Oct 10, 2026	$68.06m
Oct 11, 2026	$67.47m
Oct 12, 2026	$68.5m
Oct 13, 2026	$64.85m
Oct 14, 2026	$66.08m
Oct 15, 2026	$64.4m
Oct 16, 2026	$64.93m
Oct 17, 2026	$64.59m
Oct 18, 2026	$64.21m
Oct 19, 2026	$65.08m
Oct 20, 2026	$64.62m
Oct 21, 2026	$66.65m
Oct 22, 2026	$67.58m
Oct 23, 2026	$64.37m
Oct 24, 2026	$64.24m
Oct 25, 2026	$64.04m
Oct 26, 2026	$63.61m
Oct 27, 2026	$63.82m
Oct 28, 2026	$64.1m
Oct 29, 2026	$63.92m
Oct 30, 2026	$62.66m
Oct 31, 2026	$64.72m
Nov 1, 2026	$63.86m
Nov 2, 2026	$58.48m

TVL at each month end, Dec 2024 to Nov 2026

Date	TVL
Dec 31, 2024	$289.92m
Jan 31, 2025	$179.89m
Feb 28, 2025	$119.04m
Mar 31, 2025	$110.15m
Apr 30, 2025	$126.59m
May 31, 2025	$146.59m
Jun 30, 2025	$139.22m
Jul 31, 2025	$150.01m
Aug 31, 2025	$143.87m
Sep 30, 2025	$141.18m
Oct 31, 2025	$115.09m
Nov 30, 2025	$92.85m
Dec 31, 2025	$85.62m
Jan 31, 2026	$80.14m
Feb 28, 2026	$63.76m
Mar 31, 2026	$63.85m
Apr 30, 2026	$74.71m
May 31, 2026	$67.1m
Jun 30, 2026	$49.97m
Jul 31, 2026	$55.08m
Aug 31, 2026	$53.62m
Sep 30, 2026	$71.31m
Oct 31, 2026	$64.72m
Nov 2, 2026 (latest)	$58.48m

TVL at each year end, Dec 31, 2021 to Dec 31, 2025

Date	TVL
Dec 31, 2021	$190.73m
Dec 31, 2022	$93.31m
Dec 31, 2023	$321.45m
Dec 31, 2024	$289.92m
Dec 31, 2025	$85.62m

Fees, revenue and holders revenue by UTC calendar month, Dec 2024 to Nov 2026

Month	Fees	Revenue	Holders revenue
Dec 2024	$6.99m	$371,571	$185,317
Jan 2025	$7.22m	$403,635	$201,652
Feb 2025	$8.64m	$622,060	$284,829
Mar 2025	$7.44m	$468,120	$210,224
Apr 2025	$4.02m	$279,303	$97,473
May 2025	$4.79m	$364,655	$121,114
Jun 2025	$3.96m	$210,500	$88,250
Jul 2025	$2.57m	$171,358	$55,763
Aug 2025	$2.77m	$165,133	$64,017
Sep 2025	$2.75m	$144,696	$62,365
Oct 2025	$3.62m	$219,077	$108,670
Nov 2025	$2.24m	$187,657	$63,684
Dec 2025	$1.94m	$239,418	$78,780
Jan 2026	$2.29m	$187,014	$61,416
Feb 2026	$1.69m	$277,045	$51,660
Mar 2026	$1.28m	$135,448	$43,570
Apr 2026	$2.44m	$268,493	$88,669
May 2026	$662,436	$195,436	$20,708
Jun 2026	$200,104	$27,314	$9,003
Jul 2026	$1.1m	$136,187	$44,941
Aug 2026	$763,241	$101,694	$32,735
Sep 2026	$3.5m	$977,852	$56,251
Oct 2026	$1.99m	$514,060	$16,172
Nov 2026 (to date)	$1,588	$493	$15.55

The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/thorchain-dex

Frequently asked questions

What is THORChain DEX's TVL?

As of Nov 2, 2026, THORChain DEX has $59m in total value locked. TVL has decreased 17.4% over the past 30 days.

What chains does THORChain DEX operate on?

THORChain DEX operates on 14 chains: THORChain, Bitcoin, Ethereum, BSC, and Bitcoincash and 9 others. THORChain holds the largest share at 46.7%.

How much has THORChain DEX generated in fees and revenue?

Over the past 30 days, THORChain DEX generated $1.92m in fees. Of that, $495,539 was protocol revenue. Based on the trailing year, the annualized rate is $20.03m in fees and $3.24m in revenue.

What is the RUNE token price and valuation?

RUNE is currently trading at $0.55. Its circulating market capitalization is $179.71m, ranking it #267. Its fully diluted valuation is $193.13m. Supply currently stands at 329.29m circulating, 353.88m total supply, 353.88m maximum supply.

How has RUNE performed recently?

RUNE is down 11.9% over the past 7 days and down 24.5% over the past 30 days. Its all-time high is $20.87, reached on May 18, 2021. The token is currently 97.4% below that level.

How does THORChain DEX's TVL compare to similar protocols?

Among Dexs protocols tracked by DefiLlama, THORChain DEX ranks #23 by TVL. The category holds $12.672b across 1,926 protocols, and THORChain DEX accounts for 0.5% of that total. Similar protocols include Bridgers, Uniswap V3, Uniswap V4, Curve DEX, Uniswap V2, PancakeSwap AMM V3, SushiSwap V3, SushiSwap, Metric V1, and DODO AMM.

How much trading volume does THORChain DEX process?

THORChain DEX processed $1.555b in DEX volume over the past 30 days.

Has THORChain DEX ever been exploited?

THORChain DEX has 4 recorded security incidents. The most recent incident occurred on May 15, 2026 and involved $10.7m. It was classified as Bridge & Cross-Chain.