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THORChain DEX(RUNE)

Total Value Locked$61.35m

TVL by Chain

THORChain$31.1m

Bitcoin$13.85m

Ethereum$9.48m

BSC$1.7m

Bitcoincash$1.26m

Avalanche$908,531

XRPL$887,053

Doge$819,654

Litecoin$570,689

Tron$497,957

CosmosHub$117,256

Base$104,692

Solana$50,872

Key Metrics

Fees 30d$2.75m

Fees 30d by chain

Ethereum$855,967

Bitcoin$713,124

THORChain$370,654

Tron$348,233

XRPL$211,493

Litecoin$62,829

BSC$57,648

Bitcoincash$51,627

Avalanche$44,325

Base$20,966

Doge$9,640

CosmosHub$1,676

Solana$0

Fees 7d$1.28m

Ethereum$355,415

Bitcoin$342,929

XRPL$203,717

THORChain$155,621

Tron$150,727

Avalanche$38,249

BSC$9,754

Bitcoincash$8,472

Litecoin$6,743

Base$6,141

Doge$3,146

CosmosHub$738

Solana$0

Fees 24h$353,384

XRPL$125,455

Bitcoin$123,245

Ethereum$56,533

THORChain$27,523

Tron$12,003

Bitcoincash$2,902

BSC$1,937

Litecoin$1,657

Avalanche$1,241

Doge$660

CosmosHub$228

Base$0

Solana$0

Cumulative Fees$176.87m

Ethereum$60.44m

THORChain$50.38m

Bitcoin$34.11m

BSC$17.1m

Litecoin$2.92m

Avalanche$2.82m

Bitcoincash$2.6m

Doge$2.19m

XRPL$1.26m

Terra Classic$1.12m

Tron$846,526

CosmosHub$840,457

Base$239,115

Solana$7,666

Revenue 30d$764,517

Revenue 30d by chain

Ethereum$266,318

Bitcoin$222,551

Tron$108,238

XRPL$74,373

Avalanche$23,949

Litecoin$19,613

BSC$18,161

Bitcoincash$16,092

Base$8,051

THORChain$3,678

Doge$2,975

CosmosHub$518

Solana$0

Revenue 7d$374,160

Ethereum$110,630

Bitcoin$106,858

XRPL$71,961

Tron$46,958

Avalanche$22,057

Base$3,452

THORChain$3,246

BSC$3,046

Bitcoincash$2,643

Litecoin$2,101

Doge$979

CosmosHub$229

Solana$0

Revenue 24h$102,302

XRPL$39,331

Bitcoin$38,708

Ethereum$17,750

Tron$3,766

Bitcoincash$908

BSC$607

Litecoin$519

Avalanche$388

Doge$207

CosmosHub$71

THORChain$47

Base$0

Solana$0

Cumulative Revenue$10.04m

Ethereum$4.32m

Bitcoin$3.08m

BSC$988,619

XRPL$364,068

Litecoin$245,587

Tron$238,767

Bitcoincash$229,064

Avalanche$209,384

Doge$151,638

THORChain$58,968

CosmosHub$56,657

Terra Classic$56,159

Base$39,677

Solana$1,376

Holders Revenue 30d$23,072

Holders Revenue 30d by chain

Ethereum$8,385

Bitcoin$7,022

Tron$3,389

XRPL$1,974

Litecoin$619.92

BSC$564.80

Bitcoincash$502.99

Avalanche$290.65

Base$186.09

Doge$93.56

THORChain$27.73

CosmosHub$16.47

Solana$0

Holders Revenue 7d$10,800

Ethereum$3,482

Bitcoin$3,387

XRPL$1,898

Tron$1,466

Avalanche$231.31

BSC$94

Bitcoincash$84.19

Litecoin$66.09

Base$38.32

Doge$30.93

THORChain$14.14

CosmosHub$7.30

Solana$0

Holders Revenue 24h$3,224

XRPL$1,242

Bitcoin$1,218

Ethereum$559

Tron$119

Bitcoincash$29

BSC$19

Litecoin$16

Avalanche$12

Doge$6.55

CosmosHub$2.26

THORChain$1.46

Base$0

Solana$0

Cumulative Holders Revenue$2.5m

Ethereum$1.22m

Bitcoin$803,573

BSC$123,617

Avalanche$69,928

Bitcoincash$69,909

Litecoin$64,529

Doge$55,402

THORChain$23,461

Tron$23,292

XRPL$23,161

CosmosHub$14,595

Base$10,224

Solana$355.13

Terra Classic$0

Incentives 1y$0.59

Incentives 30d$0.59

Incentives 7d$0.59

Incentives 24h$0.59

Cumulative Incentives$166.48m

Earnings (Annualized)$3.52m

Earnings 30d$764,516

Earnings 7d$374,159

Earnings 24h$102,301

Cumulative Earnings-$156.44m

DEX Volume 30d$2.233b

DEX Volume 30d by chain

THORChain$2.233b

DEX Volume 7d$989.52m

THORChain$989.52m

DEX Volume 24h$308.05m

THORChain$308.05m

Cumulative DEX Volume$129.653b

THORChain$129.653b

Market Cap$194.74m

$RUNE Price$0.59

All Time High$20.87

All Time Low$0.0085

View $RUNE token page

Fully Diluted Valuation$209.33m

Outstanding FDV$199.91m

$RUNE Volume 24h$274.76m

CEX Volume$5.04m

DEX Volume$261.56m(95.19% 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 ($89,286)Uniswap V3 ($1.517b)Uniswap V4 ($1.185b)Curve DEX ($1.082b)Uniswap V2 ($870.46m)PancakeSwap AMM V3 ($688.12m)SushiSwap V3 ($39.52m)SushiSwap ($35.58m)Metric V1 ($18.73m)DODO AMM ($13.11m)

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	$2.97M	$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	$2.48M	$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	$50.43K	$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	$31.89K	$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	$400.9K	$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	$2.15M	$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	$762.59K	$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	$702.43K	$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	$400.9K	$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	$248.31K	$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	$33.03K	$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	$819.04K	$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	$24.83K	$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	$17.39K	$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	$31.89K	$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	$124.16K	$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	$124.16K	$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	$496.61K	$583.78K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Incentives	$0.59	$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	$0.59	$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	$819.04K	$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	$24.83K	$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	$24.83K	$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 7, 2026.

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

Daily TVL, Oct 9, 2026 to Nov 7, 2026

Date	TVL
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
Nov 3, 2026	$59.45m
Nov 4, 2026	$62.8m
Nov 5, 2026	$65.24m
Nov 6, 2026	$61.59m
Nov 7, 2026	$61.01m

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 7, 2026 (latest)	$61.01m

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)	$976,319	$304,977	$8,654

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 7, 2026, THORChain DEX has $61.35m in total value locked. TVL has decreased 11.6% 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 50.7%.

How much has THORChain DEX generated in fees and revenue?

Over the past 30 days, THORChain DEX generated $2.75m in fees. Of that, $764,517 was protocol revenue. Based on the trailing year, the annualized rate is $20.62m in fees and $3.52m in revenue.

What is the RUNE token price and valuation?

RUNE is currently trading at $0.59. Its circulating market capitalization is $193.74m, ranking it #247. Its fully diluted valuation is $208.27m. Supply currently stands at 329.19m circulating, 353.87m total supply, 353.87m maximum supply.

How has RUNE performed recently?

RUNE is down 16.4% over the past 7 days and down 16.5% over the past 30 days. Its all-time high is $20.87, reached on May 18, 2021. The token is currently 97.2% 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 $12.618b across 1,932 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 $2.233b 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.