⌘KAsk LlamaAI for free

Ask about THORChain DEX · free

THORChain DEX(RUNE)

Total Value Locked$64.06m

TVL by Chain

THORChain$32.56m

Bitcoin$14.71m

Ethereum$9.79m

BSC$1.8m

Bitcoincash$1.4m

Avalanche$905,461

Doge$884,670

XRPL$759,654

Litecoin$583,316

Tron$385,890

CosmosHub$127,545

Base$104,912

Solana$57,335

Key Metrics

Fees 30d$2.46m

Fees 30d by chain

Ethereum$831,559

Bitcoin$704,918

THORChain$397,286

Tron$145,029

XRPL$134,056

Litecoin$78,147

Bitcoincash$64,396

BSC$62,455

Base$16,775

Avalanche$11,617

Doge$10,988

CosmosHub$1,675

Solana$0

Fees 7d$387,075

Ethereum$133,346

Bitcoin$119,237

Tron$30,909

THORChain$29,454

BSC$29,071

Litecoin$23,950

Bitcoincash$14,805

XRPL$2,037

Base$1,738

Avalanche$1,434

Doge$1,094

CosmosHub$0

Solana$0

Fees 24h$56,643

Ethereum$22,822

Bitcoin$16,608

Tron$8,919

THORChain$2,336

Bitcoincash$2,249

Litecoin$1,783

BSC$506

XRPL$408

Avalanche$366

Doge$344

Base$302

CosmosHub$0

Solana$0

Cumulative Fees$175.3m

Ethereum$60m

THORChain$50.17m

Bitcoin$33.72m

BSC$17.08m

Litecoin$2.9m

Avalanche$2.78m

Bitcoincash$2.59m

Doge$2.18m

Terra Classic$1.12m

XRPL$1.06m

CosmosHub$839,719

Tron$622,214

Base$231,538

Solana$7,666

Revenue 30d$667,735

Revenue 30d by chain

Ethereum$262,803

Bitcoin$228,932

XRPL$52,541

Tron$44,816

Litecoin$24,471

BSC$20,556

Bitcoincash$19,985

Base$5,258

Avalanche$3,816

Doge$3,568

CosmosHub$528.42

THORChain$458.97

Solana$0

Revenue 7d$113,685

Ethereum$42,089

Bitcoin$37,889

Tron$9,983

BSC$9,268

Litecoin$7,547

Bitcoincash$4,691

XRPL$639

Base$542

Avalanche$453

Doge$346

THORChain$238.23

CosmosHub$0

Solana$0

Revenue 24h$17,042

Ethereum$7,149

Bitcoin$5,202

Tron$2,773

Bitcoincash$714

Litecoin$554

BSC$160

XRPL$128

Avalanche$118

Doge$108

Base$94

THORChain$42

CosmosHub$0

Solana$0

Cumulative Revenue$9.59m

Ethereum$4.18m

Bitcoin$2.96m

BSC$983,168

XRPL$291,282

Litecoin$239,077

Bitcoincash$225,089

Avalanche$186,800

Tron$168,877

Doge$150,424

CosmosHub$56,428

Terra Classic$56,159

THORChain$55,594

Base$35,777

Solana$1,376

Holders Revenue 30d$19,859

Holders Revenue 30d by chain

Ethereum$8,097

Bitcoin$6,800

Tron$1,399

XRPL$1,168

Litecoin$768.93

Bitcoincash$620.04

BSC$597.66

Base$166.23

Avalanche$109.75

Doge$102.85

CosmosHub$16.15

THORChain$14.02

Solana$0

Holders Revenue 7d$3,532

Ethereum$1,314

Bitcoin$1,174

Tron$303.47

BSC$288.79

Litecoin$237.79

Bitcoincash$145

XRPL$20.05

Base$17.12

Avalanche$13.96

Doge$10.73

THORChain$7.51

CosmosHub$0

Solana$0

Holders Revenue 24h$538

Ethereum$225

Bitcoin$164

Tron$89

Bitcoincash$22

Litecoin$18

BSC$4.94

XRPL$4.03

Avalanche$3.50

Doge$3.39

Base$3

THORChain$1.27

CosmosHub$0

Solana$0

Cumulative Holders Revenue$2.49m

Ethereum$1.21m

Bitcoin$799,728

BSC$123,450

Bitcoincash$69,784

Avalanche$69,680

Litecoin$64,324

Doge$55,364

THORChain$23,443

XRPL$21,237

Tron$21,103

CosmosHub$14,588

Base$10,172

Solana$355.13

Terra Classic$0

Incentives 1y$0.63

Incentives 30d$0.63

Incentives 7d$0.63

Incentives 24h$0.63

Cumulative Incentives$166.52m

Earnings (Annualized)$3.12m

Earnings 30d$667,734

Earnings 7d$113,684

Earnings 24h$17,041

Cumulative Earnings-$156.93m

DEX Volume 30d$1.876b

DEX Volume 30d by chain

THORChain$1.876b

DEX Volume 7d$326m

THORChain$326m

DEX Volume 24h$50.38m

THORChain$50.38m

Cumulative DEX Volume$128.398b

THORChain$128.398b

Market Cap$206.98m

$RUNE Price$0.63

All Time High$20.87

All Time Low$0.0085

View $RUNE token page

Fully Diluted Valuation$222.43m

Outstanding FDV$212.43m

$RUNE Volume 24h$9.87m

CEX Volume$3.52m

DEX Volume$2.1m(21.25% 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

Chains: Ethereum

Bridge Hack

Language: Go

Target Type: DeFi Protocol

Date: Jul 15, 2021

Amount: $5m

Classification: Bridge & Cross-Chain

Technique: Bridge Logic Flaw

Chains: Ethereum

Bridge Hack

Language: Solidity

Target Type: DeFi Protocol

Date: Jul 22, 2021

Amount: $8m

Classification: Protocol Logic

Technique: Withdrawal Logic Flaw

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

Chains: Bitcoin, Ethereum, Base, BSC

Bridge Hack

Target Type: Chain

Competitors

Bridgers ($116,402)Uniswap V3 ($1.606b)Uniswap V4 ($1.215b)Curve DEX ($1.166b)Uniswap V2 ($926.64m)PancakeSwap AMM V3 ($740.78m)SushiSwap V3 ($41.7m)SushiSwap ($37.45m)Metric V1 ($18.52m)DODO AMM ($13.81m)

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	$1.39M	$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	$1.17M	$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	$26.09K	$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	$52.31	$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	$196.7K	$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	$1.02M	$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	$358.36K	$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	$332.18K	$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	$196.7K	$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	$117.04K	$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	$18.88K	$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	$370.09K	$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	$11.7K	$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	$7.2K	$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	$52.31	$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	$58.52K	$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	$58.52K	$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	$234.08K	$583.78K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Incentives	$0.63	$0	$0	$0	$0	$0	$0	$3.98M	$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	$0.63	$0	$0	$0	$0	$0	$0	$3.98M	$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	$370.09K	$1.22M	$491.24K	$599.51K	$646.15K	$481.19K	$854.46K	-$2.48M	-$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	$11.7K	$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	$11.7K	$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 Oct 27, 2026.

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

Daily TVL, Sep 28, 2026 to Oct 27, 2026

Date	TVL
Sep 28, 2026	$71.55m
Sep 29, 2026	$72.74m
Sep 30, 2026	$71.31m
Oct 1, 2026	$73.57m
Oct 2, 2026	$72.99m
Oct 3, 2026	$71.4m
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

TVL at each month end, Nov 2024 to Oct 2026

Date	TVL
Nov 30, 2024	$342.69m
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 27, 2026 (latest)	$63.82m

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, Nov 2024 to Oct 2026

Month	Fees	Revenue	Holders revenue
Nov 2024	$8.82m	$457,379	$227,850
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 (to date)	$1.39m	$370,086	$11,699

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 Oct 27, 2026, THORChain DEX has $64.06m in total value locked. TVL has decreased 12.1% 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 50.8%.

How much has THORChain DEX generated in fees and revenue?

Over the past 30 days, THORChain DEX generated $2.46m in fees. Of that, $667,735 was protocol revenue. Based on the trailing year, the annualized rate is $19.88m in fees and $3.12m in revenue.

What is the RUNE token price and valuation?

RUNE is currently trading at $0.63. Its circulating market capitalization is $207.14m, ranking it #250. Its fully diluted valuation is $222.6m. Supply currently stands at 329.31m circulating, 353.89m total supply, 353.89m maximum supply.

How has RUNE performed recently?

RUNE is down 5.7% over the past 7 days and down 17.2% over the past 30 days. Its all-time high is $20.87, reached on May 18, 2021. The token is currently 97% below that level.

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

Among Dexs protocols tracked by DefiLlama, THORChain DEX ranks #24 by TVL. The category holds $13.506b across 1,923 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 $1.876b 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.