THORChain

RUNE Price

What Is ThorChain?

THORChain is the first decentralized exchange (DEX) to swap Bitcoin, and other UTXO chains, with Ethereum, and other EVM chains.  All without using wrapped tokens.

THORChain currently supports swapping between 10 different blockchains.  Assets available to swap on THORChain include the following:

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• BNB (BNB)
• XRPL (XRP)
• USDC (USDC)
• Tron (TRX)
• Dogecoin (DOGE)
• Bitcoin Cash (BCH)
• Wrapped Bitcoin (WBTC)
• Chainlink (LINK)
• Litecoin (LTC)
• Dai (DAI)
• Avalanche (AVAX)
• Aave (AAVE)
• Cosmos (ATOM)

What Makes THORChain Unique?

Swapping on THORChain is permissionless and censorship resistant.

THORChain makes it possible for people to stop using centralized exchanges (CEXs) for swapping tokens across chains.

People can use any self-custody wallet in the world to swap Bitcoin (BTC), Ethereum (ETH), BNB (BNB),
XRPL (XRP), Tron (TRX), Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), Avalanche (AVAX), and Cosmos (ATOM), without having to connect the wallet to a website.

There are no block rewards on THORChain.  100% of the revenue on the network is real money paid by real users.  5% of the revenue is burned, making the token supply deflationary.

There are no more token unlocks.  The circulating supply has been distributed since 2023.

History of THORChain

THORChain was conceptualized in 2018 by a team participating in a Binance Dexathon (decentralized exchange coding competition).  The first whitepaper was published in July 2018. 

RUNE was launched on June 19, 2019, with a pre-mined token supply of 1.0 billion. THORChain conducted an IDO on July 20, 2019, in which 20 million RUNE were allocated.

In June 2020, the first public test net was launched.  In August 2020, Single Chain Chaos Net (SCCN) was launched.  SCCN only had BNB Beacon Chain tokens available to swap.

In April 2021, Multi Chain Chaos Net (MCCN) launched.  This marked the first time in history crypto users could swap between 5 different blockchains on a DEX, from self-custody wallets, and without using wrapped tokens.  Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BNB), Bitcoin Cash (BCH), and Litecoin (LTC) were the first 5 tokens available to swap.

MCCN was rolled out as a guarded launch, where a cap was placed on the size of liquidity pools to reduce the potential loss of funds.  As bugs and problems with the code were ironed out, the self-imposed limitations on the network were slowly lifted.

After several months of stable performance, the development team announce mainnet in June 2022.

Since then, THORChain has become the largest DEX for swapping bitcoin with $118 billion in total volume as of December 2025.

What's Next for THORChain?

Work is being done to add the following blockchains to THORChain:

• Solana (SOL)
• Toncoin (TON)
• Cardano (ADA)
• Sui (SUI)
• Zcash (ZEC)
• Monero (XMR)

THORChain is developing its version of intents, which will enable the swapping of long tail assets on every blockchain.  Eventually people will be able to swap any token from any self-custody crypto wallet.

THORChain is evolving into a true layer 1 protocol.  Now, developers can create smart contracts on THORChain, and those contracts have direct access to native token liquidity.  Smart contracts make it possible to have collateralized lending, bitcoin backed stablecoin, perp DEX, prediction market, token launch platform, NFTs, and more.

The Rujira team is responsible for building smart contracts on THORChain.  The fees generated from smart contracts are split 50/50 between THORChain and Rujira.

What Can RUNE Be Used For?

All the fees on THORChain are paid in RUNE tokens.  The user doesn’t have to own any RUNE tokens, or have a RUNE wallet, to swap on THORChain.  The fees are deducted from the inbound token of the swap and used to buy RUNE.  These fees (RUNE tokens) are then distributed as per below.

• 10% to TCY token holders
• 5% are burned
• 5% to the developer fund
• 5% to the marketing fund
• 75% is split between the liquidity providers and bond providers (nodes) according to an incentive pendulum

Every liquidity pool on THORChain is paired with RUNE.  The bitcoin pool is BTC/RUNE, the ethereum pool is ETH/RUNE, and so on.  As long as there’s bitcoin, ethereum, and other liquidity pools on THORChain, RUNE has value and a floor in its market cap.  Liquidity providers collect some of the revenue from the exchange.

The RUNE token is used to bond nodes to the network.  A minimum bond of 300,000 RUNE is required for a node to enter.   The average node has 950,000 RUNE bonded to it.

Nodes receive a portion of the revenue in return for securing the network.  This revenue is distributed in RUNE tokens to all the bond providers of the nodes on a pro rata basis.

Governance of the protocol is voted on by the nodes.  Not individual RUNE holders.  Therefore, RUNE is not a traditional governance token.

The RUNE token is used to pay gas fees for any transaction occurring on the network.  The fee is currently set at 0.02 RUNE per transaction.

Where can you buy THORChain?

RUNE tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade THORChain is Binance, where the most active trading pair RUNE/USDT has a trading volume of $1,054,382.52 in the last 24 hours. Other popular options include MEXC and Bybit.

What is the daily trading volume of THORChain (RUNE)?

The trading volume of THORChain (RUNE) is $20,968,406.06 in the last 24 hours, representing a -16.00% decrease from one day ago and signalling a recent fall in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for THORChain (RUNE)?

THORChain (RUNE) reached an all-time high of $20.87 and an all-time low of $0.008513. It’s now trading -98.10% below that peak and 4,659.50% above its lowest price.

What is the market cap of THORChain (RUNE)?

Market capitalization of THORChain (RUNE) is $142,955,751 and is ranked #210 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of RUNE tokens (350 Million tokens are tradable on the market today).

What is the fully diluted valuation of THORChain (RUNE)?

The fully diluted valuation (FDV) of THORChain (RUNE) is $172,942,121. This is a statistical representation of the maximum market cap, assuming the maximum number of 500 Million RUNE tokens are in circulation today. Depending on how the emission schedule of RUNE tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of THORChain compare against its peers?

With a price decline of -3.40% in the last 7 days, THORChain (RUNE) is underperforming the global cryptocurrency market which is down -2.50%, while outperforming when compared to similar Smart Contract Platform cryptocurrencies which are down -3.60%.