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Layer 1 blockchain

THORChain ticker RUNE

  • No public-data lookups yet
  • 5 reviewed developments
  • 40 cited sources

Summary

THORChain (chain ID thorchain-1) is a Cosmos SDK chain with CometBFT consensus run by bonded THORNodes: 99 were active and 59 on standby in a read on 2026-09-29. Every active node gets the same voting power, and a block commits once more than two-thirds precommit it, about every six seconds. Nodes enter by bonding RUNE; at each churn the highest-bonded ready nodes join and departing, oldest or worst-performing nodes leave. The same nodes run Bifrost to watch connected chains and share threshold-signature vaults on them; a vault spends only when about two-thirds of its members sign, and an unauthorized spend is slashed from the members' bonds at 1.5 times its value. Continuous liquidity pools pair each asset with RUNE, so a swap between two chains runs through two pools and is paid out by a vault. 1112222324293031

Design

System
Layer 1 blockchainIndependent chain built on the Cosmos SDK with CometBFT consensus and its own bonded node set (THORNodes); it does not settle to another chain. The same nodes also hold coins of connected chains in threshold-signature vaults on those chains and pay swaps out natively, so part of the value THORChain accounts for lives outside its own ledger. Chain ID thorchain-1 since block 17,562,001, after earlier chain IDs thorchain and thorchain-mainnet-v1.
Settlement family
Cosmos SDK
Scarce resource
Stake (proof of stake)
State model
Accounts
Finality
Other
Who makes blocks
CometBFT rotates proposers in proportion to voting power. THORChain gives every active node the same power (100 in the reviewed code), so proposing rotates evenly across active nodes; bond size decides entry at churn and reward share up to a cap, not proposal weight. Churn normally runs every 43,200 blocks (roughly two and a half to three days), adds at most one net node and removes at most a third of the set. It was paused for more than 60 days after the May 2026 exploit and resumed with v3.20.
Fork choice
No open weight-based fork choice: each height is decided by precommits from more than two-thirds of active nodes. If more than a third are offline or disagree the chain stops; THORChain's August 2026 report says the network halted on 26 and 27 August after a node execution mismatch. THORNode's code, in the public v3.20.3 release tag and the develop branch, records double signing as 1,000 slash points (lost rewards) and leaves the bond untouched, while the node docs describe a bond slash. THORChain has twice exported its state and restarted under a new chain ID.

Qualifications

Tradeoffs

This view follows one way of thinking about design priorities, often called the blockchain trilemma. The design-priorities lesson sets out the counter-view. Read the design-priorities lesson.

Emphasizes
Security and Decentralization Contested
Gives up
Cheap participation and fast settlement. An active node must bond more than the smallest active bond (about 356,000 RUNE in a 2026-09-29 read), run full nodes of every connected chain on a Kubernetes cluster, and the node docs estimate hosting at 2,000 to 3,500 US dollars a month. Swaps wait for source-chain confirmations that grow with value, large outbounds are spread across blocks, and chains or trading halt when solvency checks or a few node votes call for it.THORChain's docs name security and decentralization among its aims and target bonded RUNE worth about twice the pooled non-RUNE assets, so theft should cost more than it gains. Both emphases are disputed: in the reviewed code double signing costs slash points, not bond; in May 2026 one newly joined node broke a vault's key through signing-library flaws despite the bond; bond and hosting costs limit who can run a validator; and several 2026 releases shipped as private binaries that operators could not build from source until later disclosure.
Full node at home
Demanding 1213141617A THORChain full node runs the thornode daemon, optionally with Midgard, without the external chain clients. The docs say a current binary cannot replay history from genesis, so a node starts from recent state: network StateSync, which the docs say needs about 80 GB of memory, or a pruned or archive snapshot published by Liquify, which means trusting that snapshot. Storage and CPU needs are not published, and the documented node-launcher path runs on Kubernetes. Validators are a separate class: a Kubernetes cluster running every connected chain's full node plus the bond.
Throughput claims
No classified figure recorded

Scaling layers

No scaling layer recorded in this profile.

Capabilities

Capabilities of THORChain: how each one is provided, or its research status
CapabilityHow it is providedNotes and sources
Account abstractionStructured assessment pendingNot yet assessed for any chain.
Atomic swapsUnknownTHORChain's own swap does not meet this row: coins go to a vault address, nodes observe the deposit, swap through RUNE-paired pools and pay out from a vault that about two-thirds of its members must sign. That is custody by a rotating signer set, not a hash-time lock, and the trade is against pools, not another party. RUJI Trade, an on-chain order book on the App Layer, was not assessed: the cited pages do not show where its resting orders sit or how a match settles, so absence is not stated. 1571933
Authenticated data publicationUnknownNot yet assessed under this row's current definition.
Light clientsUnknownBuilding blocks only: CometBFT produces validator-signed commits a light client could check, and a node restoring by StateSync takes a trust height from default RPC servers. No THORChain light client for users was documented, the deploy guide says THORNodes are full nodes, not light clients, and the reviewed app wiring registers no IBC module. 141625
Native staking or delegationStructured assessment pendingNot yet assessed for any chain.
On-chain governanceStructured assessment pendingNot yet assessed for any chain.
Parallel executionStructured assessment pendingNot yet assessed for any chain.
Payment or state channelsUnknownNo payment or state channel layer anchored to THORChain was found in the reviewed docs; absence was not verified.
Programmable spendingNative (protocol or core-team software) Earlier definitionCosmWasm contracts run on the base chain as the App Layer, introduced with THORNode 3.0. Deployment is permissioned: only approved code and deployers are whitelisted for mainnet, and nodes can pause one contract or the whole App Layer through Mimir. Contracts have no privileges beyond an ordinary THORChain address: they can send, swap or call other contracts but cannot touch vault logic. 725
Protocol-verified messagingStructured assessment pendingNot yet assessed for any chain.
Reversible transfers or recoveryUnknownNot yet assessed under this row's current definition. Swaps that cannot meet the user's price limit are refunded by the protocol, which is automatic handling, not a sender-controlled cancel window. 5
RollupsUnknownNo rollup settling to THORChain was found in the reviewed sources; absence was not verified. The App Layer runs contracts on the base chain itself, not as a separate layer. 7
Shielded transfersStructured assessment pendingNot yet assessed for any chain.
Signed partial offersUnknownNot yet assessed under this row's current definition.
Reading these values
How this feature is provided
Built into the protocol, core-team software or independent software says where a feature lives and who can change it. These are implementation layers, not quality: core-team software is not closer to the protocol than independent software.
Structured assessment pending
The shared review has not assessed this feature for any chain yet (Account abstraction, Native staking or delegation, On-chain governance, Parallel execution, Protocol-verified messaging and Shielded transfers). That does not mean it is absent, and a chain’s profile may already describe it.
Unknown
The review has not established this for this chain under the current definition; the note beside it says why. Unknown is not absent and not a low score. A feature reads “Not present” only when a source shows it is absent.
Earlier definition
Payment or state channels, Programmable spending and Rollups keep the earlier definition until the next fact-check. There, “Native” does not separate the protocol from core-team software, “Ecosystem software” does not say who publishes it, and “Partial” does not say which layer.
Reading across rows
The list of capabilities is incomplete. Do not read these rows as a chain leading or lagging overall.

Definitions, schema version and review history

Ecosystem & custody

Ecosystem products for THORChain
Product typeStatusNotes and sources
Automated market makersNative to the protocolTHORChain continuous liquidity pools (RUNE-paired), Streaming swaps, RUJI Trade order book (App Layer), RUJI AMM strategies (App Layer)The exchange is the chain's core function: each pool pairs an asset with RUNE, swaps pay a fee that grows with the swap's size relative to pool depth, and streaming swaps split large swaps across blocks. On the App Layer, Rujira runs a contract order book that can also draw on base-layer pools. Liquidity depth, audits and App Layer operators were not reviewed. 1533 As of Sep 29, 2026.
Issuer-native stablecoinsNone foundNeither Circle's USDC list nor Tether's supported-protocol list includes THORChain. Stablecoins traded through THORChain stay on their home chains in THORChain's vaults, and users on THORChain hold pool, trade or secured-asset claims on them. 63435 As of Sep 29, 2026.
Algorithmic stablecoinsUnknownTOR, the protocol's dollar unit, cannot be transferred or held and serves only pricing and the retired lending ledger, so it is not a stablecoin users hold. Stablecoins issued by App Layer projects were not reviewed. 8 As of Sep 29, 2026.
BridgesNative to the protocolBifrost observation and threshold-signature vaults, Secured assets (usable by App Layer contracts)THORChain does not mint wrapped copies on other chains: its nodes hold connected chains' coins in vaults and pay swaps out natively. A 2026-09-29 read listed vault addresses on 12 chains (Avalanche, Base, Bitcoin Cash, BNB Smart Chain, Bitcoin, Dogecoin, Ethereum, Cosmos Hub, Litecoin, Solana, TRON, XRP Ledger), with trading paused on Bitcoin and Solana at that moment. Secured assets, which THORChain's docs describe as wrapped forms of connected-chain coins managed in THORChain's own state, let deposited coins be used by App Layer contracts. Risk: Everything deposited depends on each vault's signer set. On 15 May 2026 a node that had joined two days earlier used flaws in the GG20 signing library to rebuild one vault's key and drained about 10 to 10.7 million US dollars by THORChain's own reports; the network halted about five weeks, patched the library, and ADR-028 charged the loss to protocol-owned positions, savers and the treasury, not regular liquidity providers. Coins sent to a retired vault address are lost, and a source-chain reorganisation deeper than the confirmation count can leave a vault short. 67181920272832 As of Sep 29, 2026.
Block explorersEstablished in the ecosystemRUNEScan, THORChain Network Explorer (thorchain.net), xScanner, THORChain Tx TrackerTHORChain's docs list these community-run explorers and say the ecosystem has no official channels; their operators were not verified. Listing is not a quality or completeness check, and explorer data is indexed and can lag the chain. 9 As of Sep 29, 2026.
Hardware walletsThinLedger (through ASGARDEX or the THORNode command-line client)See the custody rows: Ledger devices sign RUNE through ASGARDEX or THORChain's command-line client, while Ledger Wallet's published currency list has no THORChain entry; Trezor says it does not support THORChain. THORChain's ecosystem page also lists KeepKey among wallets; its RUNE support was not checked. 9373940 As of Sep 29, 2026.

Hardware-wallet custody

Hardware-wallet custody for THORChain
Device makerStatusWhat users can and cannot do
LedgerThrough an intermediaryASGARDEX desktop wallet or the THORNode command-line clientSame as native: UnknownCan: Add a Ledger account in ASGARDEX and use it for RUNE, per ASGARDEX's own feature table
Can: Add a Ledger key to the THORNode command-line client with the --ledger flag and confirm transactions on the device, per THORChain's developer docs
Cannot: Find THORChain in Ledger's published Ledger Wallet currency list (@ledgerhq/cryptoassets 13.56.0)Ledger's THORChain page (modified 2026-02-20) is a generic template that invites users to manage THORChain in Ledger Wallet, but Ledger's published currency list has no THORChain entry. A THORChain device app forked from the Cosmos app is kept in Ledger's GitHub organization; the reviewed ASGARDEX and command-line docs do not name the device app they use. THORChain's ecosystem page links a Ledger support article on RUNE that could not be read in this review. 92136373839 As of Sep 29, 2026.
TrezorNone foundSame as native: NoCannot: Manage RUNE in Trezor Suite; Trezor's THORChain page says it does not currently support THORChainTrezor's page asks users who used THORChain with Trezor before to contact support. Third-party wallets that might sign RUNE with a Trezor device were not checked. 40 As of Sep 29, 2026.

Public data

iKnow Blockchain has no public-data lookups for THORChain yet. This is a limit of the service, not a statement about the network.

Public-data lookups for THORChain
LookupStatusWhat it covers and its limits
Address or accountNot available yetPublic-data lookups for this chain are not built yet.
Tokens and assetsNot available yetPublic-data lookups for this chain are not built yet.
NFTsNot available yetPublic-data lookups for this chain are not built yet.
TransactionsNot available yetPublic-data lookups for this chain are not built yet.

A lookup covers one address or transaction from one provider. It is never a complete wallet, and an error or private value is reported as unknown, not zero. About public data · Connect your AI

Sourced developments

Developments: Reviewed Sep 29, 2026 Next review due Oct 9, 2026, 12:00 UTC.

Publication date · newest first

Topics your AI can explain

Your AI can explain these topics for THORChain through the connection, with sources.

Known gaps

What this profile's review did not establish:

Sources

Oldest dated source check: Source checked Sep 29, 2026 Next check due Oct 29, 2026.

All 40 sources were checked in the last 30 days.

  1. Native Cross-chain Swaps (external site)THORChain Docs · retrieved
  2. Network Security and Governance (external site)THORChain Docs · retrieved
  3. Emergency Procedures (node voting, admin Mimir removal, network upgrades) (external site)THORChain Docs · retrieved
  4. Security (confirmation counting, outbound throttling, halts, solvency checker) (external site)THORChain Docs · retrieved
  5. Continuous Liquidity Pools (external site)THORChain Docs · retrieved
  6. Bifrost, TSS and Vaults (external site)THORChain Docs · retrieved
  7. CosmWasm (App Layer overview) (external site)THORChain Docs · retrieved
  8. TOR (external site)THORChain Docs · retrieved
  9. Ecosystem (external site)THORChain Docs · retrieved
  10. THORNode Overview (node voting on Mimir) (external site)THORChain Docs · retrieved
  11. Node Operations (churning, node statuses, bond providers) (external site)THORChain Docs · retrieved
  12. THORNode Stack (components, keys, hard-fork history) (external site)THORChain Docs · retrieved
  13. Risks, Costs and Rewards (external site)THORChain Docs · retrieved
  14. Deploying (external site)THORChain Docs · retrieved
  15. Joining (external site)THORChain Docs · retrieved
  16. Thornode - Docker (fullnode setup) (external site)THORChain Docs · retrieved
  17. Thornode Snapshot Recovery and Storage Management (external site)THORChain node-launcher repository (GitLab) · retrieved
  18. How Bifrost Works (finality and confirmation counting) (external site)THORChain Dev Docs · retrieved
  19. Threshold Signature Scheme (TSS) (external site)THORChain Dev Docs · retrieved
  20. ADR 028: Exploit Conciliation (external site)THORChain Dev Docs · retrieved
  21. Offline Ledger Support (external site)THORChain Dev Docs · retrieved
  22. x/thorchain/manager_slasher_current.go (v3.20.3 release tag; same logic on develop): double-sign and vault slashing (external site)THORChain (GitLab) · retrieved
  23. x/thorchain/manager_validator_current.go (v3.20.3 release tag): validator updates with equal power (external site)THORChain (GitLab) · retrieved
  24. constants/constants_v1.go (v3.20.3 release tag): default protocol constants (external site)THORChain (GitLab) · retrieved
  25. app/app.go (v3.20.3 release tag): registered modules (external site)THORChain (GitLab) · retrieved
  26. THORNode releases (external site)THORChain (GitLab) · retrieved
  27. THORChain Exploit Report #1 (2026-05-20) (external site)THORChain blog · retrieved
  28. THORChain Exploit Report #2 (2026-07-03) (external site)THORChain blog · retrieved
  29. State of the Network - August 2026 (external site)THORChain blog · retrieved
  30. Byzantine Consensus Algorithm (external site)Cosmos Docs (CometBFT specification) · retrieved
  31. Midgard /v2/network via Liquify (active and standby nodes, bond metrics; read 2026-09-29) (external site)THORChain Midgard API, public endpoint run by Liquify · retrieved
  32. THORNode /thorchain/inbound_addresses via Liquify (connected chains and halt flags; read 2026-09-29) (external site)THORNode API, public endpoint run by Liquify · retrieved
  33. RUJI Trade (external site)Rujira documentation · retrieved
  34. USDC contract addresses (external site)Circle · retrieved
  35. Supported Protocols and Integration Guidelines (external site)Tether · retrieved
  36. THORChain Wallet - Buy, manage & hold your RUNE (external site)Ledger · retrieved
  37. @ledgerhq/cryptoassets 13.56.0 currency list (external site)Ledger (npm package via jsDelivr) · retrieved
  38. LedgerHQ/app-thorchain: Ledger THORChain app (external site)Ledger (GitHub) · retrieved
  39. ASGARDEX desktop README (feature table, Ledger accounts) (external site)ASGARDEX (GitHub) · retrieved
  40. THORChain wallet (external site)Trezor · retrieved

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Found something wrong or out of date? Reporting is free, and every chain goes through the same process. Published corrections appear in the public log.

Funding disclosure

Funding disclosures appear here when an upkeep arrangement exists, in the form “Upkeep funded by [name]; verdicts unaffected.” The funder ledger has not been published yet. Neutrality & funding