What is THORChain? How It Works & Where to Use It

Overview

THORChain at a glance.

THORChain launched in 2021 as a Layer 1 built with the Cosmos SDK and Tendermint consensus. Its purpose is cross-chain swapping: it lets users trade native assets across different blockchains, for example native Bitcoin for native Ethereum, without using wrapped or pegged tokens.

Total value locked (DeFi)

$30.7M

Value locked in DeFi protocols on THORChain. Updated Jun 2, 2026. Source: DefiLlama.

Native token

RUNE

Used for fees and securing the network. See the live RUNE price.

How it works

How THORChain works.

THORChain validators, called nodes, bond RUNE and take part in Tendermint Byzantine Fault Tolerant consensus. Nodes also run full nodes for the external chains THORChain connects to, so the network can observe and sign transactions on those chains. Liquidity providers deposit assets into pools that are always paired with RUNE, which acts as the settlement asset for every swap.

Consensus: Proof of Stake with Tendermint BFT

THORChain validators, called nodes, bond RUNE and take part in Tendermint Byzantine Fault Tolerant consensus. Nodes also run full nodes for the external chains THORChain connects to, so the network can observe and sign transactions on those chains. Liquidity providers deposit assets into pools that are always paired with RUNE, which acts as the settlement asset for every swap.

Native asset swaps

THORChain swaps real native assets across chains rather than wrapped versions. A user can trade native Bitcoin for native Ethereum without holding a pegged token in between.

RUNE-paired pools

Every liquidity pool pairs an asset with RUNE. Because RUNE sits on one side of every pool, it acts as the common settlement asset that connects all the different chains.

Bonded nodes

Validators bond RUNE as economic security and run nodes for each connected chain so the network can observe deposits and sign withdrawals.

Continuous liquidity pools

Swaps execute against pooled liquidity using an algorithmic pricing model, so there is no order book or counterparty needed for a trade.

Ecosystem & usage

What THORChain is used for.

THORChain is used mainly as cross-chain swap infrastructure. Wallets and aggregators route trades through it so users can move between assets on different chains while keeping custody of their funds.

DefiLlama

Cross-chain swaps

Trade native assets between chains, such as Bitcoin and Ethereum, without a centralized exchange or wrapped tokens.

Liquidity provision

Providers deposit assets into RUNE-paired pools and earn a share of swap fees.

Wallet integrations

Wallets and aggregators integrate THORChain so users can swap directly inside the app.

Bonding and security

Node operators bond RUNE to secure the network and earn rewards.

Top protocols by TVL · updated Jun 2, 2026

Thorchain DEX · Dexs$29.9M

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Nami Index · Indexes$195,000

In the Zypto App

Hold, swap and spend RUNE.

THORChain is integrated in the Zypto App. Hold RUNE in self-custody, swap it to any supported asset, and use it across Zypto’s features.

Hold RUNE in Zypto How to buy RUNE

Be the reason THORChain ships next.

THORChain isn’t in the Zypto App yet. Post the request to your followers, chains with the most demand get prioritised.

Request on X

FAQ

Common questions.

What does THORChain do?

THORChain is a Layer 1 that lets users swap native assets across different blockchains, such as native Bitcoin for native Ethereum, using liquidity pools rather than a centralized exchange.

Does THORChain use wrapped tokens?

No. THORChain swaps the real native assets on each chain. It does not require users to hold wrapped or pegged versions of the tokens being traded.

Why is RUNE central to THORChain?

Every liquidity pool pairs an asset with RUNE, so RUNE is the common settlement asset for all swaps. RUNE is also bonded by node operators as economic security for the network.

What is RUNE used for?

RUNE is the native token. It backs every liquidity pool as the paired asset, is bonded by validators for security, and is used to pay network fees.

Can I hold RUNE in the Zypto App?

Not yet. RUNE isn't in the Zypto App at the moment. You can hold it in any self-custodial wallet, and you can ask us to add THORChain using the "Request THORChain" button above.

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