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Cross-chain DEX

THORChain

THORChain lets you swap real coins between many networks, including Bitcoin, Ethereum and Solana. You send one coin and get another real coin back on its own network. Every swap passes through THORChain’s own token, RUNE.

Official website

How it works

  1. 1Each supported coin has a paired with RUNE. To swap coin A for coin B, THORChain swaps A to RUNE, then RUNE to B.
  2. 2The people who run THORChain’s computers (node operators) put up RUNE as a deposit. Together they control the vaults on other networks using .
  3. 3You send your coins to a vault address with a , a short note that says what to swap into and where to send it. The new coin arrives on the destination network as the real coin.

Trust model

You are trusting THORChain’s node operators. The system stays safe only while their RUNE deposit is worth more than what they could steal, so cheating would cost them more than it earns. In early 2025 THORChain could not pay back users of its THORFi lending and savings products, and turned that debt into a new token called TCY.

Strengths

  • Of all decentralized swap services, it supports the most networks that are not Ethereum-style.
  • No : you send a real coin and get a real coin.

Limitations

  • Every swap goes through RUNE, so your rate depends on how much money sits in the RUNE pools.
  • Some pools are much smaller than others, which can mean worse rates for those coins. Newer routes such as Solana and Zcash have been paused at times for technical fixes.

Routes using THORChain

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