THORChain

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.

Users can swap Bitcoin with any self-custody wallet in the world.

THORChain uses an automated market maker (AMM) model with continuous liquidity pools (CLP) which results in constant liquidity thanks to the “constant product” formula. Traders are also able to enter limit orders, however the trades clear through the pools therefore limit orders on THORChain do not act like a traditional order book.

Who is the Founder of THORChain?

THORChain was originally developed by a group of anonymous developers. The most publicly associated individuals with founding the protocol are John-Paul Thorbjornsen (JP Thor) and Chad Barraford.

When did THORChain Launch?

The first public test net was launched in June 2020. In August 2020, Single Chain Chaos Net (SCCN) was launched. SCCN only had BNB Beacon Chain tokens available to swap. In April 2021, a beta version of the protocol launched, called Multi Chain Chaos Net (MCCN). It could swap BTC, ETH, BNB, BCH, and LTC. After a year’s worth of fixes, improvements, and stability, the development team announced Mainnet (alpha version) in June 2022.

Where is THORChain Located?

THORChain is decentralized. There is no head office or DAO.

THORChain Restricted Countries THORChain is open source and permissionless. Anyone in the world can interact with the protocol. However, interfaces that offer access to THORChain may implement their own screening techniques.

THORChain Supported Coins List THORChain currently supports swapping between 11 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) Base (BASE)

How Much are THORChain Fees?

The swap fees on THORChain are set by the node operators. The setting is in basis points (bps) under L1SLIPMINBPS.

If L1SLIPMINBPS is set at 10, then the fee to swap on THORChain is 20 bps (0.2%). Because every swap on THORChain is actually two swaps between two different pools.

For example, to swap BTC for ETH, BTC is sold into the pool for RUNE then RUNE is sold into the ETH pool, and ETH is sent to the user. The user does not have to own any RUNE to facilitate the transaction, the fees are deducted from the token being swapped.

Is it Possible to use Leverage or Margin Trade on THORChain?

Yes, on THORChain’s app layer developed by Rujira, it is possible to use leverage and margin trade.