THORChain
RUNEUSD Overview
THORChain is a decentralized, blockchain-based liquidity protocol designed to enable cross-chain asset swaps. The project was developed by the THORChain team and community, with the network and token gaining prominence after mainnet launches and iterative upgrades beginning in the late 2010s and early 2020s. RUNE functions as the protocol’s utility and governance token, underpinning liquidity incentives, security staking, and fee settlement under the network’s tokenomics.
The RUNEUSD price is formed by the interaction of supply and demand across centralized exchanges, decentralized pools and on-chain liquidity. Order-book activity, liquidity depth, trader sentiment, network usage, protocol updates and broader macro and crypto market conditions all influence short- and long-term price moves.
RUNEUSD matters to market participants as a trading instrument, a measure of THORChain’s economic activity and a vehicle for arbitrage between venues. Traders and investors use RUNEUSD for speculation, hedging, provisioning liquidity, and participating in governance.
Like many altcoins, RUNE can exhibit significant volatility and liquidity varies by exchange and time of day; market participants should consider spreads, slippage and on-chain metrics when trading.
RUNEUSD Chart
THORChain's Swap Queue Blocks Sandwich Attacks and Cuts MEV Costs for Traders
THORChain published a technical guide explaining how its execution model neutralizes sandwich attacks, one of the most common forms of maximum extractable value (MEV) in decentralized finance. Between November 2024 and October 2025, this type of attack extracted approximately $60 million from Ethereum users across a volume of between 60,000 and 90,000 monthly incidents.
THORChain Closes August At $613M Following July's Unmatched $796M Surge
THORChain recorded $613M in August swap volume, down 23% from July's $796.97M. Active wallets climbed 57% to 23.5K, while 21.8K new wallets joined the network. Protocol-owned liquidity went live through v3.20, directing 20% of system income into protocol-controlled positions. THORChain closed August with $613M in swap volume, marking a 23% decline from July's $796.97M.
Coldcard Exploiter Routes 10% Of Stolen Funds Into Ether Via THORChain
Galaxy research head Alex Thorn said the exploiter linked to the third wave of Coldcard thefts has started moving stolen Bitcoin for the first time, swapping part of the funds into Ether through THORChain.
