About

THORChain is a Layer-1 blockchain developed using the Cosmos SDK and the Tendermint consensus protocol. It functions as a cross-chain, permissionless decentralized exchange (DEX) using the automated market maker (AMM) model. The network employs Threshold Signature Schemes (TSS) to maintain the security of its decentralized, leaderless asset vault. THORChain utilizes continuous liquidity pools (CLP). These pools provide consistent liquidity to all assets in the network, allowing for asset trading without reliance on centralized third parties. They also function as a source of trustless onchain price feeds and enable arbitrage opportunities.

History

THORChain was first conceptualized during a Binance Dexathon that ran from March 16, 2018, to June 30, 2018. The first whitepaper for the project was published in July 2018. The purpose of THORChain was to create a decentralized exchange (DEX) that allowed users to exchange various crypto assets without a centralized intermediary. THORChain’s project team has largely remained anonymous in an effort to protect the project and make the decentralization process easier.

RUNE was launched as a BEP-2 token on the BNB Beacon Chain on June 19, 2019, when the initial total token supply of 1.00 billion was pre-mined. THORChain conducted an IDO on July 20, 2019, in which 20.00 million RUNE (4.00% of the total token supply) were allocated.

THORChain launched its first public testnet in June 2020 and its ChaosNet (the first mainnet iteration on BNB Beacon Chain) in August 2020. The project then launched its "Multichain ChaosNet" in April 2021, which marked the launch of THORChain's independent blockchain and allowed users to convert ERC-20 and BEP-2 RUNE into native RUNE. Multichain ChaosNet was the first THORChain iteration that enabled swaps between different blockchains. ChaosNet rolled out in a “guarded launch," with THORNodes gradually raising size limits on the protocol's liquidity pools as a security measure. On June 22, 2022, the project team announced that mainnet had been achieved.

In December 2023, ShapeShift announced a partnership with THORChain to facilitate cross-chain lending. The partnership aims to enable ShapeShift users to permissionlessly borrow a limited set of blue chip assets against BTC and ETH with zero interest, no liquidations, and no expiry.

In January 2024, THORChain developers announced plans to decommission BNB Beacon Chain and BEP-2 assets from the network following the announcement that the network is to be retired. Starting Feb. 29, 2024, THORChain will initiate the Ragnarok process, aiming to return all remaining assets in BNB Beacon Chain liquidity pools to the respective liquidity providers. After this process, the integration of BEP-2 assets will be permanently removed from the network, and any assets left will be considered abandoned.

On Feb. 8, 2024, the project team released THORNode v1.127.2, a mandatory update for nodes to alleviate stuck DOGE and SNX outbounds. Nodes were advised to upgrade to this release as soon as possible.