Native swaps ยท No wrapped tokens ยท 10 L1 chains

Swap Native. Stay Sovereign. The only DEX that swaps real BTC, ETH & more

THORChain DEX is the only protocol that swaps real native BTC, ETH, BNB and 7+ Layer-1 assets โ€” no wrapping, no bridges, no custodians. Your assets stay native across every swap.

Bitcoin
Ethereum
BNB Chain
Solana
Avalanche
Cosmos
Doge
Litecoin
+2 more โ†’
Swap
Stream
Lend
โšก
โš™
You SendBalance: 0.42 BTC
โ‰ˆ $0.00
โ‚ฟ
BTC โ–พ
โ›“ Native Bitcoin ยท No wrapping
You ReceiveNative ETH
โ‰ˆ $0.00
โŸ 
ETH โ–พ
โ›“ Native Ethereum ยท No wrapping
THORChain ยท ContinuumFi AMM ยท RUNE-bonded pools
$890M
Total Liquidity
โ†‘ 4.8% (7d)
$120M
24h Volume
โ†‘ 18.3%
10
Native Chains
No wrapped tokens
~60s
Avg Swap Time
Native L1 speed
$0.3989
RUNE Price
+2.69% (24h)
// Supported Native Chains

10 L1 Assets.
Zero Wrapping.

Every swap settles on the native blockchain. Real BTC lands in your Bitcoin wallet.

โ‚ฟ
Bitcoin
BTC ยท BITCOIN L1
$71,546
+4.21% (24h)
Pool Depth: $320M
โŸ 
Ethereum
ETH ยท ETHEREUM L1
$2,237
+6.10% (24h)
Pool Depth: $210M
๐ŸŸก
BNB Chain
BNB ยท BINANCE L1
$615
+2.76% (24h)
Pool Depth: $88M
๐Ÿ”บ
Avalanche
AVAX ยท AVALANCHE L1
$22.40
-1.30% (24h)
Pool Depth: $42M
โš›๏ธ
Cosmos
ATOM ยท COSMOS L1
$4.18
+3.50% (24h)
Pool Depth: $35M
๐Ÿ•
Dogecoin
DOGE ยท DOGECOIN L1
$0.09
+3.79% (24h)
Pool Depth: $28M
ล
Litecoin
LTC ยท LITECOIN L1
$84.20
+1.90% (24h)
Pool Depth: $18M
โ‚ฟ
Bitcoin Cash
BCH ยท BCH L1
$442
+2.19% (24h)
Pool Depth: $14M

Top RUNE Pools

Pool
Depth
24h Vol
APR
Slip Fees
โ‚ฟ
๐Ÿ”ฅ
BTC / RUNE
Native ยท Slip-based
$320M
$48M
12.4%
0.02%
โŸ 
๐Ÿ”ฅ
ETH / RUNE
Native ยท Slip-based
$210M
$32M
15.8%
0.02%
๐ŸŸก
๐Ÿ”ฅ
BNB / RUNE
Native ยท Slip-based
$88M
$14M
22.1%
0.02%
๐Ÿ”บ
๐Ÿ”ฅ
AVAX / RUNE
Native ยท Slip-based
$42M
$8M
28.6%
0.02%
// Why THORChain

The Only Truly
Native Cross-Chain DEX.

โ‚ฟ
Real Native BTC Swaps
THORChain is the only DEX that swaps real native Bitcoin โ€” not wBTC, not cbBTC. Real BTC goes in, real BTC comes out. No trusted custodian, no bridge risk.
Native
No wrapping, ever
โšก
Streaming Swaps
Large swaps are broken into many smaller swaps over multiple blocks โ€” reducing slip fees by up to 90%. Optimal execution for whale-sized trades.
โˆ’90%
Slip fees on large swaps
๐Ÿ”’
RUNE-bonded Security
Every pool requires node operators to bond 2ร— RUNE vs pool value. Economic security means attacking THORChain costs more than it yields.
2ร—
Bond vs pool ratio
๐Ÿ’ง
Single-sided Liquidity
Provide only BTC, only ETH, or any single asset. No impermanent loss exposure. THORChain's Savers Vaults earn native yield on your L1 assets.
0 IL
No impermanent loss
๐Ÿฆ
Collateral Lending
Borrow against native BTC or ETH with zero interest, zero liquidations, zero expiry. Debt denominated in USD โ€” repay whenever you want.
0%
Interest on loans
๐ŸŒ
Decentralized Nodes
100+ independent validator nodes with rotating membership. No admin keys, no multisig, no DAO veto. THORChain runs itself via cryptoeconomics.
100+
Active validator nodes
// Earn & Borrow

Put Your L1 Assets
to Work.

THORChain-native yield products โ€” no bridges, no wrapping, no counterparty risk.

Live
๐Ÿช™
Savers Vaults
Deposit single-sided BTC, ETH, or BNB and earn native yield from swap fees. No impermanent loss. Withdraw anytime.
3.2%
BTC APY ยท updated live
Live
๐Ÿฆ
THORFi Lending
Borrow USD-denominated stablecoins against native BTC or ETH. Zero interest. Zero liquidations. Zero expiry. Repay at any time.
0%
Interest rate ยท forever
New
โšก
Dual Liquidity
Provide symmetric RUNE + L1 pairs in deep AMM pools. Earn swap fees, block rewards, and streaming swap premiums simultaneously.
18.4%
BTC/RUNE Pool APR
// Live Swaps

Real-time Swap Feed

Tx Hash
Route
In Amount
USD Value
Time
// Protocol Security

Cryptoeconomic
Security Model.

THORChain uses economic incentives โ€” not trust โ€” to secure cross-chain swaps. Attacking the network costs more than any potential gain.

โš–๏ธ
Incentive Pendulum
The protocol automatically balances node bonding and liquidity to maximize security. Under-bonded = more rewards to nodes. Over-bonded = more to LPs.
๐Ÿ”‘
TSS Key Management
Threshold Signature Scheme splits keys across all nodes. No single node can sign transactions. Funds require multi-party consensus every block.
๐Ÿ”„
Node Churning
Validator set rotates every ~3 days. Old nodes are replaced by new bond holders, continuously refreshing the key set and preventing stale collusion.
๐Ÿงพ
Verifiable Solvency
On-chain proof that the protocol holds exactly 1:1 backing for all deposited assets. Auditable in real-time on any block explorer.
๐Ÿ›ก Security Audits & Reviews
Halborn Security
Mar 2023
Passed
Trail of Bits
Sep 2023
Passed
Cure53
Jan 2024
Passed
Immunefi Bug Bounty
Ongoing
$1M Active
$890M
Total liquidity secured
// FAQ

Common Questions

What makes THORChain different from other DEXes? +
THORChain is the only DEX that swaps real native Layer-1 assets โ€” genuine BTC, ETH, BNB and more โ€” without wrapping. Every other cross-chain DEX uses some form of wrapped token or bridge. THORChain uses cryptoeconomic bonding and TSS key management instead.
What is RUNE and why is it needed? +
RUNE is the settlement asset for all THORChain pools. Every pool pairs an external asset 1:1 with RUNE. RUNE also secures the network: node operators must bond 2ร— RUNE vs pool value, making attacks economically irrational.
What are Savers Vaults? +
Savers Vaults let you deposit a single asset (BTC, ETH, etc.) and earn yield from swap fees โ€” without providing a paired asset and without impermanent loss exposure. You deposit BTC and receive more BTC over time.
How does THORFi Lending work? +
Deposit native BTC or ETH as collateral, borrow a USD-denominated amount in USDT or USDC. Zero interest, zero liquidations, no expiry. Repay the loan whenever you choose to unlock your collateral.
How is the protocol secured? +
THORChain uses a 100+ node validator set with rotating membership, TSS threshold signatures, and an Incentive Pendulum that economically enforces a 2:1 bond-to-liquidity security ratio. Audited by Halborn, Trail of Bits, and Cure53.
๐Ÿ”ฅ

Swap Native.Stay Sovereign.

Real BTC. Real ETH. Real sovereignty. RUNE = $0.3989 today โ€” 10 native chains, zero wrapping, zero custodians.