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THORChain: score, security record and what it is for

70/100SCORE · BMixed record Grade B, very good

THORChain enables native cross chain swaps, for example real Bitcoin for real Ethereum, without wrapped tokens or a bridge. It suffered several exploits in 2021 totalling around 13 million dollars and repaid affected liquidity providers. Fees are slip based and rise with trade size.

The facts

LIVE SINCE: 2021
TYPE: Native cross chain swaps
CHAINS: Bitcoin, Ethereum, BNB Chain, Cosmos, Avalanche, Litecoin
SWAP FEE: Slip based, so it varies with trade size relative to pool depth.
AUDITS: Audited, with a difficult early security history.
WHO CAN CHANGE IT: Node operator network with RUNE bonding.

How the score breaks down

security16/30

liquidity16/25

chains15/15

costs11/15

decentralisation12/15

Where it is strong and where it is not

✓ Strengths

Swap native Bitcoin for native Ethereum with no wrapped token and no bridge
Genuinely decentralised node network
Recovered and repaid after its 2021 exploits

✗ Weaknesses

Multiple exploits in 2021 totalling around 13 million dollars
Slip based fees are expensive on larger trades
Settlement takes minutes

Exploit history

No exploit of the core contracts on record.

Our read

The only widely used way to swap native Bitcoin for native Ethereum without trusting a bridge or a wrapper, which is genuinely valuable. It paid for that capability with a rough 2021.

BEFORE YOU SWAP

Swap keeps failingSlippage, approvals, taxes and thin liquidity. Revoke approvalsEvery swap leaves a permission behind. Clear them. Gas tokensWhy you need the chain's native coin first. Pick a walletYou need self custody before you can use any DEX.

RISK WARNING Crypto assets are highly volatile and largely unregulated. You can lose everything you put in. Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.