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What is THORChain?

THORChain is an independent, cross-chain liquidity protocol that operates as a Layer 1 decentralised exchange (DEX). Built on the Cosmos SDK, it utilises the CometBFT consensus engine, the Cosmos-SDK state machine, and the GG20 Threshold Signature Scheme (TSS) to execute its purpose, which is to allow users to swap native assets across multiple chains with zero reliance on centralised third parties. In doing so, it stands as one of the few exchanges that verifiably ensures transparent and fair prices for cross-chain swaps of native assets. THORChain’s design renders no need for wrapped or pegged assets. Instead, the protocol deploys what are called continuous liquidity pools (CLPs), which—with highly complex algorithms—maximise the efficiency of its transactions. These CLPs allow for THORChain to manage funds directly in on-chain vaults, and it secures those funds via an economic security model. For all this, THORChain might be best described as a “cross-chain automated market maker (AMM), like Uniswap”, or even a “decentralised Binance”.

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Key Features

  • Native Cross-Chain Swaps: Swap native assets across multiple chains without wrapped or pegged tokens
  • Continuous Liquidity Pools (CLPs): Advanced AMM mechanism that maximizes transaction efficiency
  • Economic Security Model: Secures funds through bonded RUNE and validator economics
  • THORNodes: Anonymous validators who bond RUNE to provide validation services
  • Permissionless Network: Anyone with required funds can become a validator

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THORChain’s Financial Offerings

THORChain pursues two important financial primitives:
  1. Allow a user to Swap Asset X on Chain A to Asset Y on Chain B.
  2. Allow a user to Pool RUNE across liquidity pools.

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THORChain Data on Dune

THORChain blockchain data is organized into several key tables that capture different aspects of on-chain activity:

Blocks

Core block data including block headers, timestamps, and block statistics.

Transfers

Native asset transfers between addresses on THORChain.

Swaps

Cross-chain native asset swaps executed on THORChain.

Daily Pool Stats

Daily statistics for Continuous Liquidity Pools (CLPs) including liquidity, swaps, and fees.

Liquidity Actions

Add and remove liquidity actions across THORChain pools.

Swap Events

Event-level data for swaps including amounts, fees, and slippage.

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Network Specifications

  • Consensus: CometBFT (Tendermint)
  • State Machine: Cosmos SDK
  • Security: GG20 Threshold Signature Scheme (TSS)
  • Validator Model: THORNodes with bonded RUNE
  • Churn Schedule: Every three days, rotating validators to prevent centralization

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Resources