THORChain

THORChain enables native cross-chain swaps without wrapped tokens or centralized bridges. Users can swap native BTC for native ETH directly, something previously impossible in DeFi. Launched in 2021 after years of development, THORChain uses a network of validator nodes running the Cosmos SDK. Liquidity providers deposit native assets into pools paired with RUNE, the protocol's native token. Streaming swaps break large orders into smaller sub-swaps for better execution. While fees are higher than single-chain DEXs, THORChain solves the fundamental problem of cross-chain interoperability without trust assumptions.

THORChain uses a network of validator nodes to custody assets across multiple blockchains (Bitcoin, Ethereum, BNB Chain, etc.). When you swap BTC for ETH, your BTC is deposited to a THORChain vault address on Bitcoin, and native ETH is released from the vault on Ethereum. All pools pair with RUNE, so a BTC→ETH swap actually routes BTC→RUNE→ETH. Liquidity providers deposit native assets (not wrapped) to earn trading fees in both the deposited asset and RUNE. Streaming swaps break large orders into smaller sub-swaps for better execution.