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Choose your quick section of our THORChain review below.
A Quick Overview of our THORChain Review:
The appeal that Theta has involves the benefits that viewers, content creators, and middlemen get from using the protocol and network.
What is THORChain?
THORChain was created as a liquidity protocol by making use of advanced decentralised technology. THORChain allows users the opportunity to exchange digital assets easily across a variety of network ranges. This is done without users losing the custody of assets within the process.
Key Features and Takeaways of THORChain
THORChain is one of the top 100 cryptocurrency projects and RUNE, its native token, is one of the most popular cryptocurrencies in the industry, with the following features and takeaways:
THORChain is known for its anonymity with no one knowing who the founder is, or who the current CEO is. Each participant involved in its development remains anonymous to ensure that the project and network remain fully decentralised.
The main purpose of THORChain is to help users use the technologies with which they are presented. Fees that are generated by the protocol is given to users without the team taking any percentage.
THORChain makes use of several advanced technologies including the TSS protocol, Bifröst Signer Module, advanced state pegs, and more.
The protocols and technologies that are employed on THORChain are available, but they are hidden within the platform so that users are not discouraged.
THORChain offers a unique system that prevents impermanent losses, especially that faced by liquidity providers who lose when contributing to liquidity pools.
RUNE is available across a variety of blockchains including Ethereum as an ERC20 token, and Binance Chain, as a BEP2-type token.
Users can participate in the platform whether they run nodes, or provide liquidity, amidst several other functions, and they are rewarded for their participation.
RUNE is the native token that can be used as a security token and governance token; however, users must have at least one million RUNE to participate in the consensus mechanism of THORChain.
THORChain Mining
THORChain makes use of a Proof-of-Stake consensus mechanism that is built on Tendermint. This means that RUNE cannot be mined, and network validators are required to bond, or lock up, native tokens. When validators display bad behaviour, they are punished by having their stakes slashed, subsequently discouraging such behaviour.
Data on the network is calculated and overseen by Midguard API services and it is secured and bonded by ThornNode, which also powers the network. Nodes create vaults and they validate transactions on the site.
THORChain Participants
Users are the main participants on THORChain, and they use cross-chain services which are offered between liquidity pools in addition to paying a slip fee. This fee is paid as result of gas fees on external services, and it also ensures that there is fast execution of transactions.
The next participants are liquidity providers who add liquidity to the various pools bound with RUNE in a separate vault. When the liquidity pools are continuously used, the network does not need oracles and neither does it need a price feed.
Liquidity rewards can be earned by the fees that are generated from pools, paid out when users withdraw their rewards. Stakers who earn fees on swaps generate liquidity in addition to those who turn unproductive assets into productive assets in a non-custodial manner.
Market prices on THORChain are maintained through the ratio associated with assets in pools that can be arbitraged by traders, allowing for correct market prices to be restored.
Lastly, Nodes are the basis for services offered by THORChain. They have three main functions namely Bonding RUNE, creating vaults (which are like wallets), and witness transactions which lead to the creation of blocks to be added onto the blockchain.
These are run by node administrators who are rewarded for their work by allowing them to claim bond rewards. Nodes earn two-thirds of the System Income and they create vaults in addition to validating transactions on the platform.
All nodes are anonymous and there is plausible deniability on all transactions. Nodes are created every three days and they all compete to enter with bonded capital. Old nodes are churned out and they are replaced if, and when, necessary, allowing for nodes to remain fresh, keeping the network in a constantly updating state.
THORChain offers rewards for all participants on the network, paid out through the distribution of System Income. This is calculated by Swap fees along with Block rewards. Swap fees are paid out by users when they swap assets while Block rewards are calculated according to an emission schedule. System Income is distributed with 67% of income paid to nodes and 33% to the Liquidator.
THORChain aims to ensure that there is a minimal governance model and staked capital is therefore the main driver of the market, with developers responding accordingly.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| THORChain has a cross-chain feature | There is no information on the founder or development team of THORChain which may lead a lot to believe that its lack of transparency is a red flag |
| THORChain allows for the swapping of any unprofitable asset with liquidity pools created around these | |
| All participants are rewarded | |
| THORChain incorporates several innovative, powerful technologies to offer a completely decentralised, effective solution |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Swap Fees (Network Fees) | 1 RUNE |
| Withdrawal Fees | 0.3 RUNE |
Should you buy THORChain?
THORChain aims to create a decentralised marketplace and liquidity where digital assets can be traded in a manner which is trustless, permissionless, and non-custodial.
THORChain is unique in featuring cross-chain liquidity and allowing users to swap assets instantly at manipulation-resistant market prices. THORChain is one of the major cryptocurrency projects leading the development and adoption of decentralised finance, however, there are many challenges faced.
In recent years, more investors have shown interest in THORChain but there are two conflicting sides associated with the anonymity of the development team. Whereas some appreciate and thrive in an anonymous and truly decentralised environment, there may be investors who are wary and suspicious of this.
How to buy THORChain (RUNE)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase THORChain/RUNE and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
RUNE can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading RUNE.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading RUNE, select the option from the “Trade” Menu. Enter “RUNE” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select RUNE_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair RUNE/USDT.
Here, you will see that you have the option to buy or sell RUNE either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy RUNE through via Limit Order
To buy RUNE and create a limit order for it, you can enter the amount of RUNE you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell RUNE through via Limit Order
To sell RUNE, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, RUNE that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was THORChain first launched?
Testnet was launched in 2018, with Mainnet launched in the first quarter of 2025.
Who founded THORChain?
THORChain was created by an anonymous team of developers and entrepreneurs.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was THORChain’s ICO and how much did it raise?
THORChain’s ICO ended in 2019, raising 21 million ZAR of the 28 million ZAR it intended to raise.
Is THORChain legit?
Yes, THORChain is legit.
What is THORChain’s total supply?
The total supply of RUNE is 500 000 000.
What is the purpose of THORChain?
THORChain aims to connect all blockchain assets in a central marketplace of liquidity by making use of cross-chain bridges as well as liquidity pools that are secured by economically incentivised validators.
On which blockchain is THORChain based?
THORChain is based on the Binance Chain.
Does THORChain work with smart contracts?
Yes, THORChain uses smart contracts.
Does THORChain have potential to become more valuable?
Yes, according to price predictions, RUNE and THORChain can increase in value in the next 4 to 5 years as there is wider adoption of decentralised finance, blockchain technology, and cryptocurrencies.
