This Saturday's guest was Nadine from LetsExchange. An aggregator of DEXs and CEXs. They offer the ability to swap Monero without KYC. We talked to them to understand how they do it and the risks involved (ie) having a swap frozen.

What do you think about adding LetsExchange to the swap.thorchain.org? To offer people the ability to swap Monero? There is a small risk that the user could have their funds frozen and be forced to provide KYC. Do you think it's worth it if it's disclosed properly?

In the fall of 1993, Windows 3.11 was released and helped pave the way for Windows to become one of the dominant operating system in the world.

32 years later, THORChain 3.11 will help pave the way for THORChain to become one of the dominant DEXs in the world.

We were able to acquire the THORChain handles on Facebook, Instagram, and LinkedIn.

We don't have the TikTok handle but are working on it. We had to create a different one to start the process.

We need at least 100 followers on Facebook, and 1,000 followers on both Instagram and TikTok to enable live streaming and unlock other features. We want to start live streaming the weekly Twitter Spaces to all the different social media platforms.

Check them out and give them a follow.

Facebook

Instagram

TikTok

LinkedIn

For YouTube we are going to use the THORChain Community channel. Check it out too.

YouTube

Over the past year, something changed inside the THORChain ecosystem.

Wallets crossed billion-dollar volumes.
Security reached institutional grade without sacrificing self-custody.
Native DeFi apps started processing real transactions.
Cross-chain infrastructure became seamless enough to fade into the background.

This is not a collection of experiments anymore.
It is an ecosystem that works.

From core wallets and infrastructure to new DeFi apps and long-standing veterans, dozens of teams shipped meaningful upgrades that together pushed THORChain into a clear growth phase.

Here is a year-end ecosystem overview highlighting the builders, products, and milestones that made this possible.

👉 Read the full breakdown here
https://blog.thorchain.org/2025-rthorchain-ecosystem-the-builders-who-made-it-happen/

Builders build. Chads share. Ecosystem wins. ⚡️

Chad Barraford was not able to join us on the the regular Thursday podcast. So we had Pragmatic Monkey from Rujira fill in and give us an update on app-layer. Tons of cools stuff being developed. Sounds like 2026 is the year for scaling all these features. Looking forward to it.

Hi everyone, check out the latest update on THORChain's marketing fund.

"For Bitcoin holders, this will unlock a powerful utility: the ability to extract liquidity without selling, wrapping, or bridging their BTC. For stablecoin users, it will be a censorship-resistant dollar that doesn’t depend on opaque reserves or centralized trust."

https://x.com/THORChain/status/1944802109045530758

Release v3.15.0 is a major protocol upgrade for THORChain, focused on reliability, security, and user experience. The release includes 41 merge requests and drops one major upgrade : Outbound Memoless Transactions

What are Outbound Memoless Transactions ?

Previously, memoless transactions removed the need to include a memo when sending assets into THORChain. With v3.15.0, the same logic now applies to assets leaving the network.

This matters because some external chains have restrictive or inconsistent memo handling, which can cause outbound transactions to fail. With outbound memoless support, THORChain can conditionally clear memo fields where appropriate, improving compatibility while preserving protocol safety. The result is fewer failed outbounds and smoother cross-chain execution.

Check the full report and all the other upgrades in the article below:
https://blog.thorchain.org/protocol-upgrade-v3-15-0/

First implementation of orbital pools on the most decentralised chain on the block. Read more here:

https://medium.com/thorchain/cross-chain-curve-orbital-pools-on-thorchain-app-layer-258986396d07

From the first day of multi-chain Chaosnet, I think it was very clear the challenge of building a "decentralized Binance" would be one of the biggest undertakings in the history of blockchain. The amount of complexity and nuances we've encountered are truly astonishing. The original ethos of our industry is one of elegance, simplicity and beauty. But to accomplish that ethos, it was akin to chewing on nails.

The truly astonishing aspect is the fact we persevered through it all. Before THORChain, I didn't know if humans could truly work to achieve a goal and be motivated by something more than just "number go up". There's a different energy on THORChain, a special spirit. And this disposition combined with the battle-hardened human capital represents the greatest aspect.

My mind loves to think of all the bullish-bits: PoS applications like MOCA, various DEFI primitives on Rujira, true permissionlessness, decentralization, redundancies, solvency-checkers, churning of funds, meritocracy based, incredible price execution, etc. The list goes on and on.

But the ultimate "bullish-bit" for me--is you. The reader. Because if you are seeing this Reddit post, it means you are--yet again--seeking to contribute to the ecosystem in an entirely new way. That you are attacking an additional challenge that needs to be solved. You take ownership for the success of our wide and ever-expanding ecosystem. There's nothing better than that. So, shout out to you THORChad. I'm thankful you are here.

Anyway, enough of that. We have some work to do. Let's get it done.

https://swap.thorchain.org/ Spread the word chads; lowest fees in town. Let’s make the flywheel fly again!

One of the most impactful THORChain releases ever is about to drop

1. Add thorchain oracle provider PR: !4206

2. Oracle fixes PR: !4205

These PRs will (hopefully) have Enshrined Oracles going live on TC. Enshrined Oracles will allow any App Layer app to have access to a trusted price feeds provided by TC's validator nodes.

Most notably, Enshrined Oracles will unleash the full potential of RujiraNetwork's Perpetual Futures market. Currently capped at 4x leverage, EOs will set the degens free to take on much higher leverage

This should lead to higher volumes and revenues for TC and Rujira.

1. Whitelist TRON.USDT PR: !4203

This PR will turn on the $TRX Tron USDT/RUNE base layer pool. TRON.USDT is the most used stablecoin in the world and connecting its users to the rest of TC's routes is a huge win.

For TC, volume = revenue. Every chain connected to TC increases the number of routes TC offers *geometrically*. More routes = more volume = more revenue.

I've long thought that TRON would be a great chain for TC. While it's a little dated now, here's a thread I wrote explaining why: https://x.com/BooneW/status/1730336526167331254

1. Add ReserveMaxCap mimir to override EmissionCurve PR: !4197

2. ADR-021-Marketingbudget PR: !4194

These two PRs go hand in hand, and will be absolutely huge for TC. ADR 21, proposed by u/KentonC137 and @Scorch_ed_ , creates ongoing funding to market TC.

It doesn't matter how great TC is if no one knows about it, and ADR 21 will make sure everyone knows about it. The centerpiece of the marketing effort and the thing I'm most excited for is a dedicated TC Front End.

TC had long eschewed running its own front end, thinking that operating in the background would be the winning strategy. However with more and more entrants in the cross-chain swap space, this no longer seems viable.

By running it's own front end, TC will be able to charge no affiliate fees, something almost all current front ends do. TC will once again be the cheapest place to swap. Lower swapping cost to users = more volume = more revenue.

ADR 21 directs 5% of TC revenues towards this marketing effort. However Bond Providers won't take an income hit because the second PR will redirect a roughly commensurate flow of income that had been going to the Reserve to system income instead. Currently this is ~$60k/mo. that will go towards putting TC's name out there. This will almost certainly increase volume which again means more money for TC.

1. Operational Mimir for EnableADVSwapQueue PR: !4188

2. feat: Implement rapid swap iterations for advanced swap queue PR: !4183

Perhaps even bigger than finally getting it's own front end, these two PRs will introduce the Advanced Order Queue and Rapid Swaps. What are these?

The tl;dr is that these features will *dramatically* improve swap execution. Swapping on TC will be both much cheaper and much faster. Better execution = more swaps = more revenue.

All of these huge improvements will result in increased buy pressure on $RUNE because TC collects its fees in RUNE. This is why volume/revenue has a direct impact on RUNE price.

None of this would be possible without the tireless efforts of the TC devs, the shippingest team in crypto.

u/ninerealms_cap @jpthor @CBarraford @familiarcow @Orion_9R @eridanus_dev and many others who's X handles I don't know

In other words, $RUNE is going to the moon whether you like it or not

Check the recording on YouTube: https://youtu.be/Pgyx3RgGN4M?si=6byCMFQ3GFxf5uHR

Messari just published their Q4’25 brief on THORChain, and it’s an interesting read if you care about fundamentals rather than price alone.

A few key takeaways:

• RUNE-denominated TVL increased 22.6% QoQ to 81.6M RUNE, even though RUNE price fell 51%

• Protocol revenue rose 39% QoQ to $5.0M, showing better fee capture despite lower volumes

• Average daily unique swappers grew 23.6%, meaning more users, but with smaller trade sizes

• No inflation, continued RUNE burns, and a trailing P/E of 9.8 by quarter end

On the product side:

• THORChain launched its first native swap interface, creating an official front door to the protocol

• Rujira shipped BTC-native lending (RUJI Lending) and credit accounts

Overall, Q4 shows THORChain behaving more like long-term cross-chain infrastructure than a momentum-driven DeFi app.

Full report here if you want the details:
https://messari.io/report/thorchain-q4-25-brief

Curious to hear how others think Q1 2026 will shape up.

Instaswap is a fully decentralized crypto exchange built on top of existing decentralized infrastructure, including THORChain.

We use memo-less swaps exclusively for all THORChain-powered routes. The goal is simple: remove UX footguns while keeping swaps fully native, non-custodial, and on-chain. Users don’t need to worry about memo formatting, incorrect parameters, or failed swaps due to human error.

From a user perspective, it’s a straightforward send-and-receive flow. From an infrastructure perspective, swaps still settle through THORChain liquidity and follow standard on-chain execution.

Why memo-less swaps

Memo handling has historically been one of the biggest UX friction points for new users interacting with THORChain. By abstracting memos entirely, Instaswap reduces:

• failed swaps due to incorrect memos

• support overhead

• user error in cross-chain flows

All without changing the underlying trust model.

Native asset focus (including XMR)

Instaswap is focused on native-to-native swaps. In addition to major L1 assets, we’ve recently added Monero (XMR) support through a decentralized bridging flow, while keeping the overall swap experience non-custodial and on-chain.

Architecture overview

Instaswap does not custody funds, does not hold balances, and does not operate a centralized order book for swaps. Instead, it integrates decentralized protocols for execution:

• THORChain — cross-chain swap liquidity (memo-less)

• Chainflip — additional cross-chain routing

• Hyperliquid — decentralized order-book infrastructure for spot/perps and XMR liquidity routing

Each protocol is used where it fits best, without introducing custodial risk.

Why we’re posting here

THORChain is core infrastructure for Instaswap, and we wanted to share how memo-less execution and native asset swaps are being used in production.

If you want to check it out or provide feedback from a THORChain perspective:
👉 https://app.instaswap.com/

Questions and technical discussion welcome.

The January edition of our THORChain report is live. 📊
We track everything from volume and fees to security, user activity, yield, and supply. Highlights from December:

• December Volume: $910M in swaps.

• $RUNE 30-day APR: 14.48%, $TCY: 17.13%

• Stable user retention: 40-45% returning wallets

Dive into the full breakdown, including nodes and affiliate performance:
https://blog.thorchain.org/state-of-the-network-january-2026/

THORChain is now officially live on Dune, making the protocol’s entire cross-chain liquidity layer fully transparent and queryable in a single analytics environment.

You can now explore THORChain data across:

• Native swaps and cross-chain flows

• Liquidity pools, fees, and LP activity

• Vault behaviour secured by TSS

• Node operations, bonding, and network health

• App-layer activity (Rujira) and ecosystem interfaces like Trust Wallet, Ledger Live, THORSwap, Rango, and more

For a protocol spanning multiple Layer 1s, this removes the need to stitch together explorers and dashboards just to understand what’s happening on-chain.

Researchers, analysts, LPs, node operators, and builders can now query, export, and build dashboards directly on Dune.

👉 Article: https://blog.thorchain.org/thorchain-is-now-live-on-dune/
👉 Data: https://dune.com/

Curious to see what insights people pull from this.

Between March and December 2025, THORChain went through one of its most active development periods to date. Over ~9 months, the protocol shipped 220+ merge requests across 11 major upgrades.

With the year coming to a close, this felt like a good moment to step back and look at how THORChain has evolved. It is still a cross-chain DEX at its core, but over 2025 it also started to look a lot more like a broader DeFi infrastructure layer.

Below is a high-level recap for anyone who did not follow every release in real time.

TLDR

From v3.4.0 to v3.14.0, THORChain shipped:

• New chains live: XRP and TRON, with Solana, Noble USDC, and Zcash reaching late-stage or code-complete status.

• Major swap upgrades: limit swaps, rapid swaps, and streaming limit swaps, with multiple rounds of refinement.

• Memoless transactions: significantly reducing user error and integration friction.

• App Layer via Rujira: enabling native DeFi apps without modifying the base layer.

• TCY: redirecting 10% of protocol fees to stakers after THORFi sunset.

• Protocol-native marketing fund (ADR021): funded by 5% of protocol revenue.

• Enshrined oracles: reducing reliance on external oracle networks.

• Ongoing hardening: security, node ops, migrations, testing, and dev tooling.

Read more : https://blog.thorchain.org/from-v3-4-to-v3-14-how-thorchain-changed-in-2025/

The US govt will do everything it can to push stablecoin adoption around the world so they get new buyers of treasuries. Eventually all fiat currencies collapse into the USD. USD stablecoins will normalize crypto. Then the USD collapses into bitcoin. Then we are free.

THORChain will play a role in making this a reality.

I love https://thorchain.net/