THORChain native token, used as a unit of full pairing, node bonding, and fee/reward. Definition: RUNE is the common payment asset for all pools and the central token of network security and liquidity. Function: Performs the functions of payment, bonding, liquidity pairing, compensation, and governance participation. 2. Continuous Liquidity Pool, CLP on-chain state mapping: Existence. This is the AMM structure that calculates it. Function: Creates a cross-chain swap path by connecting all pools, including BTC-RUNE and ETH-RUNE, to the RUNE-centric network. 3.
Investment View
TCY holding and staking are linked to the logic of receiving 10% of protocol profits. Definition: THORChain Yield token is a revenue sharing token that allows you to receive a portion of the protocol fee without bonding or pooling. Function: Links a portion of protocol revenue to token holders independent of the RUNE-centric security economy. THORChain discloses audit reports on the official resource repository, and audit data from Halborn, Trail of Bits, Certik, Kudelski, Gauntlet, IOActive, etc. are confirmed. However, the May 2026 exploit was reported as an actual attack on the GG20 TSS vulnerability or implementation vulnerability, so the...
THORChain is a cross-chain liquidity network that allows direct exchange of native assets of multiple chains, such as BTC, ETH, and DOGE, without wrapping assets. The official documentation describes THORChain as an independent Layer 1 DEX based on Cosmos SDK, CometBFT, GG20 TSS, and Continuous Liquidity Pool, and the core value of the project lies in “the backend infrastructure for exchanging native assets without a centralized exchange”. (docs.thorchain.org) However, as of May 2026, THORChain’s narrative has moved from “Bitcoin DEX infrastructure” to “re-verification of security and resilience.” Considering it to be a DeFi/L1 hybrid project, the evaluation allocated weight to...
Investment View
The key question is “Can you cover the cost of security incidents and the cost of restoring trust?” Implications: A structure that allocates a portion of profits to reinvest in the ecosystem, like ADR-021, is positive for growth, but after an accident, priorities need to be adjusted with security funds, audits, and compensation resources. Interpretation: The THORChain development ecosystem is mature in terms of “protocol maintenance and release,” but should be a “native cross-chain payment layer with verifiable security and resilience standards” rather than a community app ecosystem. This report is not investment advice and does not provide buy or...