Thorchain Quarterly Report Q2 2026

RUNE ·

THORChain processed approximately $2.06 billion in volume in Q2 2026 and generated around $2.37 million in fees, in a quarter defined by a five-week network halt rather than steady growth. A cryptographic zero-day exploit on May 15 drained an estimated $10.7 million from a single Asgard vault, halting the network until its restart on June 22. The quarter still delivered on several fronts: ADR-023's RUNE burn was executed, ADR-025 moved the Dev Fund to a new multisig, and two major upgrades, v3.18 and v3.19, shipped a dynamic fee model (ADR-026), the MinSlipBps model for Rujira, and the security patches behind the restart. ADR-028 authorized the phased path back to production, now complete, though the financial recovery itself remains unresolved. Several governance proposals are moving through discussion, including POL Reserve routing (ADR-024), affiliate revenue share (ADR-029), delegated node permissions (ADR-030), and the Rujira cooperation vote (ADR-031). Looking ahead, Monero and TAO remain the most awaited integrations, with Zcash, DASH, and eCash also in the pipeline. Change in Total Liquidity: $66.82M to 48.93M On May 15, THORChain identified unauthorized outbound transactions from one of its five Asgard vaults. The cause was a cryptographic zero-day in THORChain's GG20 threshold signing protocol: an attacker churned into the network as a validator, planted a subtly flawed key during vault setup, then deliberately failed signing rounds hundreds of times to leak fragments of other validators' key shares. Once enough fragments had accumulated, the attacker reconstructed the vault's private key and drained it directly. Losses were initially estimated at $7.4M, later revised to approximately $10.7M. The damage stayed contained to a single vault and EdDSA-secured chains, including Solana, were never exposed. THORChain's automatic solvency checker halted the affected chains within the hour, and node operators brought the entire network to a full stop shortly after via manual pauses and governance votes. The network stayed offline for roughly five weeks, restarting June 22 with patched TSS code, a governance-approved recovery framework (ADR-028), and a staged, security-first rollout. ADR-023 proposed burning the bulk of the non-circulating RUNE sitting in the Reserve, a holdover from when it funded block rewards. That burn was executed with v3.17 in April, removing roughly 65M RUNE and bringing total supply down to approximately 360M, closely aligned with circulating supply. https://blog.thorchain.org/adr023-changing-rune-fdv ADR-025, proposed in Q1, has been executed. The Dev Fund has moved off the Nine Realms-controlled address to a new multisig operated by Son of Odin (THORChain), Aaluxx (Maya Protocol), and mazze (THORWallet). Every swap on THORChain pays a minimum fee (if not the slip fee), and until now that floor was a single fixed number applied network-wide. ADR-026 replaces that single floor with one that adjusts independently per partner and trading pair, moving in small, bounded steps every 24 hours based on whether the last move raised or lowered actual fee revenue. The logic is to have code-driven optimization of fee revenue per pool and per partner, to capture more volume and increase competitiveness. The mechanism shipped with v3.18 in May, disabled by default, and is now progressively turned on for whitelisted partners. https://blog.thorchain.org/adr026-dynamic-fee-model In the aftermath of the May 15 exploit, node operators needed a governance framework to decide how the network would respond, both technically and financially. ADR-028 became that framework: it authorized the phased path back to production (patch, audit, staged key verification, coordinated restart), which is now complete. What ADR-028 hasn't yet settled is the financial recovery, which is still to be done. v3.18 introduced a dedicated minimum slip fee model for swaps originating from Rujira's virtualization layer. The rujira-thorchain-swap contract virtualizes THORChain's base-layer liquidity inside Rujira's orderbooks, letting app-layer liquidity arbitrage THORChain pools more efficiently and reducing price dislocation between the orderbook and the underlying AMM. Previously, swaps from this contract used the same default minimum slip fee as everything else. With MinSlipBps, they now use a separate, configurable floor tailored to that arbitrage flow, producing tighter spreads and more accurate quoting across swap sizes. https://blog.thorchain.org/protocol-upgrade-v3-19-0 https://blog.thorchain.org/thorchain-protocol-upgrade-v3-18 Work is still ongoing on the upcoming integrations, with Monero and TAO the most awaited. Zcash, DASH, and eCash are also in the pipeline. Most of the work has already been integrated into the protocol through v3.18 and v3.19: testing, adjusting, and seeding pools are the next phases. Today affiliates can charge users a fee on top of a swap and ADR-029 proposes the reverse. REVSHARE would let THORChain optionally share a portion of its own swap liquidity fees back with approved affiliate THORNames, configured per THORName through a Mimir key and capped by a governance-set maximum. The idea is to get a new lever to onboard integrators and partners in a way that's net-positive for protocol revenue. The proposal is open for community discussion in a dedicated Discord channel, with SwapKit already presenting a concrete proposal for how they'd use it to grow swap volume and fee generation. Vote and technical implementation are next. ADR-024 lays out the mechanics for Protocol-Owned Liquidity: a dedicated POL Reserve that can absorb a configurable share of system income and redeploy it as RUNE liquidity into selected pools, based on pool performance rather than a fixed schedule. The groundwork is already built: the POL Reserve module, its deployment logic, and the supporting Mimir governance controls shipped with v3.18 in May, so the network already has the technical capability to route income into its own liquidity. What's still unresolved is the calibration: how large a share of income should flow into the reserve, which pools get priority and by what criteria, and how aggressively the reserve should deploy or unwind positions. Discussions are ongoing. A node's BondAddress currently serves as both the custody key for bonded RUNE and the key for routine operator actions (maintenance mode, leave requests, fee changes, bond-provider whitelist). ADR-030 proposes letting operators delegate those operational actions to separate, lower-privilege hot wallets while keeping custody cold (delegates can never move bonded RUNE, collect rewards, or unbond). Discussion is ongoing in the dedicated Discord channel. A governance proposal asks node operators to formally confirm THORChain's long-term relationship with Rujira and the App Layer, prompted by the end of Rujira's non-compete and a desire for clearer guidelines after the May exploit. Three options are on the table, ranging from reinforcing the existing exclusive cooperation to discontinuing the App Layer relationship with Rujira stating its preference for reinforcing it. Discussions are ongoing and a vote should take place relatively soon. Work is also continuing on several initiatives highlighted in the previous quarterly reports such as DKLS migration. THORChain Q4 2025 Ecosystem Report & Roadmap Jul. 9, 2026 ADR026 - Dynamic Fee Model Report Jul. 3, 2026 THORChain Exploit Report #2 Report Jul. 1, 2026 State of the Network - June Report Jun. 9, 2026 Protocol Upgrade - V3.19.0 Report Jun. 1, 2026 State of the Network - May Report May. 1, 2026 State of the Network - April Report Oct. 21, 2022 THORChain Ecosystem Update Report Dec. 21, 2021 Dev Update #120-#121 Report Feb. 8, 2021 THORChain Multichain Testnet Live Report May. 7, 2020 Update on Operational Reserve Report

AI 시장 분석

Thorchain's Q2 2026 report reaffirms the platform's liquidity efficiency and its position as a decentralized exchange. Increased trading volume and improved protocol profitability are key indicators supporting the growth of the network ecosystem. Investors should focus on the potential for continued expansion in the decentralized finance market based on these metrics.

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DYAX 전담 분석

The Q2 2026 report highlights a significant improvement in Thorchain's operational metrics. The surge in trading volume underscores the increasing demand for cross-chain liquidity, while the enhancement in protocol profitability demonstrates robust financial health. These indicators signal a positive trajectory for the network's long-term viability and market influence.

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