THORChain Mainnet Achieved!

Signaling the network’s readiness to start a new phase of development, scaling and adoption.

Overview

THORChain is pleased to announce the achievement of Mainnet, 4 years in the making! From its inception in 2018 until now, THORChain has primarily been a research project. Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community. It has been a long time coming and the community is very excited about this important milestone.

To celebrate Mainnet, ‘RUNE in a Million Campaign’ will start today. THORChain has committed a total of $1 million in RUNE to Binance users through a 14-days promotional campaign from June 23rd to July 7th, 2022.

Mainnet

Multichain Chaosnet (MCCN) realised THORChain’s vision for cross-chain incentivised liquidity. THORChain was the first and still the only protocol to facilitate asset swaps between chains in a permissionless, trust-minimised and non-custodial setting; all without pegged or representative assets.

Since the launch of MCCN in April 2021, the community has seen the chaos, hardening of the protocol, network growth, and maturation of this first-of-a-kind network. THORChain is now a mature and battle-tested cross-chain Defi protocol. Over the past 4 years, THORChain has transitioned from a centrally controlled project to a community-driven project whose network is solely controlled by 100 decentralised nodes. For more information, learn more about what Mainnet means for THORChain.

Goodbye Chaosnet — Mainnet is here.

Upgrade to Native RUNE

Native RUNE (THOR.RUNE) was introduced with the MCCN launch and since then, all interfaces have provided the ability to upgrade to native RUNE. Support within the network for BNB.RUNE or ETH.RUNE will slowly be phased out and going forward only THOR.RUNE will be supported. You can upgrade your non-native RUNE on one of the many THORChain interfaces. See full details here.

To promote the adoption of Native RUNE, several listings of Native RUNE by Centralised Exchanges have been already been announced such as Binance, Kraken, Coinspot and Swyftx.

Support for non-native, known as the Kill Switch, will become active if 67% of Node Operators vote in favor. Node Operators voting is in progress. The time to upgrade your RUNE is now.

Network Highlights

The THORChain community can attest to the maturation of THORChain in the year since the launch of Multichain Chaosnet. There have been highs and lows; however, the fundamentals of THORChain have never been stronger. The protocol has made incredible advancements in the year since launch:

• Weekly development updates with new features and bug fixes
• Shortened outage response time with heightened responses
• Maintained thorough transparency with the community
• Launched Stagenet — a live testing environment to test new features with real funds
• Integrated two major assets: Dogecoin and Terra (Terra has since been removed)
• Performed the first hard fork in THORChain’s history
• Launched synthetic assets — creating the most efficient liquidity in all of DeFi
• Consistently increased security budget, non-Rune TVL, and swap volume
• Removed the soft liquidity caps after 1 year of periodic raises

Network MCCN Stats

• Total Trade Volume: $9.2 billion (USD) across 3.4 million swaps
• Total Transactions: 9,842,927
• Total Value Locked: $253.26 million (Based on current price)
• Total Unique Swappers: 71,973
• Total Unique LPs: 17,703
• Total Trading Fees Earned: $79 million (USD)
• Largest Symmetric Liquidity Add: $8.1 million (USD) add to BTC Pool
• Largest Asymmetric Liquidity Add (ASSET): $2.6 million (USD) asymm add of ETH
• Largest Asymmetric Liquidity Add (RUNE): $1.2 million (USD) asymm add of RUNE to the BTC Pool
• Largest Swap: 400 ETH, worth $1.33 million USD at time of swap
• Largest Slip Fee Paid: 75%
• Up time: 389 days / 56 weeks
• Current Active Tokens to be Traded: 24

*Most stats price based on time of transaction.

Community & Ecosystem

One of THORChain’s greatest strengths is the board community and diverse ecosystem that has grown with the core protocol over the last 4 years. Building a strong community has been critical for the future of THORChain. Mainnet marks the handover of THORChain to its community and node operators. THORChain communications and socials such as Twitter and Medium are and will remain community run and unofficial.

The ecosystem now consists of:

1. Multiple wallet providers, both existing and new, along with hardware wallet support
2. Multiple interfaces including web, desktop, mobile and browser extension
3. Dedicated educational and support communities such as LP University, GrassRoots Crypto, Twitter Spaces, THORNoob and RUNEBase.
4. Block Explorer, Dashboard and Analytics
5. Development libraries and integration support such as XChainjs and Asgard-Electron

You can find out more at https://docs.thorchain.org/ecosystem

Network Security & Risks

Users of THORChain must understand that the complexity of the project is nearly unparalleled. Risks involved in THORChain have been clearly outlined previously on Medium along with details on the security measures taken to mitigate these risks. Risks will always be present and funds continue to be on a noncustodial network securing hundreds of millions worth of user funds. The network or its treasury will not take any responsibility for any losses or issue any refunds beyond Mainnet, users must understand their own risks.

It is understood that security measures can have an interim negative effect on the user experience. Nodes may pause trading on the network, and trading on individual chains can be paused for many reasons. However, this design is necessary to maintain security and resilience of the network and protect user funds.

Do not be alarmed if trading or LP actions are paused unexpectedly.

THORChain will never compromise on security, stability, and decentralisation. These are the most necessary requirements to deliver on the whitepaper — To make it possible to trade digital assets without a central organising company at fair market prices in a way that is resistant to attack.

Mainnet and Beyond

Change Control

Architecture Design Record (ADR) will be created for each future change to the network bringing transparency for stakeholders, structure to the governance process as well as assisting Node Operator’s decision-making. Ultimately, the adoption of new features is predicated on ⅔ node operators voting for a feature. Any community member is free to propose a change, only nodes have the power to adopt.

Future features include:

• New Chain Integrations
• Wallet Integrations
• Aggregator Implementations
• Single-sided yield

Integration Support

Efforts will continue to support the growth and adoption of wallets, exchanges, interfaces, dashboards, bots and Dex aggration. This includes the development of xChainJS and technical documentation.

Vesting and the Treasury

Majority of vesting will remain locked within Node’s Bond for the next 12 months. The RUNE that is unlocked comes when the price is 1/10th of its all time high. Specifics are: 20M RUNE will be unlocked, 20% every 3 months for 12 months. 41M RUNE remains locked in Node’s Bond for at least another 12 months.

The Treasury will no longer conduct refunds to liquidity providers or node operators. The focus will solely be on development, security and scalability.

Continuing Towards Decentralisation

Planned Obsolescence was the goal and the majority of this has already been achieved with Node Operators having total control over the network, removal of centrally controlled non-native RUNE and the project being community run and managed.

The idea of Planned Obsolescence is replaced with the removal and avoidance of any point of centralisation. Centralised points of failure must be removed as they are a risk to the future of the network. The largest remaining centralised point is Treasury management. Treasury plans to hand over full control to the community soon.

Summary

THORChain is the most robust and decentralised cross-chain architecture that exists. The development team, Nine Realms, community developers, and the greater THORChain community are very excited to achieve this long-awaited milestone. Some key takeaways are:

• THORChain has reached Mainnet after 4 years of development!
• THORChain can be accessed via Web, Mobile or Desktop
• Swap between layer 1 assets including Bitcoin and Ether
• Park your unproductive assets to earn yield
• Node Operators control the network and it is a community-driven project
• Node Operators are anonymous and constantly churning to avoid network capture.
• Wallets, DEXs, and Aggregators can integrate THORChain to offer users native cross-chain swaps
• Do not delay upgrading to Native RUNE!

Goodbye Chaosnet — Mainnet is here!

THORChain Community

To keep up to date with the project, please monitor community channels, particularly Telegram, Discord and Twitter:

• Twitter: https://twitter.com/thorchain_org
• Telegram Community: https://t.me/thorchain_org
• Telegram Announcements: https://t.me/thorchain
• Discord: https://discord.gg/7RRmc35UEG
• Reddit: https://reddit.com/r/thorchain
• Github: https://github.com/thorchain
• Medium: https://medium.com/thorchain