Thorchain DEX

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Thorchain DEX's governance or utility token carries a market capitalisation of 154,9 M US$ based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token (154,9 M US$) above the protocol's on-chain TVL (70,5 M US$) — a mcap/TVL multiple of 2.20× implies investors are paying for expected future fee flows rather than current deposits alone.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Eventos importantes señalados por la comunidad de DeFiLlama — lanzamientos del protocolo, exploits, cambios de gobernanza y programas de incentivos.

1. Sep 16, 2021
   Protocol resumed

Thorchain DEX is a DEX — a decentralised exchange where users swap assets against on-chain liquidity pools rather than a central order book. It is deployed across 12 chains, including Thorchain, Bitcoin, Ethereum, Bitcoincash and 8 other chains. The codebase has been independently audited (1 report on file). DeFiLlama tracks 1 historical event for this protocol since 2021.

Thorchain DEX runs a multi-chain deployment, with smart contracts live on 12 networks. Roughly 92% of its on-chain value sits on just three networks (Thorchain, Bitcoin, Ethereum), so a fault on any one of them would affect a large slice of users. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap (154,9 M US$) currently exceeds total value locked (70,5 M US$) — a mcap/TVL ratio of 2.20 suggests the market is pricing in more growth than current deposits support.

Verified external resources for Thorchain DEX — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Thorchain DEX is one of 7 DEX protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Curve DEX, Uniswap V3, PancakeSwap AMM, and 3 more. These peer protocols collectively secure 7999,9 M US$ in deposits, giving you a frame of reference for whether Thorchain DEX's own TVL is at the top, middle, or tail of the category.

Curve DEX

TVL 1889,8 M US$ · 24h +0.39%

Uniswap V3

TVL 1768,7 M US$ · 24h -0.67%

PancakeSwap AMM

TVL 1697,1 M US$ · 24h +0.14%

Raydium AMM

TVL 1101,3 M US$ · 24h +0.66%

Uniswap V2

TVL 872,4 M US$ · 24h -0.17%

Uniswap V4

TVL 670,6 M US$ · 24h -0.47%