THORSwap: 2025 Year in Review⚡

A year of Record chain integrations, Provider Diversification, Protocol Maturity and Growth

2025. What a year.

For THORSwap, it was another year of resilience, evolution and of course, shipping.

From integrating new blockchains and launching innovative cross-chain products, to solidifying partnerships with major protocols and infrastructure providers, 2025 marked a transformative period for us as a leading multi-chain DEX aggregator.

Let’s dive into what made 2025 so remarkable ⚡

By the numbers:

• Total Swap Volume: $1.28 Billion
• Total Revenue: $5.42 Million
• Total Real Yield Rewards shared: $4.06 Million
• 1.2 Million $THOR buyback + burned.
• 8 new blockchains integrated

Key Achievements

1. Provider Diversification: THORSwap successfully transitioned from THORChain-dominated interface to a meta-provider architecture with NEAR Intents capturing significant market share post-launch in June.
2. Revenue Growth: Total annual revenue exceeded $5.42 Million, with consistent month-over-month growth demonstrating platform maturation and increased user demand.
3. Rewards for the community: with renewed tokenomics, vThor, uThor, yThor stakers and LPers received significant real yield, earning over $3.48M in combined rewards.

Swaps, Swaps and more Swaps

2025 was the year THORSwap proved that true multi-chain liquidity aggregation is what enables the non-custodial seamless DeFi future Crypto deserves.

By year-end, THORSwap had processed $1.28B in total volume across four major cross-chain providers:

March, May, October and November were standout months with volumes exceeding $130M.

Beyond raw volume metrics, 2025 saw THORSwap’s evolution into a true cross-chain aggregator, supporting THORChain, Chainflip, Maya Protocol and our new provider: NEAR Intents.

THORChain

Over the course 2025, THORChain remained our reliable, Bitcoin-native backbone, contributing to 51.6% of total volume. Thanks to the innovative streaming swap feature, THORChain allowed our users to continue executing large size swaps reliably with maximum capital efficiency.

NEAR Intents

Stealth-launched in June and officially announced in October, NEAR Intents transformed how THORSwap executes cross-chain swaps. By leveraging intent-based execution through decentralized solver networks, we enabled access to new exciting chains and deep liquidity for our users.

Total NEAR Intents Volume (Jun–Dec) amounted to $300M representing 23.5% of THORSwap annual volume in less than 7 months of integration.

The October-November surge is particularly significant: $164.2M in two months (54.8% of NEAR Intents’ annual total) coincided with the integration of Zcash. This correlation proves intent-based execution found product-market fit precisely when users needed access.

Chainflip

In 2025, Chainflip progressively became a steady pillar for THORSwap, providing consistent, reliable volume growth with institutional undertones. In Q1, we shipped support for Chainflip DCA (Streaming Swaps), which allowed for an improvement in capital efficiency.

Chainflip protocol has spent the year focused on improving underlying technology and liquidity depth. This saw a positive growth in Q4: $92.65M in Oct-Nov combined (33% of Chainflip’s annual volume in two months) signals improved and reliable quotes and execution.

Maya Protocol

In 2025 Maya Protocol was the first to ship Zcash cross-chain support. Opening the doors to native $ZEC swaps from Bitcoin and Ethereum for the first time. Alongside NEAR Intents, this provided a steady source of liquidity for traders of all sizes eager to swap Zcash in a decentralized manner.

Jupiter Exchange

Q3 also saw the integration of Jupiter Exchange, the leading DEX on Solana bringing the addition of thousands of long-tail assets. This lay the foundation for further improvements to cross-chain DEX aggregation in the future.

Multi-Provider Thesis Validated

2025 proved that cross-chain infrastructure requires provider diversity:

1. Risk Distribution: No single provider outage halts THORSwap entirely. Users automatically route to alternatives.
2. User Choice: Different user segments can prioritize their personal preference between speed, price and protocol risk tolerance.
3. Competitive Benefits: With four credible options, each provider competes on execution and asset support.
4. Scalability Headroom: As total volume grows, THORSwap can accommodate growth without overwhelming any single provider’s capacity.

This multi-provider approach eliminated single points of failure while ensuring users always had access to optimal pricing across different market conditions and routing redundancy at all times.

Expanding Across the Multichain

2025 was a record-breaking year for new chain integrations. THORSwap brought seamless cross-chain access to:

• Base (January 2025): We kicked off 2025 by integrating Base, the secure, low-cost, developer-friendly Ethereum L2 now dominating both TVL and usage amongst EVM chains.
• XRP Ledger (June 2025): THORSwap became the first cross-chain DEX to support native $XRP (Ripple) cross-chain swaps to Bitcoin, Ethereum, Solana and beyond.
• TRON (July 2025): Brought native TRX and USDT (TRC20) support to cross-chain trading, unlocking direct swaps between TRON and 20+ blockchains without bridge friction.
• Zcash (October 2025): Connected Zcash’s privacy-focused ecosystem to Bitcoin, Ethereum, Solana, and 20+ blockchains, giving users access to one of crypto’s leading privacy networks without requiring traditional bridges. This kickstarted an explosive rally for $ZEC and lead to widespread coverage (example 1, example 2).
• NEAR Protocol (October 2025): The momentum really started to speed up when THORSwap shipped integration for NEAR, the leading AI network and foundation for NEAR Intents technology.
• Polygon (November 2025): Brought native POL, USDC, and USDT capital flow to and from Bitcoin, Solana, and XRP directly into Polygon’s high-throughput DeFi infrastructure.
• OP Mainnet (Novemeber 2025): Connected Ethereum’s battle-tested optimistic rollup network to Bitcoin, Solana, XRP, and other major blockchains, accelerating adoption of the OP ecosystem.
• Monad (December 2025): Integrated the fastest EVM blockchain following mainnet launch, enabling users across Bitcoin, Ethereum, Solana, Dogecoin, Zcash, and more to access Monad’s 10,000 TPS infrastructure.

Shipping 8 chain integrations in one year is a new record for THORSwap. With 23 total networks supported, and the infrastructure to handle seamless liquidity routing across all of them, our momentum is just beginning.

New Leadership, Renewed Focus

Following the execution of community proposal TIP-15, THORSwap became an independent consumer facing protocol benefitting from an industry-leading cross-chain tech stack.

In June, we outlined our new roadmap and focus towards more blockchain and protocol integrations, and the development of THORSwap V3.

After months of heads-down building, we finally rolled out THORSwap V3 aka ‘Project Metro’s closed beta to OG supporters:

For those interested to experience the next stage of our evolution, please sign up for our waitlist.

Protocol Maturity and Enhanced Tokenomics

2025 was a breakthrough year for THORSwap’s tokenomics, validating the platform’s business model and proving that cross-chain DeFi can generate meaningful, sustainable rewards for stakers and liquidity providers.

With $5.42 Million in fees generated through swaps, we demonstrated both the scale of cross-chain activity and the health of our reward mechanics.

We began the year with the introduction of uTHOR (and yTHOR) staking contracts, which offers rewards in $USDC.

To incentivize LP-ers, a portion of fees collected was also donated to deepen the RUNE/THOR liquidity pool.

Finally, on Oct 17, 2025 THORSwap community voted in favor of allocating 20% of protocol revenue towards buyback and burn as part of TIP-18 proposal:

The bulk of fee revenue — $4.06 Million in total, was distributed directly to THOR stakers in various forms. This is the heart of THORSwap’s tokenomics: platform growth directly brings value to token holders.

• vTHOR Stakers earned 28.32M $THOR (real yield purchased from market)
• uTHOR stakers earned $754.2K
• yTHOR stakers earned $1.04 Million
• Buyback and burn of 1.2M $THOR

To learn more about $THOR tokenomics: https://docs.thorswap.finance/thorswap/thor/about/thor-tokenomics

For full details on historical reward distribution, please visit: https://app.thorswap.finance/stake/FEE_DISTRIBUTION

For individual Staking statistics and performance, please visit: https://app.thorswap.finance/stake/STAKING_STATS

Ecosystem Visibility

Integration with DeFiLlama ensured THORSwap’s growing volume and cross-chain activity remained visible to the broader DeFi community, correcting data gaps that had previously underrepresented cross-chain activity.

THORSwap would remain consistent throughout 2025 as Top 100 protocol by Revenue:

THORChain Alignment

As the flagship interface of THORChain protocol since 2021, we continue to support the protocol, $RUNE community and users.

In Q1, following the unwinding of THORFi products — Lending, Savers (Earn) and RUNEPool. We supported users through the process and shipped $TCY claiming, staking and management.

We further supported trading and management of THORChain’s app-layer Rujira $RUJI token:

Finally, we shipped THORSwap: RUNE Edition, a dedicated THORChain interface built for the $RUNE community and beyond.

Developed to showcase the best THORChain has to offer across protocol feature sets, with exclusive THORChain routing and discounted trading fees on $RUNE and $TCY: rune.thorswap.finance

In 2026, we look forward to continuing to build with the THORChain protocol and ecosystem with upcoming innovative features such as Memoless and Rapid Swaps.

Looking Ahead to 2026

In 2025 THORSwap continued to established itself as the go-to interface for users who need to access Native Bitcoin and move capital across ecosystems without relying on centralized exchanges, bridge protocols with custodial risks, or wrapped token fragmentation.

The work we do isn’t always the most flashy, but it’s foundational. THORSwap quietly became the trusted hub through which users move value across the multi-chain future.

This achievement required relentless engineering work from THORSwap contributors, SwapKit team and our protocol partners to handle increased users, expanded chains, and the complexity of managing multiple cross-chain liquidity providers simultaneously.

In 2026 we will continue our mission of connecting liquidity across chains, removing friction from DeFi, and proving that cross-chain trading can be fast, cheap, and trustless.

Here’s to another #BetterThanCEX 2026! ⚡

For more information, visit our documentation or join our Discord community for 24/7 support.

Disclaimer: Cryptocurrencies and DeFi activities carry inherent risks. Always DYOR (Do Your Own Research) and consider your risk tolerance before engaging in any financial actions. Details shared above may be subject to change. Keep an eye on official THORSwap channels for the latest updates.

About THORSwap

THORSwap is the leading multi-chain decentralized exchange (DEX) aggregator powered by SwapKit. Perform cross-chain swaps in a permissionless, trustless, and non-custodial manner.

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