THORSwap Turns 4: Part I — A Year of Growth & Resilience

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Four years ago, THORSwap was born under the simple but clear mission to “make cross-chain trading easy” through a DEX that’s truly #BetterThanCEX.

As we celebrate this milestone anniversary, we reflect on a transformative year that has solidified THORSwap’s position as a leading multi-chain decentralized exchange aggregator, processing an astounding $1.58 billion in trading volume over the past 12 months.

Building upon our third anniversary achievements, where we celebrated surpassing $3.39 Billion in cumulative volume, the past 12 months saw THORSwap process a total of $1.58 Billion in total trading volume.

This means as of June 19th, THORSwap has officially exceeded $5 Billion in total volume to date:

Furthermore, this past year has been marked by ground-breaking integrations, protocol resilience and unprecedented growth across multiple blockchain ecosystems and cross-chain providers.

We thank everyone for your support through thick and thin. Please read-on for Part I of our anniversary article series as we reflect upon our highlights and achievements:

2024–2025 Highlights

Multi-Chain Expansion

THORSwap now supports cross-chain swaps across 18+ major blockchains, facilitating trades among 6,000+ crypto assets in a completely decentralized and non-custodial manner. This expansion has been powered by the SwapKit SDK+API backend, which provides us with easy access to cross-chain services from THORChain, Maya Protocol, and Chainflip.

Key Blockchain integrations over the past year:

Arbitrum via Chainflip and Maya Protocol brings $ETH, $USDC and long-tail asset support via 1inch.
Radix via Maya Protocol brings native $XRD and long-tail asset support via OciSwap
Solana via Chainflip brings native $SOL and long-tail asset (memecoins!) support via Jupiter
Base via THORChain brings ETH, $USDC on Base
Ripple XRP Ledger via THORChain brings support for Native $XRP

Key Updates:

THORSwap’s official on-chain referral program allows easy onboarding of new users while rewarding passionate community members.
Streaming Swaps for Maya Protocol enables more capital efficient trades.
Chainflip DCA Swaps enables larger size swaps with better pricing thanks to Automated Dollar-cost averaging.
Chainflip Boost feature allows users to speed up Bitcoin swaps to 1-block execution.
Exodus Passkeys Wallet brings 1-click wallet creation, secured with biometrics.
THORChain’s RUNEPool feature enables diversified $RUNE Yield.
THORChain $TCY support enables claim, manage and trading of the protocol’s yield-bearing settlement token.

Comprehensive Volume Analysis: A Year of Growth

Total Volume Performance

Over the 12-month period from June 2024 to May 2025, THORSwap processed an incredible $1.58 billion in total trading volume across all three provider networks. As of June 19th, THORSwap has officially exceeded $5 Billion in total life-time volume. This represents significant growth and demonstrates the THORSwap’s ability to maintain consistent high-volume trading despite market volatility.

THORSwap Monthly Volume (Jun 2024 — May 2025)

The monthly volume data reveals interesting patterns throughout the year, with peak trading months in August 2024 ($192.3M), November 2024 ($182.5M), and May 2025 ($156.9M). Notable dips occurred in September 2024 ($56.2M) and April 2025 ($69.8M), reflecting broader market conditions and seasonal trading patterns.

Thanks to our cross-chain providers the dynamic interplay between all three providers throughout the year. While THORChain maintained consistent dominance, both Chainflip and Maya Protocol showed varying levels of activity that contributed to overall volume resilience. Notably, February 2025 saw significant Chainflip activity with $29.8 million in volume, while Maya Protocol showed particularly strong performance in October 2024 with $33.4 million.

Provider Distribution Analysis

THORSwap’s multi-provider architecture has created a robust and diversified trading ecosystem:

THORSwap Total Volume: $1,578,325,855 ($1.58 billion)
THORChain: $1,269,221,551 ($1.27 billion) — 80.4%
Maya Protocol: $142,090,629 ($142 million) — 9.0%
Chainflip: $167,013,675 ($167 million) — 10.6%

THORSwap Volume Distribution by Provider (Jun 2024 — May 2025)

THORChain: As our original and primary liquidity provider, THORChain dominated with $1.27 billion in trading volume, representing 80.4% of total volume. This demonstrates the continued strength and reliability of the THORChain protocol as the backbone of cross-chain DeFi.

Maya Protocol: Contributing $142 million in volume (9.0% of total), Maya Protocol has established itself as a significant contributor to cross-chain ecosystem and THORSwap volume. The consistent performance across all months demonstrates successful adoption by THORSwap users.

Chainflip: Despite being our newest integration, Chainflip captured $167 million in volume, representing 10.6% of total trading. This impressive performance in its first full year of integration validates our strategic decision to diversify provider networks.

Key Reflections

Multi-Provider Architecture

The past year witnessed THORSwap’s transformation from a single-protocol interface to a truly multi-provider ecosystem with the integration of two groundbreaking cross-chain liquidity protocols: Chainflip and Maya Protocol.

Chainflip Integration: A New Era Begins

The March 2024 integration of Chainflip represented the first new cross-chain protocol supported on THORSwap since inception, marking a historic milestone. Within just 22 days of integration, THORSwap processed an impressive $16.39 million in swaps via Chainflip, establishing itself as Chainflip’s leading independent broker. This integration unlocked access to innovative cross-chain swap capabilities, including native Bitcoin swaps with new leading layer 1 blockchains like Polkadot, Arbitrum and Solana as well as features such as Boost and DCA swaps.

MAYAChain: Expanding the Ecosystem

The MAYAChain integration further amplified THORSwap’s reach, introducing four new blockchains to our ecosystem: MAYAChain itself, Arbitrum, Kujira, and Dash. This integration unlocked $42.68 million in additional liquidity via Maya Protocol and provided access to over 530,000 unique users across these new ecosystems. With Zcash and Cardano on the horizon, the future looks bright for THORSwap delivering much needed decentralized rails for web3 users around the globe.

SwapKit: A Solid Foundation and Partnership for the Future

In Q4 2024, THORSwap’s backend infrastructure became SwapKit, an independent B2B company. Following the approval of community proposal TIP-15, THORSwap now benefits from an industry-leading tech stack with on-going backend improvement, new integrations and reduced operational costs, freeing up resources to enhance the THORSwap platform.

New Tokenomics and Staking models

Alongside $vTHOR (which allows for earning auto-compounding $THOR yield), a new staking contract $uTHOR was introduced, allowing stakers to receive rewards in USDC instead of $THOR.

THORSwap exchange fee sharing has also changed to be allocated proportionally among the staking tokens and the THOR/RUNE Liquidity Pool. From Feburary 28, 2025 to 20 June, 2025 — THORSwap has distributed $1.75M in total rewards:

Our trading discount has also been updated to support both vTHOR and uTHOR stakers, bringing further utility:

Expanding Wallet Support

Over the past year, THORSwap has significantly increased our wallet interface coverage to support more chains in the form of mobile and browser interfaces.

New interfaces include Exodus Passkey, OKX Wallet, Coinbase Wallet, Phantom, Bitget Wallet, Talisman Wallet, Leap Wallet, Radix Wallet and Xaman Wallet. All supported thanks to SwapKit SDK.

Platform Resilience and Security

THORSwap continues to demonstrate exceptional resilience by implementing robust security measures via SwapKit API. During periods of protocol volatility, SwapKit’s advanced safety checks ensures users always have cross-chain routing available, while being protected by abnormalities in network or slippage performance.

SwapKit’s built-in AML screening also ensure illicit funds are not processed via THORSwap, while swaps still perform without requiring KYC, maintaining our commitment to decentralized, non-custodial trading.

As we celebrate four incredible four years of cross-chain innovation, THORSwap continues to push the boundaries of what’s possible in Multichain DeFi. The successful integration of new exciting blockchains, the maturing robustness of SwapKit, and our growing support of multiple liquidity providers position us perfectly for our next phase of growth.

Our commitment to making cross-chain finance easy remains stronger than ever, and the statistics speak for themselves: with over $1.58 billion processed in the past year alone and support for 6,000+ (soon to be 10,000) assets across 18+ blockchains, THORSwap has truly become the infrastructure layer for the multi-chain future.

A Glimpse into Tomorrow

As we wrap up this anniversary celebration, we’re excited to share that Part II of our anniversary series will dive deep into THORSwap’s upcoming roadmap and update on leadership shaping THORSwap’s future. Stay tuned for exclusive insights into our strategic vision, development focus and organizational changes designed to accelerate our mission of making cross-chain finance accessible to everyone.

The best is yet to come, and we’re grateful to have our incredible $THOR community along for this revolutionary journey. Here’s to four years of breaking barriers, and to many more years of cross-chain innovation ahead! ⚡

To experience the Multi-chain Future, Today, Choose THORSwap.

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. 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.