CryptoSlate
THORChain generated $3.01 million in system income in September as swap volume reached $2.40 billion, its highest level since June 2025. Between Sept. 25 and Sept. 29, roughly $1.37 billion in swaps crossed the network, producing about $1.9 million in income. THORChain said the surge coincided with funds linked to the Bitget exploit moving through the protocol.
Why it matters
The five-day burst supplied 57% of monthly swap volume and 63% of income, concentrating the month’s economic gains around unusually large transactions. THORChain defended its permissionless design after the hack, rejecting calls to selectively block addresses or transactions. It distinguished that from an emergency network halt, which is intended to protect THORChain itself.
The protocol also cited its own May exploit, when attackers stole $10.7 million from liquidity pools but were not blacklisted from swapping assets afterward. Bitget said roughly $387.5 million was ultimately transferred to attacker-controlled addresses during its September breach. The episode puts the trade-off between permissionless access and intervention under scrutiny.
Market impact
September income was nearly five times August’s $615,000, while swap volume almost quadrupled from $613 million. Wallet growth was far smaller: active wallets rose to 25,000 from 23,500, and new wallets increased to 22,400 from 21,800. THORChain said wallet activity barely responded to the late-month volume spike, suggesting the revenue increase came from concentrated flows rather than a broad user surge.
RUNE’s seven-day annualized return reached 69.03% on Sept. 29, while TCY’s reached 29.74%. THORChain expects those readings to decline as the high-fee days leave the calculation window. The key test for liquidity providers and token holders is whether ordinary trading can sustain income after the exceptional activity fades. Frontend affiliates separately earned about $840,700 in September, including roughly $669,000 paid to unidentified affiliates.
Frequently asked questions
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How much of THORChain’s September income came in five days?
About $1.9 million, equivalent to roughly 63% of the $3.01 million monthly total, was generated from Sept. 25 to Sept. 29.
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What share of September swap volume crossed THORChain during the surge?
About $1.37 billion, or 57% of September’s $2.40 billion in swap volume, crossed the network between Sept. 25 and Sept. 29.
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Did THORChain’s wallet growth match the September revenue increase?
No. Active wallets increased to 25,000 from 23,500, while new wallets edged up to 22,400 from 21,800. THORChain said wallet activity barely responded to the late-month volume spike.
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Why does THORChain distinguish a network halt from blocking individual transactions?
THORChain says an emergency network halt is intended to protect the protocol itself, while selectively blocking addresses or transactions would conflict with its permissionless design.
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Why does THORChain expect RUNE and TCY yield readings to fall?
RUNE’s seven-day annualized return reached 69.03% and TCY’s reached 29.74% on Sept. 29. THORChain expects both readings to decline as the high-fee days leave the calculation window.
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