THORSwap 2023 Highlights and Vision for 2024 🚀

Revisiting a Year of Triumphs and Innovations and looking forward to the future.

THORSwap Finance
5 min readJan 29, 2024

What an exciting start to 2024!
Regardless of where the market might go next, let’s take a moment to highlight some of the major milestones in 2023 and discuss what might come next for THORSwap.

Key Stats

  • Total Volume: 271.41M (RUNE) / $1172.36M USD
  • ATH Daily Volume: $85.68M (October 5th, 2023)
  • Highest Monthly Volume: $329.83M (October)
  • Affiliate Fee Earnings: $1.62M USD
  • Reward-share with vTHOR holders: 5.8M $THOR
  • $THOR Staking TVL: 107.74M $THOR/ $23.06M (+49.47%)
  • THOR:vTHOR ratio growth: 1.53 to 1.835 (+20%)
  • Total $THOR Burned: 64.47 M $THOR
  • Top Swap Route: BTC <> RUNE
  • Top THORChain interface of 2023 by volume.

2023 Highlights

Streaming Swaps
The true game-changer of 2023. Streaming Swaps helped THORSwap users achieve maximum capital efficiency regardless of swap size. Million dollar swaps (leading to a new Whale Tier discount) are now competitive vs CEX quotes. This single upgrade led to a dramatic increase in volume:

2023 saw the introduction of THORSwap’s own suite of cross-chain services providing native cross-chain trading, DEX aggregation, yield, and analytics tools for all. So far, protocols such as Edge Wallet, CoinBot, OneKey, Sequel Finance, Bibot and more have successfully integrated SwapKit, with many more underway.

Cross-chain Lending
0% Interest, No Liquidations, No Expiry. THORFi Lending was another innovative Crypto First. Users can now lend their native BTC/ETH and borrow 1,000+ assets cross-chain. At the time of writing, borrowers have exceeded lending cap for $BTC, showing great interest in the product.

BNB Smart Chain
the addition of BSC was a much requested L1 blockchain integration. The launch also saw support for Pancakeswap DEX Aggregation, introducing cross-chain support for hundreds of BEP-20 Assets.

Emissions Reduction
Following strong commitment towards sustainable yield, emissions were reduced to 4 $THOR/block which have remained to now. 2023 saw increasing amounts of $vTHOR staking rewards coming from #RealYield swap fees:


Community Governance
The first THORSwap Improvement Proposal (TIP-001) was drafted and successfully voted on as part of on-chain community governance. This was followed by the launch of the web3 THORSwap Governance Forum and five TIPs.

THORSwap Volume-based Monthly Burn
THORSwap successfully conducted 6 monthly burns, with amendments made the to the design thanks to TIP-003. In total, 64.47 Million $THOR was burned in 2023 🔥

THORSwap X Ledger
Ledger users gained access to THORSwap directly within Ledger Live to perform native cross-chain swaps via the Discover App. TS contributors also joined THORChain devs and top DeFi protocols at Ledger Developer Experience.

Transaction Tracker
In April, after extensive testing — we launched the THORSwap cross-chain transaction tracker to great success. Users can now follow the exact steps and progress of their cross-chain swaps in great detail:

Wallet Interfaces Updates: THORSwap continued to expand to an ever larger range of wallet support, now boasting 13 across browser, mobile and hardware. We also updated to WalletConnect v2.0, which expanded compatibility to a vast range of mobile wallet apps:

Latest Supported Wallet Chart as of 25 January, 2024

UX Improvements
THORSwap continues to implement Quality-of-Life updates and UX improvement across the Dapp for users. A recent example is the brand new Swap Settings allowing for users to craft the perfect balance between speed/price execution and slippage preferences.

Giving Back
In 2023, THORSwap thanked loyal community and users through education initiatives, giveaways, airdrops, scavenger hunts and more. Expect more fun and rewarding initiatives to come in 2024!

Looking Ahead — Areas of focus for Q1/Q2

In 2024, THORSwap aims to continue delivering the bold vision of a multi-chain future with no compromises.

Below are updates to expect early Q1/Q2 2024. Do note updates may depend on third-parties, protocol as well as community governance for consensus and adoption.

Upcoming THORChain updates

  • Memoless Transactions
    An exciting new way to “register” a memo before a swap is made, so that a swap or any other action can be done without sending a memo.
  • Network Improvements
    The recent THORChain updates to support Swapper Clout, which saw a ~90x (!) improvement to median transaction time. Upcoming THORChain update will introduce Batched Outbounds, allowing for multiple outbounds in one single transaction. This change will significantly increase network throughput and also decrease user gas costs, since significantly less transactions will need to be sent.
  • Limit Orders (Orderbooks) — currently under development.
  • Trade Accounts/Assets — currently under development. This feature aims to improve capital efficiency for arbitrage on THORChain, allowing for better pricing for users.

New providers, New routes

THORSwap endeavours to become the ultimate Cross-chain Aggregator of Aggregators — offer users the best swap routes, execution and seamless trading experiences. To achieve this, several exciting new novel routes and chain integrations are under research and development.

THORSwap Tech in New Places

SwapKit will be a key area of focus as to embed all THORSwap tech into a single powerful yet easy-to-use SDK for all protocols to use. Many integrations are being discussed, planned and worked on — watch this space for exciting announcements!

Community and Decentralization

Community proposals is key to improving THORSwap. Contributors will continue to support ideas and initiatives across planning, governance and execution. Participation is encouraged, join the discord and the governance forum to get involved.

With a record-breaking Q3-Q4 behind us and excitement in the broader markets, THORSwap continues to build towards a brighter future. Thank you to all who have joined us on this journey so far — once more, onwards to DeFi Valhalla! ⚡

About THORSwap

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

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