THORChain | Crypto

THORChain’s first quarter of 2025 was defined by volatility, volume, and a pivotal reset. While RUNE’s price fell sharply and DeFi TVL contracted, protocol usage surged during market-wide dislocations, including a record $1.05 billion in single-day volume tied to the Bybit exploit. At the same time, THORChain initiated its most significant internal reform to date, passing Proposal 6 to unwind THORFi liabilities without inflating RUNE supply. Amid uncertainty, affiliate volume hit an all-time high, native deposits grew, and the protocol doubled down on its core mission: powering cross-chain swaps at scale.