THORChain is a decentralised cross-chain liquidity protocol. which enables traders to exchange various cryptocurrency assets across a wide range of networks without losing full custody of their assets in the process. As per the official confirmation, the network has no organisational hierarchy. Instead, the in-network decisions are made via Gitlab, with nodes as the deciders. Initially, the THORChain platform was funded via an IDO, which was launched with the Binance DEX in July 2019. The THORChain ecosystem has its own native token, RUNE. The token is available across multiple blockchains, including Ethereum as an ERC-20 token and the Binance chain as a BEP-20 token.
THORChain is a Proof-Of-Stake blockchain, aimed to serve four important functions within the network’s ecosystem: security, governance, rewards, and liquidity. The network allows traders to swap crypto assets in a permissionless way, without the use of order books to source liquidity. The validators of the network stake RUNE to ensure the security of the network. In the liquidity pools, every token is bonded to RUNE, which creates the required liquidity to conduct swaps. Liquidity providers and validators can claim their rewards in the form of RUNE tokens. Moreover, the THORChain platform allows traders to govern their assets without any middleman and without extra charges.