THORChain’s Q3 2024 Report: New Integrations, Risk Management Focus, and Strategic Shifts towards the App Layer
The latest report from THORChain for Q3 2024 showcases a series of significant developments and strategic shifts within the network, setting the stage for enhanced resilience and innovation. The introduction of new features such as RUNEPool and a network hard fork upgrading the Cosmos SDK version are just the beginning of the network’s evolution.
One of the key highlights of the report is THORChain’s focus on risk management, with the implementation of a minimum swap fee and a RUNE burn mechanism to boost system income. The network is also taking steps to de-risk the base layer by pausing new loans and reducing the size of the Savers program in preparation for the new App Layer, which will enable external teams to deploy smart contracts leveraging THORChain’s liquidity.
In terms of performance metrics, THORChain saw a total USD volume of $8.17 billion in Q3 2024, with liquidity fees collected amounting to $6.37 million. The network also recorded new integrations with platforms such as OKX, Zengo, and Li.Fi, as well as support for Bitcoin Taproot addresses.
Looking ahead, THORChain is strategically shifting towards the App Layer to simplify the base protocol, enhance security, and support new protocols. The network plans to leverage IBC to bring in additional assets, introduce bridge assets for seamless token transfers, and upgrade the Ethereum Router V5.
With ongoing governance proposals and a strong focus on security, THORChain is solidifying its position as a key player in the decentralized finance space, paving the way for further growth and innovation in the coming months.
