User-paid fees
observed$596.9K
User-paid DEX fees; excludes token issuance. [1]
Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16
Cross-chain AMM exchange · THORChain L1
THORChain
THORChain lets users swap native assets across chains without wrapped tokens. Swap, outbound, and liquidity fees fund system income; protocol rules then split that income across security, liquidity, suppliers, burn, and operating destinations.
Economic brief
Three answers before the ledger.
- What users pay for
- Users create economic activity by swapping native assets, withdrawing liquidity, and consuming outbound network capacity.
- What the token gets
- RUNE benefits from documented burn and from its security/liquidity role.
- What gross flow hides
- Fee-funded security improves as organic swap activity grows, but reserve/emission support and the combined node/LP adapter field prevent a defensible net-revenue figure.
Protocol-directed
observed$86.5K
Protocol-directed before direct operating/security costs. [1]
Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16
Holder-linked
observed$28.5K
Supply reduction, not a cash distribution. [1][3]
Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16
Net revenue
source conflictNot available
Period-matched reserve emissions and direct costs are not fully available. [1][2][3]
Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16
Money flow
$100 documented system-income allocation
Curated from the official tokenomics split. It describes system income allocation, not a claim that every DefiLlama fee dollar follows this exact period-matched route.
The diagram and table use the same values. Color is reinforced by labels and classifications.
01 · PayerCross-chain liquidity takers
Users create economic activity by swapping native assets, withdrawing liquidity, and consuming outbound network capacity.
02 · Allocation model$100 modeled
$100 documented system-income allocation
curatedNodes + LPs75%
Participant income · curated system-income share
TCY suppliers10%
Holder-linked · curated system-income share
RUNE burn5%
Token burn · curated system-income share
Development5%
Treasury · curated system-income share
Marketing5%
Other recipient · curated system-income share
| Recipient | Share | Per $100 | Classification |
|---|---|---|---|
| Nodes + LPs | 75% | $75 | Participant income |
| TCY suppliers | 10% | $10 | Holder-linked |
| RUNE burn | 5% | $5 | Token burn |
| Development | 5% | $5 | Treasury |
| Marketing | 5% | $5 | Other recipient |
Normalized statement
Every number keeps its boundary.
Trailing 30 days ending 15 Jul 2026 (UTC). USD. Review and retrieval: 2026-07-16. Missing data is never displayed as zero.
User-paid fees
observedUser-paid DEX fees; excludes token issuance. [1]
Method, period & unit
DefiLlama trailing-30-day fees adapter total.
Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16
Protocol-directed flow
observedProtocol-directed before direct operating/security costs. [1]
Method, period & unit
DefiLlama trailing-30-day protocol revenue classification.
Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16
Net protocol revenue
source conflictHolder-linked value
observedLP / supply-side income
observedValidator / node income
source conflictToken incentives
source conflictTreasury income
unavailableUnclassified residual
derivedRounding residual; economically immaterial. [1]
Method, period & unit
$596,913 fees − $510,392 supply side − $86,517 protocol-directed flow.
Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16
Economic profit
unavailableToken value capture
What the token actually gets
RUNE benefits from documented burn and from its security/liquidity role. TCY is a distinct supplier claim, so TCY distributions are not counted as RUNE-holder value.
Sustainability
What gross flow still hides
Fee-funded security improves as organic swap activity grows, but reserve/emission support and the combined node/LP adapter field prevent a defensible net-revenue figure.
Recipients
Who receives value
- Liquidity providers and nodes share system income.
- TCY suppliers receive a defined system-income allocation.
- RUNE holders receive indirect value through burn, not cash.
- Development and marketing destinations receive explicit allocations.
Governance
What can change
- Mimir and protocol governance can change economic constants and fee parameters.
- Changes to TCY allocation shift value among suppliers, nodes/LPs, and other destinations.
- Outbound and slip fee mechanics change the payer burden and total fee base.
Risk register
What can break the thesis
- Node/LP income is not isolated in the normalized period.
- Reserve and security subsidy cost is source-conflicted.
- Cross-chain security and outbound costs can change independently of fee revenue.
- RUNE and TCY capture are easy to conflate.
Model history
How the economics changed
- The incentive-pendulum model historically targeted security/liquidity balance.
- TCY added a separate supplier claim to system income.
- Current documentation defines the 75/10/5/5/5 allocation.
Source ledger
Follow every material claim.
Primary sources establish mechanisms. DefiLlama supplies a consistent cross-protocol time series and is labeled as third-party normalization.
- Normalized third-party data
THORChain DEX metrics and adapter methodology ↗
- Retrieved
- 2026-07-16
- Source updated
- Trailing snapshot through 15 Jul 2026
- Official documentation
THORChain economic model ↗
- Retrieved
- 2026-07-16
- Source updated
- Living documentation
- Official documentation
Tokenomics of RUNE and TCY ↗
- Retrieved
- 2026-07-16
- Source updated
- Living documentation
- Official documentation
THORChain fees ↗
- Retrieved
- 2026-07-16
- Source updated
- Living documentation