THORChain
AuditedRisk AlertTHORChain is a Cosmos-SDK Layer-1 enabling native, non-custodial cross-chain swaps (BTC, ETH, BNB, Base, XRPL, Tron and more) without wrapped or pegged tokens.
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The Problem
Cross-chain swaps historically require trusting centralised exchanges or wrapped-asset bridges, both of which add custody and counterparty risk and have a poor security track record.
The Solution
THORChain settles cross-chain swaps natively via Cosmos-SDK L1 nodes that jointly custody assets through TSS vaults, so users send and receive native BTC, ETH, etc. without intermediaries or wrapped tokens.
Why it Matters
The only production protocol delivering native (non-wrapped) BTC ↔ EVM ↔ Cosmos swaps at scale, governed entirely by an anonymous node operator set with on-chain Mimir parameter voting.
Protocol Metrics
Related Research
View allFrequently asked questions about THORChain
What is THORChain?+
THORChain is a DEX protocol operating on Bitcoin, Ethereum, BSC, Avalanche, Litecoin, Bitcoin Cash, Dogecoin, Cosmos, Base, Ripple, Tron, Thorchain. THORChain is a Cosmos-SDK Layer-1 enabling native, non-custodial cross-chain swaps (BTC, ETH, BNB, Base, XRPL, Tron and more) without wrapped or pegged tokens.
How does THORChain work?+
THORChain settles cross-chain swaps natively via Cosmos-SDK L1 nodes that jointly custody assets through TSS vaults, so users send and receive native BTC, ETH, etc. without intermediaries or wrapped tokens.
Is THORChain safe?+
DeFi Sentinel rates THORChain BBB with a safety score of 65/100, indicating moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. THORChain has 3 audits on record. DeFi Sentinel's analysis flagged 3 high, 4 medium, 3 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Sustainability & Competitive Position and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of THORChain?+
THORChain has a DeFi Sentinel safety score of 65/100 (rating BBB), last updated July 19, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does THORChain support?+
THORChain is deployed on Bitcoin, Ethereum, BSC, Avalanche, Litecoin, Bitcoin Cash, Dogecoin, Cosmos, Base, Ripple, Tron, Thorchain.
Has THORChain been audited?+
Yes. THORChain has 3 audit reports on record from firms including Trail of Bits, Halborn, CertiK. Audit reports and dates are linked under the Resources tab on this page.