THORChain (BEP20) Crypto Exchange Review: Native Cross-Chain Swaps Without Wraps

Most crypto exchanges make you wrap your Bitcoin or Ethereum before swapping it. That means you don’t actually own your asset anymore-you get a tokenized version locked in a smart contract. THORChain (BEP20) is different. It lets you swap native BTC, ETH, DOGE, BNB, and more directly, without wrapping, without intermediaries, and without giving up custody. If you’re tired of trusting third parties to hold your crypto during swaps, THORChain is one of the few platforms that actually delivers on that promise.

How THORChain Works (No Wraps, No Middlemen)

THORChain isn’t a traditional exchange. It doesn’t have order books or market makers. Instead, it’s a network of validators who watch blockchain activity and move assets between chains using a system called Threshold Signature Schemes. When you send BTC to THORChain, it doesn’t turn it into wBTC. It locks the BTC on the Bitcoin network, then issues an equivalent amount of RUNE on the THORChain network. You swap RUNE for ETH, and THORChain releases the ETH from its ETH vault to your wallet. Your original BTC? Still on Bitcoin. Your ETH? Still on Ethereum. No wrapped tokens. No custodial risk.

This works because every liquidity pool on THORChain is paired with RUNE. So if you want to swap BTC for DOGE, you’re really doing BTC → RUNE → DOGE in one step. The protocol handles the rest. The entire process happens on-chain, without any user registration or KYC. You connect your wallet-MetaMask, Trust Wallet, or Keplr-and swap. That’s it.

Why RUNE Is the Heart of the System

RUNE isn’t just another token. It’s the glue holding THORChain together. Every validator must bond RUNE as collateral to participate. If they act maliciously, their RUNE gets slashed. Liquidity providers also stake RUNE to earn fees. And when you swap, you pay fees in RUNE. That means every time someone uses THORChain, demand for RUNE goes up.

As of October 2025, RUNE trades around $1.21. That’s down from its all-time high of $20 in 2021, but not unusual for a project that’s still scaling. The tokenomics are designed to be self-reinforcing: more swaps → more RUNE demand → higher token value → stronger security. The Incentive Pendulum system adjusts rewards between validators and liquidity providers to keep both sides balanced. If liquidity is low, it pays more to providers. If security is weak, it pays more to validators.

Supported Assets and Chains

THORChain supports native swaps for nine major blockchains: Bitcoin, Ethereum, Binance Chain (BEP20), Litecoin, Bitcoin Cash, Dogecoin, Avalanche, Cosmos, and Polygon. The BEP20 version of RUNE is the most commonly used for swaps because it’s fast and cheap-perfect for frequent traders. BNB is one of the most popular assets swapped on the platform, especially since Binance Chain has deep liquidity.

Upcoming integrations include Solana and Arbitrum. If those go live, THORChain could become the go-to platform for cross-chain swaps between Ethereum, Bitcoin, and Solana ecosystems. That’s a big deal. Right now, swapping ETH for SOL usually means using a centralized exchange or a multi-hop bridge with high fees and delays. THORChain could do it in minutes, with native assets, and no trust assumptions.

Security: Past Hacks and Current Protections

THORChain isn’t perfect. In 2021, attackers exploited a vulnerability in the validator set and stole $150 million in assets. That was a major blow. But since then, the team has completely overhauled the security model. They introduced the Proof-of-Bond consensus, which requires validators to lock up RUNE as collateral. A 51% attack now costs billions in RUNE, making it economically unfeasible.

Still, trust issues linger. In February 2025, hackers laundered $18 million in stolen ETH through THORChain. The platform didn’t facilitate the theft-it just processed the swap like any other transaction. But the association damaged its reputation. Unlike centralized exchanges, THORChain doesn’t freeze accounts or block transactions. That’s by design. But it also means bad actors can use it. The community is divided: some see this as a feature (permissionless), others as a flaw (reputation risk).

Performance and Traffic

THORChain isn’t the most popular exchange. As of October 2025, it gets about 61,766 organic monthly visits-far behind Uniswap or PancakeSwap. It ranks 265th out of 612 crypto exchanges in organic traffic. That’s not because it’s bad-it’s because most users still don’t know it exists. But the users who do use it? They’re active. The platform processed over 100,000 swaps in a single day at peak. That’s more than most centralized exchanges handle.

On-chain metrics show neutral momentum. The 14-day RSI is at 47.02, meaning no strong bullish or bearish trend. The 50-day moving average ($1.26) is just below the 200-day ($1.39), suggesting a slight downtrend. But volume is steady. The number of green days (up days) in the last 30 is 17-57% positive. That’s better than most altcoins.

Price Predictions and Investment Outlook

Price forecasts for RUNE vary wildly. CoinCodex predicts $1.50 by end of October 2025-a 23% rise. WalletInvestor says $3.34 by year-end. PricePrediction.net thinks it could hit $11.04 if the market turns bullish. But there’s also a bear case: if adoption stalls, RUNE could drop to $0.24 in 2026.

Here’s what matters: if THORChain captures even 5% of the cross-chain swap market, RUNE could triple. Right now, the entire cross-chain DeFi space is worth under $5 billion. If it grows to $50 billion by 2026, THORChain’s unique native swap model gives it a real shot at dominating. But it needs to fix its reputation. No one wants to use a platform linked to money laundering, even if it’s technically blameless.

Who Should Use THORChain?

THORChain is perfect for:

• Traders who want to swap native BTC, ETH, or DOGE without wrapping
• Users who hate KYC and want full custody
• DeFi users who want to move assets between chains without using bridges
• Liquidity providers looking for high APYs on RUNE pools

It’s not for:

• Beginners who want a simple UI (the interface is clunky)
• People who need instant swaps (transactions take 5-15 minutes)
• Those uncomfortable with unregulated platforms

If you’re serious about decentralization and understand the risks, THORChain is one of the most powerful tools in crypto. It’s not the easiest, but it’s one of the few that actually delivers on the promise of true interoperability.

How to Start Using THORChain

Here’s how to swap your first asset:

1. Install a wallet that supports THORChain: Trust Wallet, MetaMask, or Keplr.
2. Buy RUNE on a centralized exchange like Binance or KuCoin and send it to your wallet.
3. Go to app.thorchain.org and connect your wallet.
4. Select the asset you want to swap (e.g., BTC) and the one you want (e.g., ETH).
5. Confirm the transaction in your wallet. Wait for network confirmations.
6. Your ETH arrives in your wallet. Your BTC stays on Bitcoin.

Swap fees are low-usually under $1. Liquidity providers earn a share of trading fees, which can be 5-10% APY depending on pool demand.