THORChain closed March with a total volume of $801 million, below the $882 million recorded in February. This slight decline coincided with a market that attempted to stabilize following the sharp drops of the previous month. Retail sentiment remained subdued and macroeconomic uncertainty limited the momentum needed to sustain higher activity levels.
Despite the adverse context, THORChain maintained a relatively solid level of operations. The most significant session was March 5, with a daily volume of $87.17 million, also visible in the system’s revenue chart, which totaled $848,000 for the month. RUNE and TCY yields also retreated: the RUNE APR closed at around 17% on the 7-day average, after approaching 25% in February.
The most notable individual transaction of the month occurred on March 10: 51 BTC were converted into approximately 1,700 ETH in a single transaction, executed across 671 sub-swaps through THORSwap using SwapKit technology.
The most relevant data point of the period was the growth of RapidSwaps, a feature that went from representing less than 1% of total volume to recording 11.64% in just nine days, reaching $1.7 million accumulated by March 30. In addition, THORChain activated its v3.16.0 release and resumed native SOL swaps after a pause.
Network security remained stable: 105 active nodes, with a total bonded capital of 97.45 million RUNE. The burn mechanism eliminated $39,000 in RUNE during the month, bringing the cumulative historical total to $641,000.
Source: https://blog.thorchain.org/state-of-the-network-march-2026/
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