TL;DR
THORChain processed $3.82 billion in trading volume during the third quarter of 2026 and collected $5.77 million in fees, nearly double the previous quarter’s figures.
Protocol liquidity increased from $54.58 million to $89.82 million. September alone recorded $2.41 billion in trading volume, including funds linked to the Bitget hack.
The V3.20 upgrade restored validator churn and introduced Protocol-Owned Liquidity, which now receives 20% of system income.
THORChain processed $3.82 billion in trading volume during the third quarter of 2026, according to its quarterly report. The protocol also generated $5.77 million in fees, nearly double the previous quarter’s total, during its first full quarter of operations following the June 22 restart.
Total liquidity increased from $54.58 million to $89.82 million, while affiliate-routed trading volume reached $1.42 billion, generating $1.38 million in earnings for those participants.
September accounted for $2.41 billion of quarterly trading volume. Between September 25 and 29, the network processed approximately $1.38 billion, coinciding with transfers of funds linked to the Bitget hack. THORChain clarified that even after excluding those five days, its activity exceeded second-quarter levels.
THORChain Recovers Trading Activity and Expands Its Liquidity Reserves
The most heavily traded swap route was BTC/ETH, with $1.18 billion, followed by BTC/USDC at $466.66 million and BTC/XRP at approximately $446.30 million.
The V3.20 upgrade, deployed in late August, restored validator churn after more than 60 days. The number of active nodes increased from 95 in July to 103 by the end of September.
The protocol also activated its Protocol-Owned Liquidity (POL) mechanism, which receives 20% of system income to deploy RUNE into selected liquidity pools.
By the end of September, the reserve had deposited 946,000 RUNE, held positions worth approximately $679,000, and generated around $113,000 in fees.
Network Outages and Transactions Linked to Bitget
The protocol also experienced technical issues. THORChain halted its network for two days, August 26 and 27, due to inconsistencies between nodes involving Rujira contracts. The team released fixes and resumed normal operations in September.
The protocol also rejected a request to block addresses associated with the Bitget hack, maintaining that its infrastructure does not allow individual transactions to be censored.
Upcoming integrations include Zcash and Monero, whose launches were delayed during the network’s stability work. THORChain is also preparing new dynamic fee features and revenue-sharing mechanisms for its partners.
