THORChain Swap Volume Hits $2.40B as System Income Jumps to $3.01M

TL;DR 

• THORChain recorded $2.40 billion in swap volume and $3.01 million in System Income, although more than half of volume came from five late-month days. 

• Protocol-Owned Liquidity completed its full month with 946,450 RUNE deposited and $679,120 in positions, while 20% of System Income supports POL. 

• Active wallets rose to 25,000 and the validator set expanded to 103 nodes, while RUNE’s burn share fell from 5% to 1%. 

THORChain closed September with $2.40 billion in swap volume and $3.01 million in System Income, sharply above August’s $613 million and $615,000. The official network report shows, however, that the headline jump was heavily concentrated late in the month. Between September 25 and 29, daily volume ranged from roughly $190 million to $460 million as funds linked to the Bitget exploit moved through the protocol. More than half of September’s volume came from this five-day window, making the monthly surge unusually concentrated during an otherwise more typical month of trading. 

THORChain Revenue Climbs as POL Expands 

The five-day period generated about $1.37 billion in swaps and approximately $1.9 million in System Income, close to two thirds of the monthly total. Outside those exceptional sessions, daily activity mostly remained within more familiar ranges. September therefore delivered a major revenue increase without showing the same intensity across the entire month, contrasting sharply with August’s $613 million volume. 

Protocol-Owned Liquidity completed its first full month, accumulating 946,450 RUNE in deposits and $679,120 in positions. POL held liquidity across XRP, USDT on TRON and TRX pools, while another 427,700 RUNE remained outside circulation. Estimated fees earned reached $113,250. POL is becoming a more meaningful part of THORChain’s economic model as higher System Income feeds protocol-controlled liquidity, following the decision to direct 20% of System Income toward POL. 

User activity also improved, although wallet growth barely reacted to the late-month volume spike. Active wallets increased for a third consecutive month to 25,000, while 22,400 new wallets joined and total unique wallets reached 1,152,614. The limited wallet response supports the network’s conclusion that September’s biggest flows came from a small number of large transactions rather than a sudden wave of new users. Rapid swaps separately reached about $43 million across roughly 19,000 trades, with average trade size rising to around $2,300. 

THORChain expanded its validator set from 87 to 103 nodes, with 97.66 million RUNE bonded. September’s RUNE burn reached 94,000 tokens, but the burn share of System Income was cut from 5% to 1% as POL took a larger allocation. The month combined stronger usage metrics with a shift in how network income is deployed, building on the machinery introduced through the v3.20 protocol upgrade. Growth was substantial, but concentration makes wallet, liquidity and revenue trends useful overall for judging durability.