THORChain Posts $2.40 Billion in September Swap Volume

THORChain processed $2.40 billion in swap volume in September, nearly four times August’s total, while System Income rose to $3.01 million as activity surged late in the month.

The network handled about $1.37 billion in swaps from Sept. 25 to Sept. 29, more than half of September’s total. Daily volume during the five-day period ranged from roughly $190 million to $460 million. The late-month activity involved funds linked to the Bitget exploit.

That period generated about $1.9 million in System Income, close to two-thirds of the monthly total. August produced $613 million in swap volume and $615,000 in System Income.

“September's headline numbers were shaped by a few exceptional days, but the work underneath kept moving,” THORChain said.

System Income comes primarily from swap fees. Under the revised distribution model, 59% goes to nodes, 20% to Protocol-Owned Liquidity, 10% to TCY, 5% to the Developer Fund, 5% to the Marketing Fund and 1% to burning THORChain’s native token, RUNE.

During its first complete month, Protocol-Owned Liquidity accumulated 946,450 RUNE and held positions valued at $679,120. The revised model increased its allocation to 20% from System Income while reducing the RUNE burn allocation from 5% to 1%.

“The change gives Protocol-Owned Liquidity a much larger role in THORChain’s economics,” THORChain said.

Network participation also grew during September. Active wallets reached 25,000, including 22,400 new wallets during the month, while total unique wallets reached 1,152,614.

The active validator set expanded from 87 to 103 nodes, with 97.66 million RUNE bonded. Rapid swaps totaled about $43 million across roughly 19,000 trades, with an average transaction size of about $2,300.

RUNE burning reached about 94,000 tokens in September, compared with 71,000 in August.