Plain English
THORChain is a Cosmos-based blockchain that enables native cross-chain swaps without wrapping. Trade actual BTC for actual ETH (not WBTC, not wETH) in one transaction. RUNE is the native token and the universal AMM base asset.
How it actually works
Validators run nodes on each connected blockchain (Bitcoin, Ethereum, Litecoin, BCH, Avalanche, BNB Chain, Cosmos, Doge). RUNE/asset pools provide liquidity; trades route through RUNE. Liquidity providers earn fees + RUNE emissions. The protocol has survived multiple hacks (2021–22 totaling ~$8M) and recovered.
What it means for you
THORChain is the only way to swap native Bitcoin for native Ethereum on-chain without trusting a bridge or wrapped token. For experienced Bitcoin holders wanting to acquire ETH or other L1 assets while keeping native form, this is the cleanest path. RUNE itself is a leveraged play on cross-chain trading volume.
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Educational content only. Not investment, tax, or legal advice.