THORChain provides a decentralized exchange (DEX) solution based on the Cosmos software development kit (SDK). Its automated market maker (AMM) protocol enables cross-chain asset swaps between previously non-interoperable blockchains like Bitcoin, Ethereum, and others.

The RUNE token is the native asset that powers the THORChain network. RUNE serves as the intermediary pairing token in liquidity pools, facilitating cross-chain swaps. It is also used for paying fees, governance, and securing the network.

Key features of THORChain include:

• Cross-chain swaps via liquidity pools using RUNE as an intermediary
• Continuous liquidity pools that adjust based on demand
• Roles for liquidity providers, swappers, arbitrage traders, and node operators
• Proof-of-stake consensus secured by bonded RUNE from node operators

THORChain was created by an anonymous team from the 2018 Binance Dexathon. It underwent several phases of development, fundraising rounds, and recovered from hacks in 2021 before relaunching with improved security. The THORSwap DEX provides a user interface built on THORChain’s infrastructure.