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THORChain Wiki

Economics & Tokenomics

RUNE settlement, CLP pricing, fees, incentive design, RUNEPool/POL, trade assets, and current-only protocol parameters.

Curated·Last verified 2026-07-14· 8 sources
CuratedChecked 2026-07-14·
THORChain Docs
retrieval details
Source retrieved 2026-07-05Official documentation root used for curated protocol background; it still describes GG20 at review time, but current safety and migration state require dated incident and release sources.
+7 sources
THORChain Dev Docs
retrieval details
Source retrieved 2026-07-05Official developer documentation root used for API and integration concepts; pair with live endpoints for current state.
RUNE and TCY tokenomics
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Source retrieved 2026-07-05Official RUNE and TCY tokenomics overview, including TCY supply, revenue share, and no-governance-rights caveat; current amounts and distributions still require live evidence.
THORChain fees developer docs
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Source retrieved 2026-07-05Official fee reference for fee categories and quote fields; exact values remain live/current-only.
THORChain RUNEPool docs
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Source retrieved 2026-07-14Official RUNEPool overview for aggregate POL participation, units, deposits, withdrawals, and PnL fields; its fixed pool-count prose is not current POL-scope proof.
RUNEPool developer docs
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Source retrieved 2026-07-14Developer source for RUNEPool mechanics, POL-enabled pools, provider endpoints, potentially negative current_deposit/PnL fields, and aggregate impermanent-loss exposure.
Liquify THORNode runepool endpoint
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Source retrieved 2026-07-14Current-only RUNEPool accounting endpoint; production evidence pins it to the same Liquify provider and THORChain height as Mimir before interpreting global, provider, reserve, value, PnL, or deposit fields.
THORNode Mimir endpoint
retrieval details
Source retrieved 2026-07-05Current-only operational controls; malformed values must not be treated as inactive.

Use this page for

  • Economic mechanisms, fee categories, RUNE settlement, CLP pricing, and incentive-design explanations.
  • Dated tokenomics framing and links into source-backed supply context.

Verify elsewhere before claiming

  • Current APY, pool depth, protocol-owned liquidity balances, or RUNEPool state.
  • Exact current fee settings, Mimir overrides, outbound fees, or live route competitiveness.

Continue From Here

Use the economics page for mechanisms, then jump to the live dashboard or deeper path before quoting current liquidity, rewards, or fee conclusions.

claim path
Swap EconomicspathRead settlement, CLP mechanics, incentives, and slashing together.Stats decision panellive stateCheck current liquidity, reward, source-health, and earnings coverage.Dynamic fee trackerADR-026Separate partner-pair dynamic fee evidence from ordinary fee mechanics.CLP deep divedeep diveUse the long-form article for slip-pricing and liquidity-fee mechanics.
Economic claim checks

Mechanisms here; live numbers, fee-experiment records, and dated tokenomics have their own source paths.

  • Mechanism explanationRead the swap economics path

    CLP formula, slip pricing, settlement routing, incentive pendulum, fee categories.

    Do not use a static mechanism summary as proof that a route is currently available.

  • Current metric claimCheck live metrics

    Liquidity depth, APY, earnings, active nodes, bond/liquidity posture, and recent reward coverage.

    Do not quote unavailable intervals, degraded sources, or stale snapshots as clean live facts.

  • Fee or revenue claimOpen dynamic fee tracker

    Ordinary fee mechanics, outbound fee framing, affiliate fees, and ADR-026 dynamic-fee evidence.

    Do not claim durable revenue lift, route competitiveness, or attribution quality from current records alone.

  • RUNEPool or POL claimOpen live RUNEPool/POL snapshot

    RUNEPool provider value, PnL, POL-enabled pools, deposit/withdraw availability, and aggregate exposure wording.

    Do not treat provider PnL, APY, or POL scope as proof of future yield, safety, route health, or open deposits.

  • Tokenomics figureReview tokenomics source

    Supply framing, emission context, burn/reduction framing, and RUNE/TCY historical token notes.

    Do not present dated tokenomics records as current price, fair value, or recovery guarantees.

Current RUNEPool / POL state

Live enablement, aggregate provider value, and PnL are current-only THORNode fields. Open this when you need present-tense RUNEPool/POL evidence.

RUNEPool/POL Current Snapshot

This panel pairs current THORNode RUNEPool accounting with network diagnostics. Use it to locate the checked value, PnL, enablement flag, and POL scope. Yield, safety, and wallet-flow questions need their own checks.

POL Tracker

Current protocol-owned-liquidity position from the height-pinned THORNode RUNEPool snapshot.

Current-only

POL value

Unavailable

Unavailable

`pol.value` from the checked snapshot.

POL PnL

Unavailable

Unavailable

`pol.pnl` is unrealized and can be negative.

Unavailable

Lifetime deposited

Unavailable

`pol.rune_deposited` since POL module genesis.

Lifetime withdrawn

Unavailable

`pol.rune_withdrawn` since POL module genesis.

USD basisUnavailable

Midgard daily RUNE/USD price was not loaded.

Read this snapshot first

Accounting source

Loading

Waiting for the pinned THORNode RUNEPool snapshot.

RUNEPool

Loading

Network diagnostics are still loading RUNEPool controls.

Deposit / withdraw

Loading

Network diagnostics are still loading RUNEPool deposits.

POL pool scope

Loading

Waiting for `POL-<Asset>` Mimir keys.

Bucket Relationship

Arithmetic checks are source-shape checks, not solvency or yield proof.

Needs review

Provider + reserve value

Unavailable

`providers.value + reserve.value` compared with `pol.value` from the same pinned RUNEPool snapshot. One or more fields were unavailable, so the relationship is not clean evidence.

Provider + reserve PnL

Unavailable

`providers.pnl + reserve.pnl` compared with `pol.pnl` from the same pinned RUNEPool snapshot. One or more fields were unavailable, so the relationship is not clean evidence.

Value split

Unavailable
Provider share
Unavailable
Reserve share
Unavailable

Value split needs clean `providers.value`, `reserve.value`, and `pol.value` fields.

Accounting Buckets

Checked height unavailable

Read the evidence guide

POL current value

Unavailable

`pol.value`, protocol-owned-liquidity bucket current value

POL PnL

Unavailable

`pol.pnl`, current POL bucket PnL; can be negative

Provider value

Unavailable

`providers.value`, aggregate provider current value

Provider PnL

Unavailable

`providers.pnl`, checked accounting only, not APY or future yield

Reserve value

Unavailable

`reserve.value`, reserve-side current value

Provider pending RUNE

Unavailable

`providers.pending_rune`, pending provider RUNE, not available liquidity

POL-Enabled Pools

Current `POL-<Asset>` Mimir keys show scope only. Pair this with pool depth and route quote checks before making route or safety claims.

Loading pools

Source Posture

Loading live source...

Availability Caveats

These Mimir values can affect whether a provider can act even when accounting data loads. They are caveats, not proof that a wallet flow is supported.

RUNEPoolDepositMaturityBlocks
Unavailable

Deposit maturity can affect when withdrawals become eligible.

RUNEPoolMaxReserveBackstop
Unavailable

Reserve backstop constraints can affect withdrawal availability.

Minimum RUNEPool depth

MINRUNEPOOLDEPTH

Unavailable

Current Mimir minimum-depth signal; it is not the current RUNEPool balance or proof that a wallet action is available.

Show exact RUNEPool fields used
pol.rune_deposited
Unavailable
pol.rune_withdrawn
Unavailable
pol.value
Unavailable
pol.pnl
Unavailable
pol.current_deposit
Unavailable
providers.units
Unavailable
providers.pending_units
Unavailable
providers.pending_rune
Unavailable
providers.value
Unavailable
providers.pnl
Unavailable
reserve.units
Unavailable
reserve.value
Unavailable
Show source warnings

No RUNEPool parser warnings in the current loaded snapshot.

User-specific provider balances and post-block wallet actions require separate evidence.

RUNE Token

Settlement Asset

External-asset swaps route through RUNE-paired liquidity, which keeps the liquidity graph simple and shared.

Security Bond

Node operators bond RUNE to participate. Bond size, minimum bond, and slash parameters should be checked from live constants and Mimir.

Protocol Governance Context

THORChain governance is intentionally minimal. Node operators and Mimir govern operational parameters; ADRs/TIPs document changes.

Supply & Emission

As reviewed on 2026-07-14, the newer official tokenomics page gives approximate figures near 425M total, 350M circulating, and 75M reserve with ongoing burns. The economic-model page still shows the original 500M maximum and genesis distribution; keep that as historical cap context rather than combining it with the newer approximate snapshot. Treat these as dated/source-backed figures, not hard-coded live balances.

Official sourceChecked 2026-07-14·Review due 2026-11-17·
Source: RUNE and TCY tokenomics
source retrieval details
Source retrieved 2026-07-05Official RUNE and TCY tokenomics overview, including TCY supply, revenue share, and no-governance-rights caveat; current amounts and distributions still require live evidence.
+1 source
THORChain economic model
retrieval details
Source retrieved 2026-07-14Official Incentive Pendulum, emission, and reserve-flow design; its original 500M maximum-supply framing must not be presented as the newer tokenomics page's current approximate supply.
Original Cap Context500M economic-model figureHistorical
Tokenomics Page Total~425M and burningSource-backed
Tokenomics Page Circulating~350MSource-backed
Tokenomics Page Reserve~75MSource-backed
Network IncomeFees, emissions, burns, TCY shareDynamic

Fee Structure

Inbound Gas

Chain-specific

External-chain gas paid by the user when sending inbound transactions.

Liquidity / Slip Fee

Dynamic

Scaled by trade size relative to pool depth; protects liquidity providers.

Affiliate Fee

Optional

Interface- or affiliate-defined fee when a memo includes an affiliate basis-point setting.

Outbound Fee

Dynamic

Covers outbound gas and protocol fee logic. Gas rate and minimums are live values.

Incentive Pendulum

The pendulum allocates the node/LP share of network revenue based on the network's bond-to-liquidity posture.

Low bond security

When the network needs more security relative to liquidity, rewards shift toward node operators.

Low pooled liquidity

When the network needs more depth, rewards shift toward liquidity providers.

RUNEPool, POL, Trade Accounts, and Secured Assets

RUNEPool

RUNEPool lets RUNE providers participate in protocol-owned liquidity. The enablement flag, aggregate provider value, and PnL are current-only THORNode fields.

Read RUNEPool evidence

Protocol-Owned Liquidity

POL changes protocol exposure and should be described with current-only balances, POL-enabled pool scope, and source labels.

Check POL boundaries

Trade And Secured Assets

Trade-account flows and secured assets are separate concepts. Check the linked trade-account, secured-asset, chain, and app-layer controls.

Read App Layer boundaries

CLP Formula

Slip Ratio: slip = x / (X + x), where x is input and X is input-side pool depth

Liquidity Fee: fee = (x^2 * Y) / (x + X)^2, denominated in the output asset

Output Amount: y = (x * X * Y) / (x + X)^2, where Y is output-side pool depth