Governance & History

ADRs, protocol milestones, security incidents, and third-party research reports.

Proposals (ADRs)

ADR-006

THORFi Pause & Resolution

Proposal to pause THORFi lending and savers programs and resolve protocol liabilities.

Passed

For: 67%Against: 5%Threshold: 67%Emergency

ADR-021

Marketing Fund Allocation (ADR 021)

Proposal to allocate 5% of network revenue to marketing fund instead of burning.

Passed

For: 55%Against: 20%Threshold: 67%Parameter Change

Milestones

2018-10-15

THORChain Founded

THORChain project founded and whitepaper development begins.

2020-05-01

Whitepaper Released

Initial THORChain whitepaper published outlining cross-chain AMM architecture.

2021-04-13

Mainnet Chaosnet Launch (MCCN)

THORChain launches mainnet with native cross-chain swaps live on 9 blockchains.

2021-07-29

ETH Router Exploits & Pause

Two ETH router exploits trigger trading pause and security upgrades.

2023-07-04

Double Whammy Exploit

$13M+ cross-chain exploit exposes vulnerabilities in TSS coordination.

2024-12-22

THORChain V3 Release

Major protocol upgrade bringing new features and improvements to cross-chain liquidity.

2025-02-XX

THORFi Pause

Experimental lending and savers programs paused due to protocol issues.

2025-03-28

Bybit Exploit Laundering

Record daily volume from laundering activity following exchange hack.

Security Incidents

ETH Router Exploit #1

Resolved

First exploit affecting the ETH router contract. — $12,000 loss

Need for additional security auditsImplement more thorough testingDeploy proper monitoring systems

ETH Router Exploit #2

Resolved

Second exploit targeting ETH router. — $8,000 loss

Additional security layers requiredRate limiting neededBetter incident response protocols

Double Whammy Exploit

Resolved

Cross-chain vulnerability exploited resulting in significant losses. — $13M+ loss

Cross-chain security needs improvementMore robust validation requiredEnhanced monitoring across chains

Post-Bybit Exploit Laundering

Resolved

Laundering activity following Bybit exploit using THORChain. — $5M+ volume in single day

Need for better KYC/AML controlsEnhanced transaction monitoringCollaboration with exchanges

THORFi Pause

Ongoing

THORFi lending and savers programs paused due to protocol liabilities. — $200M in protocol liabilities

Protocol design review neededBetter risk managementGradual rollout of new features

Research

2025-04-24 · Messari · Drexel Bakker

THORChain Q1 2025 Brief

Comprehensive quarterly analysis including affiliate volume growth, TVL decline, RUNE price performance, and swap activity metrics.

2025-07-09 · Nine Realms · Nine Realms

THORChain Q2 2025 Ecosystem Report & Q3 Roadmap

Detailed ecosystem report with Q3 roadmap priorities and development updates.

2024-10-07 · Nine Realms · Nine Realms

THORChain Q3 2024 Ecosystem Report

Quarterly ecosystem report covering protocol performance, development milestones, and community initiatives.