RUNE Token

RUNE is the native asset of THORChain — used for settlement, security, liquidity, and governance.

What is RUNE?

Settlement Asset

Every swap between two external assets routes through RUNE. BTC → RUNE → ETH. This paired-asset model means every pool has deep RUNE liquidity on one side.

Security Bond

Node operators bond RUNE to secure the network. Larger bonds increase earning potential and voting power. Misbehavior is penalized by slashing bonded RUNE — currently at 1.5x the stolen amount.

Liquidity Pair

Every liquidity pool consists of RUNE paired with an external asset. LPs must deposit both RUNE and the paired asset. RUNE depth is shared across all pools, creating a unified liquidity layer.

Governance

RUNE holders govern via Architecture Decision Records (ADRs). Voting power is proportional to bonded RUNE. Node operators vote on parameter changes, chain listings, and protocol upgrades.

Token Economics

Maximum Supply500,000,000 RUNE

Initial Supply (BEPSwap)~230,000,000 RUNE

Circulating Supply~340,000,000 RUNE

Burned (from Reserve)~160,000,000 RUNE remaining

Block RewardsEmitted per block, modulated by Incentive Pendulum

Network IncomeSwap fees + block rewards distributed to nodes & LPs

Bond Requirement~300,000 RUNE minimum for Standby nodes

Slash Penalty1.5x stolen amount from bonded RUNE

How RUNE Flows

1. Swaps

User swaps BTC for ETH. BTC → RUNE (buy RUNE with BTC). RUNE → ETH (sell RUNE for ETH). Net RUNE balance in pools is unchanged — RUNE acts as a transient settlement layer.

2. Liquidity

LP deposits RUNE + asset into a pool. Earns swap fees proportional to share. Earns swap fees proportional to share of the pool.

3. Security

Node operators bond RUNE. Bond size determines Active/Standby status. Earnings from block rewards proportional to bond. If node misbehaves (double-signs, steals), bond is slashed by the protocol.