THORChain

Methodology

THORChain financials capture protocol, swap, outbound, affiliate, native transaction fee, and node-operator commission economics rather than a classical L1 gas-fee accounting model.

Gross Network Revenue equals swap liquidity fees plus outbound fee surplus plus THORName registration fees plus frontend affiliate fees plus native THORChain transaction fees. Frontend affiliate fees are recognized as revenue and matched by an equal passthrough expense. Protocol Net Income subtracts node operator commission, outbound fee deficits, and affiliate passthrough expenses from Network Revenue.

Network Revenue Distribution assigns frontend affiliate fees directly to affiliates and assigns outbound fee surplus, THORName fees, and native THORChain transaction fees to the Protocol Reserve. Swap liquidity fees are allocated across nodes, liquidity providers, TCY stakers, protocol destinations, and income burn using THORChain's daily system-earnings destination shares, scaled to exclude block rewards. The destination buckets reconcile to gross Network Revenue.

Chain halt display: The controlled THORChain halt following the exploit from May 16 to June 21, 2026 is omitted from timeseries x-axes. May 15 and June 22 are displayed adjacently; income-statement totals remain calendar-based.

RUNE income burn and reserve inflows: RUNE income burn is measured from onchain mint/burn events. Reserve inflow columns capture inflows only — block-reward payouts and gas top-ups do not emit reserve events, so net change and the reserve level are not shown; the reserve level comes from the THORNode API. The affiliate leaderboard's trailing-30D window includes all calendar days.