THORChain Reveals Q2 2025 Achievements and Q3 Roadmap

THORChain has released its Q2 2025 ecosystem report, detailing significant achievements and setting the stage for future developments. The quarter was marked by the successful launch of TCY to conclude the ThorFi chapter, alongside the integration of XRP, which went live in June. These initiatives are part of a broader strategy to enhance cross-chain swaps and bolster the App Layer, according to Nine Realms.

Key Developments in Q2 2025

The launch of TCY was a pivotal moment, allowing THORChain to refocus on its core mission of facilitating cross-chain swaps. Moreover, the integration of XRP expanded the network's asset base, while work on TRON and native USDC via Noble continued to progress. These integrations aim to provide access to high-demand assets and improve stablecoin liquidity.

On the protocol improvement front, THORChain introduced Batch Bifrost attestations to reduce network load and extended UTXO memos for more flexible swap instructions. Additionally, new operational tools like Maintenance Mode and bond provider migration were rolled out. These tools aim to enhance network efficiency and security, ensuring a robust infrastructure for future expansions.

Financial and Operational Metrics

THORChain reported a total USD volume of $10.4 billion for Q2 2025, with the highest daily volume reaching $327.58 million. The network's total liquidity increased from $122 million to $180 million, while swap fees collected amounted to $6.12 million. Affiliate earnings stood at $4.6 million, all sourced from liquidity fees on swaps.

The top swap routes by USD volume included BTC to ETH, BTC to USDT, and ETH to RUNE, highlighting the network's strong performance in facilitating high-value transactions.

Looking Ahead: Q3 2025 Roadmap

THORChain's Q3 roadmap focuses on reducing block times from six to two seconds, completing EdDSA signing for new chain integrations like Solana and SUI, and enabling direct IBC deposits. These upgrades are designed to improve transaction speed, broaden asset support, and enhance integration across major blockchain ecosystems.

The roadmap also outlines plans for TRON integration, which is set to go live in July, and the introduction of enshrined oracles to provide secure, manipulation-resistant pricing. This initiative is expected to benefit the Rujira ecosystem, which will leverage these oracles for improved product offerings.

Rujira Developments

Rujira, a key component of THORChain's ecosystem, saw significant progress with the launch of the Merge, allowing token holders to consolidate their assets into RUJI. The soft launch of RUJI Trade, Pools, and Perps introduced new trading and liquidity options, with plans to expand these offerings further in Q3.

Looking ahead, Rujira aims to introduce new products such as RUJI AI and RUJI Launchpad, which will enhance user engagement and provide innovative trading solutions. The ecosystem is also set to implement a global referral and affiliate system to drive growth and incentivize participation.

In summary, THORChain's Q2 2025 report and Q3 roadmap reflect a period of significant growth and strategic planning. By focusing on technological enhancements and expanding its asset base, THORChain is poised to strengthen its position in the decentralized finance landscape.