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THORChain is a decentralised cross-chain liquidity protocol that utilises the Tendermint consensus engine, Cosmos-SDK state machine, and GG20 Threshold Signature Scheme (TSS). It operates as an independent Layer 1 cross-chain decentralised exchange (DEX) built on the Cosmos SDK.

THORChain allows users to swap native assets across multiple chains without the need for wrapped or pegged assets. It ensures transparent and fair prices without relying on centralised third parties. The protocol features continuous liquidity pools that maximise efficiency. It does not peg or wrap assets, it manages funds directly in on-chain vaults, and secures those funds using economic security. It could be described as a "cross-chain automated market maker (AMM), like Uniswap".

As of 2024, THORChain has made significant upgrades to its network to enhance cross-chain liquidity and security. The network completed a major hard fork in September 2024, which included updates such as support for Bitcoin Taproot addresses, a new Cosmos SDK version, and removal of obsolete code to streamline the protocol. These changes have improved the network’s transaction speed and security.

THORChain has also shifted its focus toward the development of a new App Layer using the CosmWasm execution environment. This App Layer allows developers to build applications like lending protocols and order books on top of THORChain without adding risk to the base layer. The network plans to further expand its ecosystem by integrating with new chains like Solana and Base, and adding IBC support to increase interoperability with other blockchains.

In addition, THORChain has paused new loans in its THORFi lending program to de-risk the base layer of the protocol. Going forward, the focus will be on optimizing liquidity provider experiences through features like Active Yield and the introduction of Bridge Assets, which will enable seamless cross-chain trades without wrapping tokens。