THORChain & Inner Workings

THORChain is a decentralised cross-chain liquidity protocol based on Tendermint & Cosmos-SDK and utilising Threshold Signature Schemes (TSS). It does not peg or wrap assets, it simply determines how to move them in response to user-actions. THORChain observes incoming user deposits to vaults, executes business logic (swap, add/remove liquidity), and processes outbound transactions. THORChain is primarily a leaderless vault manager, ensuring that every stage of the process is byzantine-fault-tolerant. THORChain's key objective is to be resistant to centralisation and capture whilst facilitating cross-chain liquidity. THORChain only secures the assets in its vaults, and has economic guarantees that those assets are safe.
RUNE provides the economic incentives required to secure the network and coordinate liquidity. RUNE has four key roles which are described below.

Liquidity (as a settlement asset)
Security (as a sybil-resistant mechanism, and a means for driving economic behaviour)
Governance (signalling priority on-chain)
Incentives (paying out rewards, charging fees, subsidising gas)

There are 27 liquidity pools on THORChain, each of which is a pair of two assets. Thus, if a user wants to swap from one asset to another, they must first swap to RUNE and then swap from RUNE to the target asset.

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THORNodes service the THORChain network, of which there is intended to be initially 100, but can scale to 250+. The design goal of THORChain is such that anyone can join the network with the required funds (permissionless) and be anonymous, yet still be secure. THORChain takes this a step further by having a high churn schedule, kicking out nodes continuously. This high-churn network ensures that it is censorship-resistant, evades capture and resists centralisation
Since RUNE is the pooled asset, incentives can be paid directly into each pool. This extra capital is owned by the liquidity providers, and over time, slowly "purchases" the paired asset via arbitrage. Thus RUNE liquidity incentives can drive real yield to LPs.

THORChain Swap Size Distribution by Sizing Category in USD & $RUNE

The size of the swap is usually high due to the high value of the assets exchanged, as a result of all 6 groups, the amount of the exchange is 10 to 100 thousand dollars, which includes more than 95% of the total exchange.
When we check the distribution of the RUNE$ exchange rate, we find that it is very common, and in this regard, during the crypto summer, the price of the RUNE$ was higher than in the past and had a price of around 8 -10 dollars.

For the past few months, during the crypto winter red(Swap Size 100-1k, purple) , users have been using "Medium Juice" swap sizes.
Until June, all pale green trades were more than others, but when the market stagnated in the following months (May), this distribution narrowed to a constant size.
In the past few months, the gap in August and the absence of "mini-whalical" (100-100k) and "whalical" (100k+, yellow) in the coming month could be the result of the ETH router invasion. In late July and August (red), users used "medium" swap sizes (Swap Size 100-1k, orange).

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BNB.BUSD has been the most used exchange pool, followed by BNB.BNB and BNB.BTCB. As a result, we can see that BNB is the most used and most exchanged coin in the THORChain swap network.
Although BNB.BUSD is a widely used pool, it is not very popular in relatively large wallets of 100k+ and only a little over 400.
In terms of size for the "lil-mini-whalic" scale (1k-10k $RUNE), the ETH pools are bigger, with more attitude towards the exchange distribution in $RUNE.
The most popular coins according to the exchange rate are ETH and BTC in "Whalic"
Looking at the Scatter chart, we can see that the trade sizes are higher than 10k-100k $RUNE.

Pools that have been prosperous periodically

The chart in $RUNE has been increasing compared to the last few months, unlike the USD chart, which means that the volume traded in terms of $RUNE has been increasing.
There must be an explanation for the uptrend in the USD chart if it is so hard to see. As a result of this frequent decline in the crypto market, it appears that the volume in RUNE is rising, while the price is relative to the volume, which is fluctuating.

The size of the exchange in the BNB.BUSD pool we saw was mostly made up of small to medium-sized portfolios (a staggering $4.4 billion). Note that this pool has only 1/3 of the total volume of the swap
Unlike BTC and ETH, BNB does not experience significant price changes, the pie chart of BNB.BTC and ETH.USDC is different, so it has more volume compared to the US dollar.

There are more medium to high value exchanges in the 1000-1000 USD and 100-1k $RUNE range.
Before the stop and drop of TERRA.UST, the trading volume was about half a dollar (in terms of volume).
The impact of the incidents on the THOR network and other currencies along with the recent crypto downturn is very severe.
It can be concluded that the most used pool is BNB.BUSD, followed by BNB.BNB and BNB.BTCB.
The most used pool in terms of exchange size is "whalic" ($100,000 + USD) ETH and BTC.
RUNE is the asset which powers the THORChain ecosystem and provides the economic incentives required to secure the network.

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