THORChain Mainnet v3.5 Upgrade

Event Details

THORChain, a decentralized Layer-1 blockchain built on the Cosmos SDK, enables cross-chain swaps for assets like Bitcoin, Ethereum, and Dogecoin without wrapped tokens. The v3.5 upgrade, scheduled at block 20940000, includes the TCY (THORChain Yield) token, though it won’t activate until May 5. TCY aims to be a perpetual revenue token, allowing users to stake and receive liquid representations for DeFi composability. The upgrade also touches the Bifrost bridge, ensuring smoother cross-chain transactions. Validators must approve the change via vote, with brief interruptions expected during deployment (source: thorchain.org). This upgrade could boost THORChain’s appeal in the $10B cross-chain DeFi market.

Recent News

THORChain has been active lately. In April 2025, Proposal 6 introduced TCY, a community-driven initiative led by @aaluxxmyth from Maya Protocol. THORSwap also announced consolidating liquidity from Sushi to THORChain, transferring ownership to the community, and distributing bonus THOR to vTHOR holders (source: X posts by @THORSwap). In February 2025, THORChain’s network processed $500M in swaps, showing robust activity despite a bear market (source: thorchain.net). These developments highlight THORChain’s focus on community governance and liquidity growth.

Future Plans

Post-upgrade, TCY activation on May 5 will enable staking with liquid tokens, enhancing DeFi utility. THORChain aims to integrate with RujiraNetwork for advanced composability, allowing users to leverage TCY in broader DeFi ecosystems. The team also plans to expand support for more chains like Polkadot by 2026, further bridging liquidity across ecosystems (source: thorchain.org). These steps could position THORChain as a go-to for cross-chain DeFi solutions.

Onchain Data

$RUNE, THORChain’s native token, trades at $1.37 with a 24-hour volume of $151M and a market cap of $479M (350M circulating supply) as of April 2025 (source: CoinMarketCap). THORChain’s TVL stands at $200M, with 60% tied to BTC and ETH pools (source: DefiLlama). The 2:1 bond-to-stake ratio for nodes ensures security, with over 70% of $RUNE bonded, reflecting strong validator commitment.

Community Sentiment

X users are optimistic about the upgrade. Community members praise TCY’s potential to enhance staking, though some note brief interruptions during the Bifrost update. @ninerealms_cap and validators are thanked for their efforts, showing strong support. Risk Disclaimer: Expect minor downtime during the upgrade; ensure wallets are updated to avoid sync issues.

Why It Matters

The v3.5 upgrade strengthens THORChain’s cross-chain capabilities, making swaps faster and more efficient. With cross-chain DeFi volume at $10B, THORChain’s focus on native swaps and staking could attract more users. For newbies, it’s a seamless way to trade across chains; for pros, it’s a liquidity and yield opportunity. Stay tuned for TCY’s launch—this is a big step for DeFi!