What is THORSwap

THORswap is a multi-chain DEX aggregator built on THORChain's cross-chain liquidity protocol and the #1 interface for all THORChain services such as THORNames and Synthetic Assets.

THORSwap first started as BEPSwap, launched in summer 2020 on top of THORchain's single-chain chaosnet (SCCN). In April 2021, THORSwap launched as a cross-chain DEX on top of THORChain's multi-chain chaosnet (MCCN).

THORswap currently supports cross-chain L1 swaps between 25+ crypto assets across 8 major L1 blockchains in a decentralized and non-custodial manner.

Liquidity providers can also add liquidity to each underlying liquidity pool, allowing BTC holders to earn yield on native BTC (no wrapped or pegged BTC required).

Methodology

Using the Thorchain tables collected by Flipside, we want to show the additional swaps needed to offset emissions.

Here we consider emissions as block rewards and to calculate additional swaps, we need to find the fees to understand how much additional swaps we need to offset emissions.

The following charts are total and weekly, and without time limits

Tables:

flipside_prod_db.thorchain.daily_earnings -- flipside_prod_db.thorchain.swaps

Analysis and conclusion

• Block rewards suddenly increased from the second week of January 2022 and almost doubled. Of course, this is in terms of Rune, and in terms of USD reward, we have seen an increase in block rewards only in March and April 2022, and because of Rune price changes, the USD value of block rewards decreases every day.

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• From the middle of March to the middle of May, the volume of swaps has increased, but from the middle of May until now, the volume of swaps is getting smaller and smaller.

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• The rate of disparity between block rewards and fees varies in each week, but in general, the ratio of this difference is 3.73

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• In general, the total rewards for Thorchain blocks are 13.12M RUNE or 66.4M USD

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• The total fees received from swaps is 3.52M RUNE or 17.9M USD

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• The difference between rewards and fees is generally 9.61M RUNE

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• The total USD volume of swaps has been 12.5B USD so far, and to offset emissions, 34.2B USD should be added to the volume of swaps. total required fee is 46.7B USD