THORChain · interactive mechanism simulation

Traders swap native BTC↔ETH by routing through RUNE-paired pools. Bonded validator nodes co-sign TSS vaults holding the pooled assets; the Incentive Pendulum shifts yield between nodes and LPs to keep bonded RUNE roughly 2× pooled RUNE. Try the exploit button to see what happens when that assumption breaks.
BTC trader sends native BTC BTC:RUNE pool depth: 10,000 RUNE RUNE settlement asset $1.40 ETH:RUNE pool depth: 8,000 RUNE ETH trader receives ETH TSS vault 0 RUNE custodied ⚠ NETWORK HALTED Bonded nodes 0 RUNE bonded 63 nodes
Swaps routed
0
Bond : pool ratio
2.0×
RUNE price
$1.40
Vault (TVL)
0 RUNE
Parameters — edit me
1.4/s
30bps
63
2.0×
Controls

Illustrative simulation. Approximates THORChain's mechanism (RUNE-paired continuous liquidity pools, bonded-node TSS custody, the Incentive Pendulum's bond:pool targeting) but swap sizes, timing and price impact are randomized for visualization — not live onchain data. The exploit button dramatizes the May 2026 TSS key-leakage incident, when a malicious churned-in node drained protocol-owned liquidity and halted the network. Part of The Onchain Experiment Atlas.