THORChain, a non-custodial cross-chain exchange, has restored most of its swap routes after shipping version 3.21.1. Three networks remain shut, and 14 of 111 active nodes have not upgraded yet, leaving the recovery partial with no reopening date announced.
🔑 Key takeaways
- Ten external networks have reopened for trading and outbound signing, including Bitcoin, Ethereum and Tron.
- Cosmos Hub, BNB Smart Chain and Solana remain restricted on both trading and signing.
- 97 nodes of 111 run version 3.21.1, while 14 nodes still run 3.21.0.
- The FBI wants flows tied to the more than $6 billion Binance theft blocked, while THORChain rejects censorship as a design principle.
A partial reopening, with three networks still shut
THORChain announced on November 3, 2026 that swaps had resumed after the rollout of version 3.21.1. The native RUNE route is operational again, alongside ten external networks. According to the public node API, the restriction flag was set to zero at 02:04 UTC on November 4, or 9:04 p.m. Eastern on November 3, for Avalanche, Base, Bitcoin Cash, Bitcoin, Dogecoin, Ethereum, Litecoin, Tron, XRP Ledger and Zcash. A flag set to one indicated a trading halt on Cosmos Hub, BNB Smart Chain and Solana.
Outbound transaction signing was restored on the ten reopened networks. It remains suspended on the other three, which blocks swaps and outbound payments on those routes. The official interface still lists all thirteen external networks as supported. That wording describes general availability rather than operational status at the moment of measurement, and the latest status update gives no reopening date for the three networks.
| Network | Trading | Outbound signing |
|---|---|---|
| Bitcoin, Ethereum, Tron | Reopened | Restored |
| Avalanche, Base, Dogecoin, XRP Ledger, Zcash | Reopened | Restored |
| Cosmos Hub | Restricted | Suspended |
| BNB Smart Chain | Restricted | Suspended |
| Solana | Restricted | Suspended |
An incomplete upgrade, compounded by the October 31 halt
Of the 111 active nodes, 97 report version 3.21.1 and 14 report version 3.21.0. THORChain links this incomplete rollout to persistent performance problems during swaps. In its November 3 statement, the project summed up the requirement this way:
“All active nodes must be upgraded to 3.21.1 to fix performance issues during swaps.”
THORChain, status statement, November 3, 2026
The release notes describe a fix that does not change consensus. They ask operators to install a private binary that includes additional security patches. There is no coordinated upgrade height: each operator decides on its own when a chain is safe to re-enable. That decentralized process explains why 14 nodes were still running 3.21.0 even as most swaps came back online.
Background to the emergency halt
The emergency suspension began on October 31 after a single-block reorganization on Ethereum, meaning a recent block was replaced. The event exposed a flaw in how refunds were processed: a vault paid out 10 ETH without ever receiving the matching deposit. The automatic solvency check then halted ETH swaps, and node operators subsequently suspended other chains as a precaution. THORChain says the person responsible for the deposit returned the 10 ETH.
Historical node data also shows that Cosmos Hub and Solana were already restricted before this incident, which sets their case apart from the other halts. Bitcoin, Ether and Tron had reopened by 5:15 p.m. Eastern on November 3 at the latest, according to a historical snapshot of the nodes.
FBI pressure, censorship resistance and decentralization
In an October 31 alert, the FBI attributed the theft of more than $6 billion from Binance to North Korean actors known as TraderTraitor. The agency asked THORNode operators and other infrastructure providers to block transactions involving addresses linked to the theft, or derived from them. Blockchain analytics firm Chainalysis said the reopening removes an obstacle that had inadvertently delayed the laundering of these funds by the hackers.
THORChain defends its approach by describing its protocol as “permissionless, censorship-resistant and public.” The project recalls that it has already declined to block wallets associated with the Bitget hack, which involved $387 million. The subject is also addressed in an interview with The Defiant featuring technical co-founder Chad Barraford.
According to the project, developers can recommend changes, but node operators decide whether to adopt them. That division of decisions explains the decentralized character of both the 3.21.1 upgrade and the chain re-enablements, and it leaves regulators facing an architecture without a single point of control.
How the protocol works, its history and the role of RUNE
THORChain is a cross-chain liquidity protocol and an independent layer-1 blockchain built on the Cosmos SDK. It enables decentralized, non-custodial swaps of native assets, without wrapped or pegged tokens. Each liquidity pool pairs an asset with RUNE: a BTC-to-ETH swap passes through a BTC-RUNE pool and then an ETH-RUNE pool. Users do not need to hold RUNE or a THORChain address, and can use an existing self-custody wallet.
- The source asset is deposited into the matching pool.
- That asset is converted into RUNE inside the pool.
- RUNE is converted into the target asset in the destination pool.
- The native asset is delivered to the user’s address.
The protocol was created by a team of developers during the 2018 Binance Dexathon. The team raised $1.5 million in an initial offering in July 2019 and launched BEPSwap that same month. Kraken dates the launch of the MCCN multichain testnet to April 2021, while Ledger only mentions 2021. Según Ledger’s figures, the network processed $9.2 billion across 3.4 million swaps, with 71,000 distinct traders and nearly $80 million in fees.
In July 2021, several consecutive hacks destroyed more than $13 million. Four of the five networks then supported were restored in October 2021, and a private token sale led by IDEO CoLab Ventures brought in $3.75 million. The mainnet launched in July 2022, and streaming swaps were activated in July 2023.
RUNE serves as the protocol’s settlement, security, governance and incentive asset. Its initial cap of one billion tokens was reduced to 500 million through a token burn in 2019. The retained allocation includes 44.09% for service nodes, 10.4% for operating costs, 10% for the community and 10% for the team and advisers, with the remainder reserved for future funding. Operators must bond their nodes in RUNE and risk those tokens in case of malicious behavior. Liquidity providers and node operators receive swap fees and scheduled emissions.
The official interface presents orders as sorted by their price impact, to limit extractable value attacks. Streaming swaps split a trade into several sub-swaps, with a stated slippage of up to 5 basis points. “Fast swaps” allow several sub-swaps to run within the same block and can cut execution time by 50% or more.
Outlook and scenarios
The available sources do not quantify any immediate market reaction, the RUNE price, or swap volume after the reopening. BitMart’s November 4 summary at 02:18 UTC points to The Defiant without adding independent market data. The economic read on the restart therefore remains incomplete at this stage.
Three scenarios stand out. The base case sees the remaining 14 nodes upgrade to 3.21.1, followed by a gradual re-enabling of Cosmos Hub, BNB Smart Chain and Solana. A friction scenario would keep restrictions on those three networks in place if operators judge some chains insufficiently secure. A pressure scenario would see US law enforcement requests extend to other infrastructure, testing the protocol’s permissionless model.
Sources
- The Defiant, THORChain restarts most swaps with 14 nodes yet to upgrade
- Ledger Academy, What is THORChain
- THORChain, official swap interface
- Kraken Learn, What is THORChain (RUNE)
- BitMart News, THORChain summary, November 4, 2026
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
