Thorchain DEX

THORChain is a cross-chain liquidity protocol that lets users swap native BTC, ETH, ATOM, BNB, and other Layer-1 assets without wrapping or pegging them. Liquidity is provided as RUNE-paired pools, and swaps route through RUNE under the hood — which means RUNE acts as the bonding asset for validator security and as the AMM hub asset.

The project is one of the few production cross-chain venues that handles non-wrapped native swaps, secured by a Cosmos-based validator set bonded with RUNE.