THORChain Swap Fees Rebound to Pre-Surge Levels After Bitget Exploit Spike Subsides
Fees recover but remain far below the September spike
THORChain's weekly swap fees climbed back to 423,216 RUNE-equivalent in the seven days through October 11, according to The Defiant's calculations from Midgard's earnings history. That is a recovery above the pre-surge week of 385,082, but it is still 84% below the late-September peak of 2.64 million RUNE-equivalent. RUNE is THORChain's native token, used to measure swap fees across its cross-chain network.
The surge happened in the week of September 25 through October 1, when fees jumped sharply. Fees then plunged 91% to 236,815 in the week of October 2–8, before rebounding in the latest rolling window of October 5–11.
Key numbers from the four-week stretch
- September 18–24: 385,082 RUNE-equivalent in fees
- September 25 – October 1: 2.64 million RUNE-equivalent (peak week)
- October 2–8: 236,815 RUNE-equivalent (91% drop)
- October 5–11: 423,216 RUNE-equivalent (84% below peak, back above pre-surge)
Trading volume tells a similar story. Volume hit $313.3 million in the October 5–11 window, still 78.4% below the $1.45 billion recorded in September 25 – October 1. In the steepest week, volume fell 87.1% to $186.5 million, while swap counts dropped 26.9%.
What THORChain's own report says
THORChain's September network report attributed most of the September volume increase to the period between September 25 and 29, when funds linked to the Bitget exploit moved through the network. The report noted that wallet numbers barely changed during that spike, suggesting a small number of large flows rather than a wave of new users.
THORChain's fee documentation states that liquidity fees scale with the amount of liquidity a swap consumes relative to pool depth. Streaming swaps, which split large orders into smaller chunks, also factor into how fees are calculated.
What Bitquery's tracing found
Blockchain data provider Bitquery reconstructed transactions and traced 93.22 million stolen XRP converted into bitcoin through THORChain as of September 29. XRP is a cryptocurrency often used for fast, low-cost transfers. The routing of stolen funds prompted a dispute: Bitget asked THORChain to block identified addresses, but THORChain declined, citing its permissionless design.
The weekly fee totals cover the entire network, not just identified attacker wallets. The sources do not establish how much of the fee peak came specifically from those wallets.
What is confirmed
- THORChain collected 423,216 RUNE-equivalent in fees from October 5 to 11.
- This figure is above the pre-surge week of 385,082 but 84% below the September 25 – October 1 peak.
- Trading volume recovered to $313.3 million in the same period, down 78.4% from the peak of $1.45 billion.
- The Bitget exploit drove a large portion of September's unusual volume, according to THORChain's network report.
- Gross swap fees are not the same as net protocol profit or revenue paid directly to RUNE holders. THORChain's tokenomics documentation lists multiple destinations for fee income, including node operators, liquidity providers, development and marketing funds, TCY holders, protocol-owned liquidity, and RUNE burns.
What remains unclear
The sources do not confirm how much of the September fee peak came specifically from the Bitget-linked stolen funds versus ordinary network activity. The overlap between the October 5–11 window and the preceding October 2–8 period means the latest fee figure is not a clean consecutive week. Converting RUNE-denominated fees into dollar values depends on which RUNE price is used and when, so any dollar valuation carries its own uncertainty.
Why this matters for THORChain participants
Fee income supports liquidity providers, node operators, and other participants in the THORChain ecosystem. The sharp retreat from the September peak shrank that source of income, though the latest rebound shows some recovery. Simply holding RUNE does not entitle a holder to the network's gross fees — participants must bond RUNE to nodes or provide liquidity to take a share of revenue distribution.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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