THORChain is a Layer 1 decentralized exchange (DEX) protocol built on the Cosmos SDK, functioning as a cross-chain automated market maker (AMM) that enables direct swaps of native assets across multiple blockchains—such as exchanging an asset on one chain for another on a different chain—without wrapped tokens, centralized intermediaries, or pegged assets, ensuring transparent pricing and verifiable on-chain execution akin to a decentralized version of platforms like Uniswap or Binance. At its core, it deploys continuous liquidity pools (CLPs) managed in secure on-chain vaults, where liquidity providers pool assets including the native RUNE token to facilitate trades, with complex algorithms optimizing efficiency, slippage minimization, and yield distribution while securing the system through an economic model that bonds RUNE for validation and slashes for misbehavior. THORNodes—permissionless validators running full nodes for supported chains—operate under a high-churn schedule, rotating every three days to prioritize the fastest, most bonded participants and resist centralization or censorship, scaling from an initial 100-node capacity up to 250+ for robust throughput. The RUNE token serves as the protocol's backbone, used for bonding by nodes to secure the network, pooling in CLPs to earn fees from swaps (with asymmetric rewards favoring RUNE for stability), and governance via node participation.The open-source ecosystem invites developer integrations through resources like APIs and SDKs. This design powers seamless cross-chain liquidity for DeFi primitives like swaps, lending, and pooling across assets on chains such as Bitcoin, Ethereum, and Cosmos ecosystems, all without trusting third parties for custody or routing.