THORChain is seeing a recovery in swap fees, though they remain 84% below the peak recorded in September. The surge in September was largely driven by flows linked to the Bitget exploit, which accounted for approximately 57-63% of the protocol's volume and income during that period.
In September, the protocol recorded $2.40 billion in swap volume, compared to $613 million in August. Between September 25 and 29, exploit-related activity generated roughly $1.37 billion in volume and $1.9 million in income. Total system income for September reached $3.01 million.
Recent data from DefiLlama indicates that 30-day fees are hovering around $635 000, a level comparable to the $615 000 in system income reported for August. The protocol currently maintains nearly 946 000 RUNE in Protocol-Owned Liquidity (POL).
THORChain has updated its income distribution model. The share of income allocated to RUNE burning has been reduced from 5% to 1%. Simultaneously, the protocol now directs 20% of its income toward POL to increase liquidity under its direct control.
