THORChain DEX RUNE

Part buyback, part payoutRank#20in Low payout▼8Score43

Part of holders revenue is bought back, part is paid out; the split is not known.

Dexs, THORChain, Bitcoin, Litecoin +11, 193 days of data

Low payout: less than $100k to holders in 30 days, or payouts on fewer than 8 of the 30 days (for a token that pays in cycles of a week or longer: more than one of the payouts its cycle predicts missed); ranked within this group

Market cap

$183.5M

price $0.555 · 7d −6.8% · 30d −15.7%

FDV $196.2M (1.1× market cap)

source defillama

Counted per year

$290k

holders revenue of the last 30 days, $32k, × 365 ÷ 30, × type factor 0.75 (a mixed model counts 75%)

Mixedbuyback share 3%

Returns 0.2% of its market cap a year, using 3¢ of every $1 it earns.

Not a buyback: counts for 75% in the multiple (type factor 0.75), so the denominator is $290k instead of $387k.

Multiple

632×

peer median 24.1× (Dexs, 14 tokens), against 632× here

Run-rate

297×

last 7 days $16k × 52 × 0.75 (type factor) = $618k a year

last week's payout to holders ran 2.1× the 30-day pace: the payout is speeding up

What we checked

Valuation
Multiple 632× (type factor 0.75: a mixed model counts 75%), 26.2× more expensive than its Dexs peers (median 24.1×, 14 tokens). The group's largest earner Uniswap trades at 36.2×: 17.5× dearer per dollar returned to holders. On total revenue: 14.4×, in line with the revenue peer median.
Distribution
Mixed: Part buyback, part distribution or burn; the exact split is not known. Holders got $32k of $1.1M revenue in 30 days → buyback share 3%. DefiLlama: “RUNE Burn: Share of swap fees burned, permanently removing RUNE from supply and accruing value to RUNE holders (5% from 2024-09-16, 1% from 2026-09-12).”
Sustainability
Holders were paid on 29 of 30 days (97%); largest single day 10% of the month's holders revenue; paid to holders this week: 57% of the best week in 90 days. Revenue +57% over 7 days and +18% over 30 days, price −16% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

No flags today: no active sell signal, and nothing in the data of this token needs a caveat.

How the buyback really works

Not researched yet. Everything above comes from DefiLlama and market data only.

Holders revenue / revenue (30d): $32k / $1.1M; last 30 closed days
To holders: Returns 0.2% of its market cap a year
FDV / dilution: $196.2M / 1.1×; FDV ÷ market cap
Price 7d / 30d: −6.8% / −15.7%
Revenue growth 7d / 30d: +57% / +18%; versus the period before
Divergence: 0.33; revenue growth minus price growth, 30d
DEX liquidity: —; trades mainly on exchanges
24h volume: $96.7M; all markets, CoinGecko
Unlocks 30d: $1; DefiLlama vesting schedule; next unlock Nov 13: $1
Revenue multiple: 14.4×; market cap ÷ revenue per year
Fee multiple: 4.1×; market cap ÷ fees per year
Distance to peak: 57%; this week ÷ best week of 90 days
Data since: May 4; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)

Multiple over time

today 632× (scored) · peer median 24.1×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

No signals for this token yet.

Versus peers

Dexs · 14 tokens · median multiple 24.1× · Uniswap is valued 19.6× higher. Per dollar that counts for holders, THORChain DEX is 17.5× dearer.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
Token	Distribution	Multiple	Revenue multiple	Buyback share	To holders 30d	Market cap	Rev. growth 30d
Pharaoh Exchange	ve / bribes	0.3×	0.2×	100%	$1.3M	$2.4M	−53%
RamsesX	Mixed	0.7×	0.5×	90%	$347k	$2.2M	+8%
nest	Distribution	0.8×	0.4×	100%	$868k	$4.3M	+30%
up	ve / bribes	2.0×	1.0×	100%	$300k	$3.7M	−70%
Chainflip	Buyback + burn	5.6×	5.6×	100%	$536k	$36.3M	+56%
Aero	ve / bribes	8.2×	3.8×	96%	$7.4M	$352.3M	−8%
PancakeSwap	Buyback + burn	21.0×	13.7×	65%	$2.4M	$602.4M	−29%
Raydium	Buyback	27.2×	16.9×	62%	$1.3M	$421.9M	−65%
Curve Finance	ve / bribes	30.7×	11.1×	94%	$2.6M	$376.7M	+44%
Uniswapleader	Buyback + burn	36.2×	36.2×	100%	$8.2M	$3.59B	−19%
Aster	Buyback + burn	51.2×	∞	—	$2.7M	$1.71B	—
Orca	Buyback	52.8×	8.1×	15%	$120k	$77.1M	−37%
Meteora	Distribution	162×	4.8×	17%	$480k	$166.1M	−54%
THORChain DEXthis token	Mixed	632×	14.4×	3%	$32k	$183.5M	+18%

Score build-up43 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

43of 100#20▼8top 26%

Valuation 10.0Momentum 11.5Divergence 4.5Quality 16.6= 42.6

Valuation35%

29Valuation 28.7: HR half 0.0 (multiple 631.85×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 57.3 (revenue peer value 1.17×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.

Momentum25%

46Momentum 46.0: m = 0.5·g7 0.451 + 0.3·(ln(day jump 0.35) clamped ±1.5 = −1.047) + 0.2·g30 0.164 = −0.056; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.

Divergence20%

22Divergence 22.3: d = g30 − p30 = 0.335; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

83Quality 83.0: mean of days HR>0 97% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 10% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.57 → 48.9 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

Penaltiesnone

No penalty applies — 10 rules checked, 3 wait for research data

Where the numbers come from

Revenue source: 1 active child; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: November 12, 2026; as-of date of the last compute run
On-chain verified: not yet; not checked yet

Protocols behind this token1 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

THORChain DEX
Dexs · THORChain, Bitcoin, Litecoin, Bitcoincash, Ethereum, BSC, Doge, Terra Classic, CosmosHub, Avalanche, Base, XRPL, Tron, Solana
type mixed · source label
“RUNE Burn: Share of swap fees burned, permanently removing RUNE from supply and accruing value to RUNE holders (5% from 2024-09-16, 1% from 2026-09-12).”
Value to RUNE holders: the share of swap fees burned as RUNE (1% since 2026-09-12, 5% before), permanently removed from supply - the only component that accrues to every RUNE holder.
RUNE Burn
Share of swap fees burned, permanently removing RUNE from supply and accruing value to RUNE holders (5% from 2024-09-16, 1% from 2026-09-12).
adapter on GitHub ↗