Bathymark Analysis Standard
What is underneath THORChain's reported depth?
THORChain's nominal USD TVL changed -1.6% over the reconciled seven-day window.
- State
- Reported depth is draining
- Confidence
- moderateThe chain level is source-backed. Confidence is capped because token-price effects are not removed from TVL.
- Snapshot captured
Three strongest drivers
- Reported nominal TVL$28.27MCurrent chain level from the validated DeFiLlama chain roster.
- Seven-day nominal change-1.6%$28.74M to $28.27M across 7 observed days.
- Protocol roster0 protocolsThe roster identifies presence, not each protocol's allocation to this chain.
Open the 30-second readChange, history, comparison, and implication
What changed
Reported nominal USD TVL changed by -$473.3K over seven days.
$28.74M to $28.27M across 7 observed days. The reconciled 30-day change is +3.0%.
Is it unusual
Current nominal TVL sits at the 6th percentile of the stored chain history.
Daily nominal-TVL change volatility is 7.86%. Price effects remain inside that history.
How it compares
THORChain ranks #48 of 461 validated chains by nominal USD TVL.
The validated chain median is $338.1K. This is a level comparison, not a quality verdict.
Why it matters
Reported depth is weakening, so the chain has less visible USD-denominated capacity than one week earlier.
This is market-structure context, not a forecast or a trade recommendation.
Open the evidence trailCounterevidence, invalidation, sources, and method
What argues against this reading
Token-price repricing can explain some or all of the nominal USD TVL change.
Bathymark does not label this series fresh capital, deposits, or withdrawals.
The stablecoin cash layer did not return a validated chain value.
No source-backed leading protocol is assigned in this snapshot.
What would change the call
The draining call changes if the reconciled seven-day nominal USD TVL change is 0% or higher.
Measured byFirst and last validated DeFiLlama chain TVL values across a seven-day window under the same method version.
Next review
Exact sources
- DeFiLlama Historical Chain TVL APIhttps://api.llama.fi/v2/historicalChainTvl/THORChainSource observation: Supports: Nominal USD chain TVL history and reconciled period changes.Limit: The chain TVL history passed schema, completeness, and freshness checks.
- DeFiLlama Chains APIhttps://api.llama.fi/v2/chainsSupports: Current nominal chain TVL and peer ranking.Limit: The chain roster passed schema, completeness, and freshness checks.
- DeFiLlama Protocols APIhttps://api.llama.fi/protocolsSupports: Protocol presence, category, and total global TVL for the chain roster.Limit: Protocol TVL is a source-reported nominal USD value, not executable token liquidity or proof of custody, solvency, safety, or redeemability.
- DeFiLlama Stablecoin Chains APIhttps://stablecoins.llama.fi/stablecoinchainsSupports: Open-data circulating USD market value across all reported stablecoin peg buckets on each chain.Limit: The per-chain stablecoin roster passed schema, completeness, and freshness checks.
Formula
7d nominal TVL change = (last nominal USD TVL - first nominal USD TVL) / first nominal USD TVL * 100The displayed period change is accepted only when it reconciles with the first and last source values. Price effects are not removed.
Open formula noteSnapshot receipt
- Snapshot captured
- Ingested
- Method version
- chain-depth-2026-07-11.1Current level, historical context, peer rank, and corroborating evidence remain separate fields.
Missing inputs
- Price-adjusted deposits and withdrawals
- Validated stablecoin circulating USD market value on this chain