THORChain fees rebound but remain far below September surge

THORChain’s gross swap fees are climbing again. They are also still 84% below where they stood in September. That gap matters because September was not a normal month. Much of its activity came from funds tied to the Bitget exploit, and THORChain now has to show what its business looks like without that windfall. The numbers behind the spike and the slide September’s system income reached $3.01 million. In August, it was $615,000. Swap volume followed the same path. It hit $2.40 billion in September, up from $613 million the month before. Most of that jump happened in five days. Between September 25 and 29, flows connected to the Bitget exploit drove the activity. Those exploit-related flows accounted for approximately 57-63% of September’s volume and income. That works out to around $1.37 billion in swap volume and roughly $1.9 million in income during the five-day window. As of mid-October, gross swap fees have fallen to 84% below September levels. Fees are recovering modestly, and they are hovering somewhere in the mid-to-high six figures. DefiLlama puts recent 30-day fees at approximately $635K. That figure sits close to August’s $615,000 in system income. The comparison is loo...