Rujira is the App Layer of THORChain, connecting its comprehensive ecosystem of DeFi applications with THORChain’s deep liquidity and cross-chain capabilities. This merger unlocks a powerful synergy, enabling projects to tap into THORChain’s liquidity, native token support, and interoperability while offering a seamless, user-friendly experience for DeFi users.

RUJI will serve as the fee-switch token for the THORChain App Layer, enabling stakers to capture the revenue generated by applications that join the Rujira Alliance, after accounting for the portion shared with THORChain Base Layer to cover security costs.

The standard revenue split between core applications and the Base Layer is 50/50. However, any economic activity that already contributes value to the Base Layer, such as applications built on top of the Rujira primitives, will not be required to pay for security twice.

Kujira has successfully developed an innovative and cohesive DeFi ecosystem. However, recognizing past challenges, a newly announced partnership with THORChain marks an exciting new phase, offering significant potential for both platforms. See the official announcement about the Rujira Alliance:

What Will This Partnership Solve?

While this collaboration will generate real-yield rewards for THORChain by distributing 50% of core Kujira dApps revenue to RUNE bonders and liquidity providers (LPs), it's important to consider what THORChain offers to Kujira, as well as the additional benefits Kujira brings to THORChain.

Welcome to Rujira, the powerful App Layer on THORChain with an integrated suite of DeFi tools and dapps, accessible with native assets from all connected chains. As an introduction, we would like to share some background on what we stand for, and what makes us unique.

Resilience

We are committed, long-term builders: we survived the Terra crash in 2022, we survived the KUJI liquidation cascade in 2024, and we survived the THORFi blow up in 2025. No matter the challenge, we always find a way and keep building. This has allowed us to create one the most resilient and passionate communities in crypto ❤️

Q: What is RUJI Trade? RUJI Trade is our fully on-chain orderbook DEX and the core of the Rujira ecosystem. It lets you trade pairs on the spot market and gives you full control over your trades with market, limit, tracking orders and more.

You can access it here: rujira.network/trade

For more details, visit the RUJI Trade docs.

Q: What is an orderbook? An orderbook is a list of buy and sell orders for a trading pair. It matches buyers and sellers' intents based on their desired prices and quantities.

Q: What is a market order? A market order lets you buy or sell instantly at the best available price in the market by consuming the liquidity in the orderbook.

Q: What is a limit order? A limit order lets you set your own price to buy or sell. Your order only executes when the market reaches that price.

Q: What is a recurring order? Recurring orders (also known as DCA - Dollar Cost Averaging), built by the CALC team, let you schedule trades over time using native assets. You can use them to gradually buy, sell, or take profits on your own schedule and with custom parameters such as price floor or ceiling to trigger orders, all fully on-chain.

Q: What is a tracking order? A tracking order lets you buy or sell at a fixed discount or premium to an asset’s oracle price*. It allows for more advanced trading and market-making strategies.

For example, you can use a tracking order at a slight premium to market price to execute a large buy order with minimum price impact.

*Oracle price: the current market price of an asset provided by a trusted data source.

Q: What is a grid bot? A grid bot automatically places buy and sell orders at preset price levels, creating a “grid” that lets you profit from market volatility by buying low and selling high within a chosen price range.

Q: How do I claim my order? You can claim your filled order by clicking the purple arrow at the bottom of the page.

You can also enable the AutoClaimer by the AutoRujira team, which automatically claims filled orders for selected markets. You can find this feature in the order panel.

Note that market orders are executed instantly and do not need to be claimed, but limit and tracking orders do.

Q: What are the trading fees?

The fees for RUJI Trade are:

• Maker orders (adding liquidity to the orderbook): 0.075% fee

• Taker orders (removing liquidity from the orderbook): 0.15% fee

Q: What are Secured Assets? Secured Assets are a novel answer to the problems of cross-chain interoperability, providing an open source, decentralized, and secure cross-chain asset model powered by THORChain. Secured Assets are backed 1:1 by native assets secured in THORChain’s decentralized vaults, which are secured by Threshold Signature Schemes (TSS) with the private keys split among 100+ decentralized node operators that churn every 3 days. Secured Assets remove all dependency to third-party bridges (e.g. Axellar, Gravity) and wrapping by centralized intermediaries (e.g. wBTC by BitGo, cbBTC by Coinbase), enabling access to DeFi with native assets from all connected chains.

Q: How Secured Assets differ from traditional Bridged Assets? Answer: Bridged assets are IOUs issued by a third-party protocol on the destination chain, and represent a claim on the underlying asset on its native chain. In the best case, the assets on the native chains are secured by an external validator set (e.g. Axellar, Gravity), and in many cases by low-security multisig that have resulted in billions of dollar lost in hacks (Ronin Bridge $625m hack, Wormhole Bridge $326m hack, Nomad Bridge $190m hack, and the list goes on). In any case, they introduce an extra layer of exogenous risk between the native chain and the end user. Secured Assets, on the other hand, eliminate this additional layer of risk. While they do indeed mint new assets on THORChain, THORChain’s TSS eliminates the external risks associated with third-party bridges and their security designs. This provides a far more robust architecture for Secured Assets than traditional bridges.

Q: How Secured Assets differ from Wrapped Assets? Answer: Wrapped assets are also IOUs, but, unlike bridged assets, these are issued by a centralized intermediary, one that holds the underlying asset in custody (e.g., wBTC issued by BitGo or cbBTC issued by Coinbase). This allows assets like BTC to be used in DeFi on e.g. Ethereum, but it forces users to trust the centralized issuer to secure the underlying assets appropriately, to not misuses the reserves, and to not give in to censorship (e.g. freezing assets under the pressure of arbitrary governments). In using wrapped assets, a centralized intermediary have now become one’s unintended financial partners, negating the very ethos of decentralization. In contrast, Secured Assets require no error-prone and corruptible centralized custodian, and are never subject to permission or KYC requirements.

Q: How are Secured Assets minted and redeemed? They are minted when native assets are deposited into THORChain’s vaults and can be redeemed 1:1 for those same assets at any time.

Q: Are Secured Assets backed 1:1 by native tokens? Yes, every Secured Asset is fully backed and redeemable for its native token.

Q: Can I transfer Secured Assets between chains? Secured Assets are currently only tradeable on THORChain via Rujira.

Q: What is RUJI Index? RUJI Index is the index product on Rujira. It gives you access to curated sets of assets that follow a clear and transparent strategy. You can use RUJI Index at rujira.network/index or on https://rujira.network/strategies?filters=IndexVault A more detailed explanation can be found here.

Q: What are crypto indices? Crypto indices are bundles of assets grouped together in a single product. The bundle can have a predefined composition or a flexible one. Indices give you diversified exposure to a category, a theme or a group of assets. They work in a similar way to ETFs in traditional finance.

Q: What indices are available? The following indices are currently available:

1. yTCY (yield bearing TCY index)

2. yRUNE (yield bearing RUNE index)

3. RJI (Rujira ecosystem index)

The next index we plan to release will include a set of blue chip assets.

Q: How are the indices weighted and rebalanced? There are two types of index implementations:

• NAV indices are automatically rebalanced based on target weights and value of each component. These require every asset in the index to have an oracle price.

• Fixed indices keep a fixed unit ratio between the assets and do not auto rebalance. This type does not require oracle pricing and is used for assets that exist only inside Rujira.

Q: Can I create my own index? Not yet. Personal index creation is something we plan to explore in the future.

Introducing RUJI Perps

Levana is excited to announce its partnership with the Rujira Alliance to build RUJI Perps, a new perpetuals (perps) trading platform alongside Kujira and THORChain.

RUJI Perps is a cornerstone of the Rujira Alliance, combining THORChain’s liquidity with the expertise of Kujira and Levana. The platform aims to offer trustless, Bitcoin-backed perpetual futures trading, enabling users to trade using Bitcoin as collateral.

The market for Bitcoin is substantially larger than the DeFi market, and RUJI Perps seeks to attract these users by providing a seamless experience rivaling centralized exchanges.

Staking and Rewards

All protocol fees from RUJI Perps will be distributed as staking rewards, enhancing the value proposition for RUJI and RUNE stakers. Based on current DeFi market volumes, if RUJI Perps captures just 1% of the perpetuals market (about $60 million in daily volume), it could generate approximately $5.7 million annually for RUJI and RUNE stakers.

The synergy between THORChain’s native cross-chain liquidity and RUJI Perps' unique design will drive the growth of liquidity and trading volume, benefiting the entire Rujira ecosystem.

LVN to RUJI Conversion Process

Levana’s LVN holders will have the option to swap their tokens for a share of the 5% of the RUJI supply allocated to Levana. All locked and vested LVN tokens will be unlocked in advance of the swap. This process will operate on a bonding curve over 12 months, with better conversion rates available early in the process.

Long-Term Merger Incentives

Users who keep their RUJI in the merger contract for up to 12-month will benefit from increased conversion rates over time. Users can withdraw their RUJI at any time, but once withdrawn, they cannot deposit back into the merger contract, leading to more rewards for the ones who stay. Early participants who stay deposited in the merger contract for the full 12-month period will receive the most RUJI relative to the LVN swapped.

Q: What is RUJI Leagues? RUJI Leagues is our in-house competition where you can earn rewards by using Rujira products.

You can access the leaderboard of RUJI Leagues on rujira.network/leaderboard.

Q: What do I have to do to be eligible? The first season hasn't started yet, at the moment everyone is earning points. To be eligible and capitalize on the points you have earned to date, you will need to register your wallet for RUJI Leagues Season 1 (to be announced). Participating in the Leagues will require staking some RUJI. Q: How do I earn points? You earn points by using Rujira products. Every time you generate revenue for the protocol, the fees you pay are converted into points. The more points you collect, the higher your rank and the better your rewards.

Q: How are points calculated? The baseline is that every $1 of fees you paid gives you 69 points. But there will be some exceptions that might be temporary to highlight the usage of a product for a season, or permanent to sweeten certain negative events. For example, we plan to apply a larger multiplier to liquidation fees so that, even when the market isn't following your plans, there is still something extra to earn.

Q: What are the rewards? Rewards will be paid out at the end of each season in $USDC and $RUJI. A detailed breakdown of the rewards will be shared once we start the first season.

Q: How long does a season last? Each season lasts for 6 weeks. After that, rewards are distributed, points reset, and a new season begins.

Ruji Holdings Limited has voluntarily submitted a MiCA-compliant whitepaper for Rujira token (RUJI), which is classified as an “Other Crypto-Asset” under Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA). Unlike Asset-Referenced Tokens (ARTs), Electronic Money Tokens (EMTs), or Utility Tokens, RUJI is not subject to a mandatory whitepaper requirement. However, pursuant to Article 6(1), second subparagraph of MiCA, service providers may voluntarily publish a whitepaper to promote transparency, regulatory clarity, and investor confidence. This document provides key disclosures regarding Rujira’s characteristics, associated risks, and the exemptions though decentralization to the regulatory framework under which RUJI can be offered within the EU/EEA.

The white paper is available here: Rujira MiCAR Compliant White Paper_v1.1.pdf

Interested in launching something on Rujira, integrate or discuss some partnerships? Reach out to @Erudite35 or @PragmaticMonkey on Telegram.

Rujira was born from a partnership between Kujira, Levana and THORChain, known as the Rujira Alliance. Kujira, Levana and three Kujira's ecosystem projects are being merged into Rujira, which becomes the App Layer on THORChain, unlocking powerful synergies:

• THORChain provides deep liquidity, cross-chain capabilities and security for the App Layer.

• Kujira + ecosystem projects and Levana provide a complete suite of DeFi products unified under a single brand and UX, and a new stream of income for THORChain in the form of revenue share.

Core Projects in the Merger

The unified THORChain App Layer will incorporate various teams including Kujira, three Kujira's ecosystem projects (Fuzion, Unstake, Gojira) and Levana.

These teams will form the backbone of Rujira, focusing on specific verticals within the DeFi ecosystem, ensuring that each product is built by experts.

Following the merger, the Rujira brand will become the official face of the THORChain App Layer, with the core team continuing to build out a world-class suite of DeFi tools. All current protocols on Kujira are encouraged to migrate to the new App Layer to benefit from THORChain’s liquidity and interoperability.

Kujira’s vision of providing sustainable, decentralized financial tools remains intact, but now enhanced with THORChain’s capabilities. This partnership creates new possibilities for DeFi innovation, offering developers and users a unique ecosystem for building and scaling financial applications.

The Rujira merger represents a pivotal moment for both Kujira and THORChain, bringing together the best of both worlds: Kujira’s innovative DeFi solutions and THORChain’s deep liquidity and cross-chain capabilities. Together, they are building a decentralized future where financial opportunities are accessible, inclusive, and powered by community-driven innovation.

In the following sections, we will explore the relationship between Rujira and each of those three parties, and how it all tie together into the RUJI tokens, accruing value from the economic activity happening on the App Layer. To get going, dive into:

The App Layer is designed with strict boundaries to ensure it does not introduce new risks to the Base Layer. Smart contracts on the App Layer are essentially “accounts with code” that are only permitted to perform MsgSend and MsgDeposit operations. They are sandboxed within a walled garden, with no special privileges that could compromise the Base Layer.

This setup ensures that the App Layer introduces no greater risk than a centralized entity holding a large amount of RUNE today. To further minimize risk, applications that might lead to significant RUNE accumulation will be avoided. Instead, the focus is on building apps centered around Secured Assets.

Additionally, THORChain’s governance mechanism (Mimirs) allows for fine-grained control: they can pause specific apps, all apps, or the minting/burning of Secured Assets if needed. Developers must go through a due diligence process to have their deployer address and smart contract bytecode whitelisted before deploying on Mainnet, adding another layer of security.

What if there is an exploit and secured assets are all wiped? Any impact for the Base Layer? If an app gets hacked, it just means the hacker can withdraw the secured assets, not the original owners. It would take a Base Layer vulnerability to "mess with secured assets".

If there is a smart contract exploit on the App Layer leading to the misappropriation of secured assets, the loss is for each individual user that interacted with the malicious smart contract. This would obviously be a bad outcome, but it has no impact for the Base Layer, it’s just a change of ownership. The Base Layer would continue to neutrally process minting and redemptions of secured assets, as it is supposed to do, and would not assume any loss.

Note that Node Operators have the ability to pause smart contracts as shown above if such an issue was to happen and they wish to mitigate it.

A key concept around security is the separation of concerns between the Base Layer and App Layer. Smart contracts on the App Layer interact with the Base Layer the same way as any EOA, they can only do things that regular users can do.

What is the Mimir to stop minting/redeeming secured assets? HaltSecuredDeposit-{CHAIN} HaltSecuredWithdraw-{CHAIN}

What is the flow of redeeming secured assets and sending out the L1 outbound? Swap to an L1 address with the redemption memo.

How does secured asset accounting work? Is it held at App Layer or Base Layer? The accounting is held on the Base Layer. App Layer just gets to play with secured assets.

Can smart contracts mint secured assets? No. They can only use secured assets across the different contracts, but not mint (or burn) secured assets.

Are there TVL limits on the App Layer? Can secured asset balances grow larger than pools? This depends on the TVL Cap, which is an ongoing discussion in the THORChain community.

What happens if a protocol on the App Layer accrues bad debt? Bad debt would be assumed by the lenders in the Lending vaults. As long as the bad debt IOU is not in RUNE, then it has no impact for the Base Layer - we don't entertain releasing apps that will take excessive RUNE collateral.

Why can swap against base-layer at 5-10bps rather than the mimir settings which results in 8bps at best and 31.9 bps at worst? The minimum swap rate for Secured Assets is defined by the mimir SecuredAssetSlipMinBps currently set at 5bps, same as Trade Assets (TradeAccountsSlipMinBps = 5bps). In practice, no user will be able to swap at those rates. To understand that, you need to understand how the App Layer is able to atomically tap into the Base Layer liquidity with its . The way this strategy works is that, for a given quantity of input token to swap, the AMM can estimate how many output token it would get if it was to execute a Base Layer swap, and then provide a quote for that quantity at Base Layer price + 2x SecuredAssetSlipMinBps + 15bps Taker Fee + 30bps Arbitrage Fee. You can think of the duo Arbitrage Fee + Taker Fee as an Affiliate Fee charged by traditional frontends, it’s economically the exact same thing for the end user, it’s just the mechanic for collecting those fees that is different.

What audits have been made on the integration of the App Layer? All apps deployed on Rujira have gone through rigorous internal testing and an external audit before release. You can find a collected overview of both contracts and audits in

What security measures are in place to prevent illicit actions in the mempool by MsgExecuteContract message? Messages are de-prioritised against all Base Layer messages so can't DoS MsgExecuteContract wraps MsgSend or MsgDeposit actions.

Will the Base Layer now need to consider each App Layer contract in its overall security posture? No - the Base Layer doesn't know that the App Layer exists, because apps can only do what EoAs can already do, and nothing extra.

Are there any risks App Layer products affecting Base Layer swap execution? No. All msgs are de-prioritised against Base Layer. Apps use the Base Layer to settle swaps.

Q: What is RUJI Lending? RUJI Lending is our decentralized money market where you can lend or borrow crypto assets. Lenders earn interest on their tokens, while borrowers can use their crypto as collateral* to take loans.

You can access it via:

• Lending: rujira.network/strategies

• Borrowing: rujira.network/borrow

For a full overview, visit our RUJI Lending docs.

*Collateral: crypto you lock up as security for your loan.

Q: What are CDP loans? CDP stands for Collateralized Debt Position. It is a way to borrow crypto by locking up other crypto as collateral, and it is always overcollateralized, meaning you must deposit more value than you borrow.

Here is how it works:

• You deposit crypto like BTC, ETH, or XRP (this is your collateral).

• Each collateral type has a corresponding collateral ratio, which is a risk-adjusting factor applied to your collateral value to define how much you can borrow against it. For example, BTC has a collateral ratio of 70%, meaning you can borrow up to $70 for every $100 worth of BTC.

• You borrow a different token, or stablecoin* such as USDC or USDT.

• Your loan stays open as long as your adjusted collateral value remains above the value of your debt.

*Stablecoin: a crypto token that aims at keeping a fixed value, often linked to the US dollar.

Q: How is the interest rate decided? The interest rate changes depending on how much of an asset is already borrowed. If most of the asset in the vault is borrowed (high utilization rate*), the interest rate goes up. If more assets get added to the vault, or loaned assets are returned, the rate goes down.

*Utilization rate: how much of the total available supply in the vault is currently borrowed.

Q: Who am I borrowing from? You borrow from other users who have deposited their assets into lending vaults. Every token you borrow comes from users who chose to lend them out. The interest you pay goes directly to those lenders (minus 10% protocol fee) and is distributed pro-rata their share of the total deposits.

Q: What is Collateral Ratio, Adjusted LTV, and Liquidation Price?

• Collateral Ratio: risk-adjusting factor applied to the value of your collateral to define how much you can borrow against it. For example, BTC has a collateral ratio of 70%, meaning you can borrow up to $70 for every $100 worth of BTC.

• Adjusted LTV (Loan-to-Value): shows how much you borrowed compared to your adjusted collateral’s value. If your Adjusted LTV reaches 100%, your position becomes at risk and will start being liquidated.

• Liquidation Price: the price where your collateral would start to be sold to repay your loan and protect the system solvency.

Q: What happens if my loan gets liquidated? If liquidation happens, your collateral is partially sold on RUJI Trade, our orderbook DEX. The proceeds from that sale is used to repay part of your loan till your position gets back to a safe Adjusted LTV (i.e. <100%).

Q: What is a collateral swap? Collateral swaps are a special Rujira feature that lets you swap your locked collateral without closing your loan.

For example, if you borrowed USDC using BTC as collateral, you can swap your BTC for another token directly, without repaying the loan first.

In this section, you will find many Frequently Asked Questions grouped by category:

• Understanding Rujira

• RUJI Token

• Secured Assets

Q: I need help. Who can I talk to? You can get support on our Discord by submitting a support ticket, or on our Telegram. Make sure you do not reply to private messages from unknown people to avoid scams.

Q: I want to build something on Rujira. What should I do? Start by checking our Build Ideas to see what you can create. Then send an email to [email protected] with:

• Your idea name and concept

• Your Telegram handle

• Estimated timeline

• Team size

Our team will get in touch with you after that

Q: I want access to the API, who do I reach out to? Please email with details about the request, and we will get in touch with you.

Q: Who do I contact for partnerships or integrations? Please email [email protected] with details about your project or proposal.

Q: Who do I contact for marketing or collaborations? For co-marketing, campaigns, or other collaborations, send an email to [email protected].

Q: How can I join the Rujira community? Join our . That is where most of our community members are. You can also explore subcommunities using the #communities command in the chat.

Q: Where can I give feedback or report bugs? We appreciate all feedback and bug reports, and you can share them in our or chat. At a later stage, we will have a dedicated page to make this even easier.

RUJI Launchpad is where capital connects with ideas and everyone is a venture capitalist.

Users gain early access to promising protocols and opportunities to benefit from their favorite projects that raise capital for expansion and development.

RUJI Launchpad differs from typical launchpads by providing a comprehensive suite of tools for projects at all stages, from bootstrapping to token generation events (TGE) and late-stage fundraising.

Key Features

• Flexible Raising Options: Choose a fundraising mechanism suited to your needs and strategy from a range of options including fixed price first-come-first-served sales (whitelist optional), fair market auctions and bonded token offers.

• Multi-chain Access: Support for tokens minted on various blockchains, with seamless bridging for cross-chain sales or purchases.

• Permission-less Self Service: Launch a sale without restrictions, with self-service tools and technical support available.

• Automated Ecosystem Integration: Effortlessly create trading pairs, provide liquidity, and manage tokenomics, complete with vesting schedules and cliffs.

• Easy Token Management: Set out tokenomics and automate distribution as part of the process.

Benefits

• For Buyers: Back the next unicorn with ease using a streamlined user experience and a marketplace designed to simplify investment discovery and manage your purchases seamlessly.

• For Sellers: RUJI Launchpad user interface enables project teams to create sales, mint tokens, establish trading pairs, and provide liquidity all in one place. An effortless fundraising process enables builders to focus on what they do best: building.

• Mint Anywhere, Raise on Rujira: It’s easy to bridge over and raise capital, whichever chain you call home.

Fees & Fee Sharing with THORChain Base Layer

• FCFS and Auction (initial token offerings):

  • Token seller pays a commission of 5% on the proceeds from a sale.

  • Buyers pay a 0.5% commission on the withdrawal of tokens purchased.

  • Sellers pay a 0.5% commission on claim of LP tokens created during a sale.

Status

• Not live yet.

The TCY AutoCompounder is a permissionless smart contract on Rujira built by the AutoRujira team that automatically claims, converts, and reinvests TCY rewards to maximize yield — with zero manual intervention. Designed for users who want to earn more without constant monitoring, it’s the simplest way to compound TCY over time.

Key Features

• Fully Decentralized & Non-Custodial: The AutoCompounder is 100% on-chain and permissionless. Your TCY always remains under your control — the smart contract simply automates the process.

• Simple, One-Step Setup: Just deposit your TCY into the AutoCompounder at . You’ll receive sTCY in return, representing your share of the vault. This allows you to stay liquid or use your position in future DeFi products.

• Automated Claim, Conversion & Reinvestment: Approximately every 24 hours, the contract receives rewards in RUNE. These rewards are automatically converted into more TCY via RUJI Trade and redistributed proportionally to all depositors — growing your position continuously.

• Composability with sTCY: Your position in the AutoCompounder is fully liquid. Soon, you’ll be able to trade sTCY on RUJI Trade or use it across Rujira products — as collateral for lending, for placing bids on RUJI Liquidation, and beyond.

Benefits

• Set & Forget Yield Optimization: Forget about claiming rewards, tracking prices, or managing reinvestments. The AutoCompounder runs 24/7 and compounds for you — ensuring you never miss a chance to grow your position. It removes the friction of active management while delivering optimized returns over time.

• Maximum Efficiency: Rewards are claimed and reinvested as soon as they become available. No idle assets. No wasted time. No manual effort.

• Future-Ready Design: The sTCY token unlocks powerful integrations across the Rujira ecosystem. From lending to liquidation bids, your auto-compounded position becomes a core building block of your DeFi strategy.

Fees & Fee Sharing with THORChain Base Layer

• TCY AutoCompounder: A 5% fee is collected from compounded rewards only (not principal) and is distributed to AUTO stakers as part of AutoRujira’s fee-sharing model. This is the first of many strategies being built by AutoRujira to unlock the full potential of TCY — and help users do more with their assets, effortlessly.

• Rujira & THORChain: TCY AutoCompounder is built on top of Rujira's Orderbook DEX. Hence, every auto-compounding transaction is subject to the standard Orderbook DEX fee, accruing value to both RUJI stakers and THORChain Base Layer.

Status

• Live .

Q: What is RUJI Swap? RUJI Swap is our cross-chain swap product. It gives you a simple way to swap any supported native asset into any other native asset.

RUJI Swap connects directly to THORChain, which is the only fully decentralized network that can swap native assets like BTC, ETH, XRP, DOGE, ATOM, or BNB without wrapping or using third-party bridges. You can access it here:

Note that you need to have a THORChain-enabled wallet connected to use RUJI Swap, even if you swap from two external chains. This was a compromise we had to make to be able to offer the omnichain experience across the rest of the Rujira apps.

Q: How do cross-chain swaps work and how are they routed? THORChain uses liquidity pools to move assets between blockchains. Each pool connects a native asset to RUNE. Your source asset is deposited into its pool, for example BTC into the BTC/RUNE pool. Inside the pool it is swapped to RUNE. Then RUNE is swapped into your target asset inside its pool, for example RUNE to ETH. The target asset is then sent to your destination address on its native chain. The swap happens in one continuous flow and does not use wrapped tokens or bridges.

Q: What is a Source and Destination wallet? The source wallet is where the asset you want to swap is currently stored. The destination wallet is the address where you want to receive the new asset. Both wallets can be your Rujira address or an address on an external chain such as Bitcoin or Ethereum.

Q: What fees do I pay when swapping?

Q: What is RUJI Perps? RUJI Perps (v1) is our perpetual trading product, built on a peer-to-pool model, where you can trade with up to 50x leverage. You can access RUJI Trade at rujira.network/perps. A more detailed description is available .

Note: The current version was built by the Levana team as an intermediate step and is not fully integrated with the rest of the applications. We will release a brand-new version of the protocol with a peer-to-peer orderbook model and improved UX as part of our 2026 roadmap.

Q: How do perpetuals differ from spot trading? Perpetuals let you use leverage, which means you can take a larger position than your actual capital. They are more adapted for short-term trading, include different costs, and come with higher risk and higher potential reward compared to spot trading.

Q: How do perpetuals differ from spot margin trading? Spot margin trading also lets you use leverage in the spot market. The key difference is that you borrow funds to increase your position size in actual crypto assets using your existing balance as collateral, whereas with perps trading you are trading derivatives and settle trades in the same asset as your collateral (you only get exposure to the price fluctuations of the assets you trade, not the actual assets themselves). Spot margin trading typically offers lower leverage and has a different cost structure. Spot margin trading incurs interest on borrowed funds, while perpetual futures involve funding fees paid periodically between long and short traders to keep the contract price aligned with the spot price.

Q: What leverage options are available?

The below diagram summarize where revenue is collected and how it's distributed between RUJI stakers (single-sided and LP stakers) and THORChain.

Rujira currently comprise 5 revenue collector/convertor contracts:

• Revenue Collector 1 (RUJI Swap): Used to collect RUJI Swap affiliate fees, which are 100% send to RUJI stakers since Rujira pays the Base Layer liquidity fee on those swaps. Affiliate fees are collected in RUJI and converted to USDC, then split between single-sided stakers (50%) and RUJI/RUNE LP stakers (50%).

  • Contract address:

Welcome to Rujira, the THORChain App Layer designed for building secure and sustainable decentralized applications (dApps) and smart contracts. This section will help you understand the core concepts you'll need to get started building on Rujira.

Overview

Before getting started building on Rujira, make sure to familiarize yourself with:

• : Being an App Layer on top of THORChain, it is key to understand how all assets on Rujira are secured by THORChain Base Layer.

The Base Layer Virtualization strategy is a single-sided passive market making strategy that allows Rujira App Layer to virtualize the liquidity in THORChain's Base Layer pools via an arbitrage mechanism.

On the Base Layer, all swaps are executed at the end of block and ranked by price impact. This means that despite the App Layer sharing the same blocktime and - in theory - supporting atomic transactions between CosmWasm contracts and THORChain Base Layer, in practice we cannot have atomicity with the Base Layer swaps, i.e. we cannot within the same block do something on the App Layer, then do a Base Layer swap, then do something else on the App Layer with the proceeds from that swap. The Base Layer Virtualization strategy is Rujira's answer to this problem, it allows the App Layer to tap into Base Layer liquidity while retaining transaction atomicity and composability.

Whenever someone want to do a swap on the App Layer (e.g. I want to swap 10,000 USDC for BTC), the market making strategy is able to query the Base Layer pools to see how many BTC it would get for 10,000 USDC and then provide a quote at a slightly worst price (Base Layer price + small margin). This quote appear in the orderbook alongside any pending fixed-price orders and tracking orders. Whenever an order is matched against it, the target asset is borrowed from RUJI Lending for the duration of 1 block and used to fill the buyer's order on the App Layer, then the opposite swap is executed on the Base Layer at the end of the block. Finally, in the next block, the loan is repaid with the proceeds from the Base Layer swap, and the remaining profits, if any, are split 50/50 (TBC) between the LPs in the pool and RUJI stakers. Over the long run, most trades are profitable for LPs, but it might be instances where the execution price in the Base Layer pool is worst than what was quoted, in that case the strategy makes a loss that is funded by the LPs in the pool.

The below chart illustrates how the strategy works with the various flow of funds. A complete walkthrough is available in this

RUJI Trade provides a decentralized, scalable, and highly efficient orderbook exchange (DEX) operating fully on-chain. The orderbook DEX design offers low fees, a great trading UX, and a superior trade execution vs. standard AMM-DEXs. All trading pairs on the RUJI Trade orderbook DEX can be found on the .

Key Features

• Decentralized Orderbook Trading: A 100% on-chain orderbook exchange (including order matching logic), offering decentralized and permissionless trading.

Once your contract has been thoroughly tested and audited as per , it’s time to deploy it to THORChain mainnet to be live officially on Rujira. This process involves additional security checks and permissions to ensure the integrity of the contract on the network.

Registry and Permissions

For mainnet, Rujira maintains an on-chain that maps each contract’s checksum to its deployer. This registry will grant permissions for instantiation based on the contract’s checksum rather than its code ID. The process will involve:

Similar to yRUNE, Yield Bearing TCY (yTCY) is an auto-rebalancing basket of TCY and RUNE.

How are the weights between TCY and RUNE determined?

The weights of RUNE and TCY are set to maximize returns captured from:

Yield Bearing RUNE (yRUNE) is an auto-rebalancing basket of RUNE and TCY. Since no liquid-staked version of RUNE currently exists, yRUNE is the only liquid asset that captures fees from THORChain system income (via staked TCY) while also providing exposure to the RUNE price.

Q: What is RUJI Liquidations? RUJI Liquidations is the first public marketplace where anyone can bid on at-risk collateral and buy it at a discount through Dutch auctions, no bots or coding needed.

By doing this, users can get discounted crypto while helping keep the Rujira ecosystem healthy and solvent. Creating competition on liquidated collateral also means that liquidations tend to happen at a better price than on other platforms for borrowers who get liquidated, meaning they are losing less in the event of a liquidation.

You can access it here: [coming soon].

For more details, visit the RUJI Liquidations docs.

Q: What makes Rujira’s Liquidations different from CEXs and other DeFi platforms? In DeFi, most liquidation systems are only accessible via sophisticated MEV bots that act first and take all the profit. On CEXs, liquidations are a black box with most volumes and profits captured by the platforms themselves and a few permitted market makers, leaving regular users out.

RUJI Liquidations lets anyone place bids at the discount they choose. It does not depend on speed or bots, and liquidations are distributed fairly among all participants, starting from the lower discount (most favourable to the liquidated borrowers) and moving to higher discounts as the lower discount bids get filled.

This makes liquidations fair, and gives everyone an equal chance to take part.

Q: Whose liquidations am I buying? You are buying collateral from users whose debt positions have passed their safe Adjusted LTV* level, for example, from RUJI Lending or other leveraged products on Rujira. Once these positions get liquidated, part of the collateral gets sold via a market order on the orderbook and people can place bids at a discount to current market price to catch the wicks caused by liquidations.

Proceeds from the collateral sold are used to repay part of the users’ debt and bring back their positions to a healthy LTV level. Your bids allow you to buy the local low at a discount while helping to protect the system solvency.

*Adjusted LTV: Adjusted Loan-to-Value ratio, it’s a measure of a debt position’s health. For example if you have $100 worth of BTC collateral, the collateral ratio on BTC being 70% (meaning you can borrow maximum $70 for every $100 worth of collateral), then your Adjusted Collateral Value is $100 * 70% = $70. If you borrow $50 in USDC, your Adjusted LTV would be $50 / $70 = ~71.4%. If the price of BTC drops and your Adjusted Collateral Value is now $48, your new Adjusted LTV would be ~104%, which is past the max limit of 100%, meaning part of your collateral can be liquidated to repay some of your debt.

Q: What happens to the bid I open? When you place a bid on RUJI Liquidation, whether it’s to liquidate short or long positions, it gets placed as a Tracking order on our orderbook. Whenever a liquidation happens, the collateral gets sold on the orderbook via a market order and you can catch the discount with your bid, depending on the size of the wick the liquidation creates and where other people's bids are.

Q: How can I make sense of the heatmap? The heatmap shows at which price level most liquidations are likely to happen, where most bids are placed and how deep the queue is at each discount level. It helps you decide the best discount to set, lower discounts fill faster, higher discounts offer bigger potential gains but are less likely to get filled.

Q: What is RUJI Launchpad? RUJI Launchpad is where ideas meet capital. It gives you early access to new crypto projects raising funds for growth by letting you take part in their token launch. You can support your favorite projects and benefit like a venture capitalist*.

You can access it here: [coming soon]

For more details, visit the RUJI Launchpad docs.

*Venture capitalist: someone who invests early in new projects hoping for long-term growth.

Q: What makes RUJI Launchpad different? RUJI Launchpad is more than a place to buy tokens. It gives projects a complete set of tools for every stage, from early fundraising to token generation events (TGE)* and later growth rounds. The first product being released is the Launchpad, with additional products to be developed later.

*TGE (Token Generation Event): when a new project officially creates and distributes its token.

Q: How can I join a token launch? When a sale is live, you can place bids at your chosen price.

Each sale has:

• A Token Price (the highest price)

• A Max Discounted Price (the lowest price)

Between those two, there are small price steps called Silos. For example, if the token price is 1.00 USDC and the max discount is 30%, there will be 30 silos ranging from 1.00 USDC down to 0.70 USDC.

When the sale ends, tokens are distributed starting with the highest bids and moving down through the silos until all tokens are allocated. Bids that receive tokens are called qualifying bids. If your bid doesn’t qualify, you can retrieve your funds and use them for future launches or anything else.

Q: Can I launch my own token? Yes. Anyone can create a sale without needing to code. You just need enough funds to pay a small deposit (to filter spam) and the cost of a few on-chain transactions. It is important to note that each address can only create one sale.

While using the launchpad is permissionless, you will need to sell the entire supply you allocate to the public launch and raise a minimum value of $1,000 to be able to complete your sale. This is to help filter spam projects that are not able to build a convincing case for potential investors, or prevent legit projects from not raising enough to be in a position to deliver on their plans.

Q: Are tokens on RUJI Launchpad screened? No. Launching is permissionless, which means anyone can start a token sale. You are responsible for doing your own research to decide whether a project is legitimate and worth supporting.

The Rujira team may also choose to participate in a sale at their own discretion. This is not an endorsement, and users should always make their own decisions about whether to take part.

License Overview

Rujira is an open-source software project, licensed under the MIT License. This license allows developers to freely use, modify, and distribute the software while providing certain protections to the authors and contributors.

Below are the details of the license and how it applies to the Rujira project.

MIT License

The Rujira project is licensed under the MIT License, a permissive open-source license. Here's what the MIT License allows:

• Free Usage: You can use Rujira for any purpose, whether personal, academic, or commercial.

• Modification: You're free to modify the source code to fit your needs.

• Distribution: You may distribute the original or modified versions of Rujira.

• Private Use: You are allowed to use Rujira without publicly disclosing your modifications.

However, the MIT License also includes certain responsibilities:

• Attribution: You must include the original copyright notice and license in any significant portion of the software.

• No Liability: The software is provided "as is," without warranty of any kind. The authors and contributors are not liable for any damages arising from its use.

For more details, check the .

Open-Source Standards (OSS)

Rujira follows open-source standards to promote transparency, collaboration, and community-driven development. By using the MIT License, we align with OSS best practices, which include:

• Accessibility: The source code is freely available for anyone to inspect, contribute to, and improve.

• Collaboration: Contributions from developers are welcome, subject to the project's contribution guidelines.

• Security: Regular updates and community feedback ensure security vulnerabilities are addressed promptly.

We encourage developers to contribute back to the Rujira project and help enhance its features and stability.

How to Contribute

We invite developers to collaborate on the Rujira project by:

1. Forking the repository.

2. Submitting pull requests for improvements.

3. Reporting bugs or security issues.

4. Participating in discussions and feature planning.

All contributions are governed by the MIT License and must adhere to the project's Code of Conduct.

By using Rujira, you agree to the terms of the MIT License and understand your rights and responsibilities under this open-source software model.

Q: What is the RUJI token? The RUJI token is the revenue-sharing token of the Rujira ecosystem. When you hold RUJI and stake it, you get a share of the income generated across all Rujira products.

Q: Why does RUJI have value? Holding RUJI means earning a share of all revenue Rujira generates. It represents a long-term bet on the success and growth of the ecosystem.

Q: How does RUJI capture value? Using Rujira’s products comes with a small fee, which differs per product. These fees are collected, converted to USDC and shared with everyone who stakes RUJI.

Q: Where does the staking yield come from? Rujira apps generate real revenue from user activity. After covering THORChain’s share (typically 50%, but can be less in some cases), the remaining fees are converted to USDC and distributed to RUJI stakers.

Q: Is the RUJI token inflationary or deflationary? RUJI has a fixed supply of 100 million tokens. There are no mechanisms that increase or decrease this number over time.

Q: How are fees split between Rujira and the THORChain’s Base Layer? Normally, revenue is split 50/50 between core Rujira applications and THORChain’s base layer. However, apps that already support the base layer (for example, RUJI Swap, as it is already utilizing THORChain liquidity) keep 100% of their revenue, since they already pay the base layer fee and contribute to THORChain’s security budget this way.

Q: What staking options are available for RUJI? You can choose between two ways to stake:

1. Single-sided staking with only RUJI

2. Staking via the RUJI/RUNE Liquidity Pool (LP) tokens. This is not yet active, it requires making some changes to the base layer and will be enabled at a later point.

Q: What rewards do I get from staking RUJI? It depends on how you stake:

• Standard RUJI staking: You earn rewards in USDC to be claimed manually.

• Auto-compounding staking: Your USDC rewards are used to automatically buy more RUJI and add it to your position.

Q: What will the staking APR/APY be? The APR* (if using standard staking) or APY* (if using auto-compounding staking) will change based on several factors:

• The total revenue generated across all Rujira products;

• The revenue split between single-sided and LP staking (initially 50/50);

• How much RUJI is staked and how it is divided between both pools.

*APR (Annual Percentage Rate): your yearly non-compounded return rate. *APY (Annual Percentage Yield): your yearly return rate including compounding.

Q: Can I stake RUJI directly from my wallet? No. You can currently only stake RUJI through .

Q: What are the benefits of staking RUJI? Staking lets you earn a share of the fees generated by all Rujira products. It’s a simple way to benefit from the ecosystem’s growth.

Q: How long does it take to unstake RUJI? You can unstake instantly at any time. There is no lock-up period.

Q: Does RUJI give governance rights? No. RUJI is focused on revenue sharing and staking rewards. Governance is handled by the product teams in close collaboration with the community through X Spaces, dedicated feedback groups, polls, and more.

Q: Is RUJI listed on centralized exchanges? Yes. RUJI is currently listed on Kraken, MEXC, and Bitrue. More listings will be added over time to increase accessibility of the token.

Q: What is Rujira? Rujira is the App Layer on THORChain, designed to build a fair and open financial system for everyone. It brings together a full suite of decentralized products that let you trade, lend, borrow and earn using native assets from any connected blockchains, all from your own wallet, in one smooth interface.

Q: What does Rujira stand for? We stand for fairness, transparency, and true decentralization, the core principles that first defined Bitcoin. We believe in building an open and sustainable financial system where everyone has equal opportunity and full control of their assets. No intermediaries, no hidden rules, no gatekeepers, only a transparent and community-owned network that brings freedom and trust back to finance.

Q: What makes Rujira different from other DeFi platforms? Most DeFi platforms are limited to a single chain and rely on third-party bridges and wrapped assets to reach others. Rujira removes that risk and complexity by building on THORChain, giving you direct access to native assets from multiple blockchains in one unified ecosystem.

Unlike most of crypto, where each project focuses on a single product, Rujira brings every DeFi tool together under one roof. You can trade, earn, borrow and invest without switching between platforms and wallets or learning new interfaces, creating a smooth and consistent experience across the entire ecosystem.

Q: What is Rujira built on? Rujira is built on THORChain and the Cosmos SDK, bringing together the best of both worlds, cross-chain liquidity and powerful and secure scalability. This setup lets you swap and use native assets like BTC, ETH, and XRP without third-party bridges or wrapped tokens. Everything you need is built right into one connected ecosystem, so you can trade, earn, borrow, and invest across chains with ease.

Q: What does Omnichain mean? Omnichain is the next phase of interoperability, and goes beyond cross-chain. It means Rujira connects many different blockchains and many different wallets all at once, letting you use native assets across them through one unified platform, with your favorite wallet.

Q: What products does Rujira have? The products that are currently live on Rujira are:

• RUJI Trade (orderbook DEX)

• RUJI Pools (multi-strategy automated market maker for the DEX)

• RUJI Perps (perpetual futures - v1 built by Levana, an improved v2 fully integrated with the rest of the ecosystem will be launched later)

• RUJI Lending (money market)

Many more products are on the roadmap, which can be found here (rujira.network/roadmap).

Q: Is Rujira connected to other Cosmos chains through IBC? No. Rujira does not use the IBC protocol. From the cosmos chains, it is currently only connected directly to the Cosmos Hub, through a custom chain integration via THORChain.

Q: How does Rujira connect to non-Cosmos chains like Bitcoin or Ethereum? Rujira connects to external chains through THORChain, which secures native assets like BTC and ETH in decentralized vaults and allows swaps between them without third-party bridges or wrapped tokens.

Thanks to a THORChain primitive called Secured Assets, we can offer you these native assets from different chains across our entire product suite.

Q: Is Rujira open-source and audited? Yes. Rujira is fully open-source and audited. You can view our code at and audits at.

Q: Who is building Rujira? Rujira is built by an alliance of teams: Kujira, Fuzion, Nami, and Levana. The old Kujira team leads development and manages most core products and operations. Beside that, there are multiple external teams contributing to build a coherent ecosystem on top of Rujira core primitives, including AutoRujira, Liquidy, CALC, Redacted and some more.

Q: How is Rujira secured? Rujira is secured through THORChain, which runs on a network of over 100 decentralized nodes that continuously rotate the decentralized vaults where assets are kept, to maintain network security.

Q: Where can I follow Rujira updates and announcements? You can stay updated about our development via one of our social channels:

• Telegram:

• Dev Discord:

• X (Twitter):

• Medium:

RUJI Liquidations is the world’s first public marketplace for bidding on at-risk collateral, enabling users to liquidate assets across the THORChain App Layer with ease - no bots, no code. By participating in a Dutch auction, users can acquire liquidated collateral at up to a 30% discount while protecting the solvency of Rujira protocols.

Key Features

• Liquidations Marketplace: A public marketplace for purchasing liquidated collateral at a discount through Dutch auctions with instant settlement. Under the hood, every liquidated collateral is sold via a market order on RUJI Trade orderbook DEX, and RUJI Liquidations provides a user-friendly interface allowing anyone to catch the wick by placing Tracking Orders at a discount to market price.

• Queue-Based System: Liquidations are not prioritized by speed but rather by the discount rate, filling bids from the smallest discount to the biggest. This helps to find an optimal discount rate and prevents immediate selling and damage to the market by MEV bot operators.

• Ecosystem Solvency: Secure the Rujira ecosystem solvency for all leveraged products, including loans on RUJI Lending, and debt used for spot margin trading and leveraged market making.

• Yield Bearing Token support (pending): For better capital efficiency, users can bid on liquidations using yield bearing tokens such as tokens deposited on Lending, earning yield while waiting for bids to fill (feature powered by ).

• Analytics (pending): Liquidation analytics are available across all RUJI Liquidations markets, enabling users to craft bidding strategies driven by concrete market insights.

Benefits

• Mitigate Flaws in Standard Liquidation Mechanisms: The typical liquidation mechanism for DeFi protocols functions on a first-come-first-served basis and at a fixed liquidation discount. Consequently, liquidations are based on the speed of execution, leaving this market to a few highly efficient, well-capitalized MEV bots that preclude most users from participating. The fixed discount also results in liquidations often costing more to borrowers than they would in an efficient market. RUJI Liquidations changes this.

• Democratizes Access to Liquidations: The RUJI Liquidations system revolutionizes DeFi liquidations by allowing anyone to bid on discounted collateral. Users place bids (tracking orders at a discount to oracle price) and bids at smaller discounts take priority, creating a fair system that discourages arbitrage and market dumping.

• Reduces Cost of Liquidation for Borrowers: RUJI Liquidations creates a competitive market for liquidations and encourages bidders to reduce their bid discount in order to increase their chances of capturing the liquidated collateral, which results in a less costly liquidation process for borrowers. RUJI Liquidations (f.k.a. ORCA) had a TVL of $200m+ at its peak, prior to Terra Classic's collapse, that was being used to liquidate collateral on Anchor protocol with most of the liquidations happening within the 2-5% range.

Fees & Fee Sharing with THORChain Base Layer

• RUJI Liquidations charges two type of fees:

  • Liquidation fee: 1.0% taken on the repaid debt.

  • Liquidator fee: 0.5% taken on the repaid debt.

• The standard 50/50 revenue share with TC Base Layer applies to the Liquidation fees collected by RUJI Liquidations.

Status

• Not live yet.

The Rujira Index (RJI) is a basket of assets representing the Rujira & THORChain ecosystem. In order to ensure prime user experience and index performance, espically when the ecosystem grew big, we have developed an asset framework as a base guideline for RJI.

Which assets are eligible to be included in RJI?

There are four eligibility criteria that assets shall fullfill prior to being added to RJI. Namely qualitative requirements, liquidity requirements, safety requirements & they have to be based on Rujira / THORChain.

Qualitative

In order to be considered for the index the team behind the token has to be trusted & actively working on their vision. Further, it should have a clear value proposition and no signs of ill intent.

• Team has a proven track record building & maintaining products

• Project has a valid use case

• Token has valid economics / value capture mechanism

• No red flags

Liquidity

Assets are selected for strong liquidity, ensuring easy entry and exit with minimal slippage when minting, redeeming, or rebalancing. Clear token release schedules further prevent unexpected shifts in liquidity and supply.

• There must be enough liquidity on Rujira.

• The token release schedule must be predictable.

Safety

While code audits are often mostly a vanity metric, undergoing code reviews from professionals does make code less prone to certain attacks. Therefore, for newly launched projects that secure value in any form, it shall be a requirement to undergo reviews by an auditor.

• Code base must have undergone auditing

• Proven track record for safety incident response

Based on Rujira / THORChain

Only projects deployed on Rujira / THORChain are considered for RJI.

Asset weights

RJI being a fixed unit index, the weights change constantly and are not automatically rebalanced. The initial weights on index creation were based on liquidity, market cap and growth potential. RJI currently consist of:

• AUTO

• LQDY

• RUJI

• RUNE

The exact share of the total index AUM by each asset is fluctuating and can be found at

Risks

Key risks for RUJI includes:

• Asset risk of all assets in the index.

• Smart contract risk of RUJI Fixed Index contract (audited).

Primer on Cosmos architecture

• Every address on a Cosmos chain has an Account.

• The Bank module accounts for ownership of tokens in a key-value store, where the key is the address<>denom, and the value is the balance.

Below is a practical guide on how to spin up your own instance and deploy your contract(s) to a local THORChain environment so you can:

• Run a simulated THORChain network locally (Midgard, THORNode, mock L1 chains)

• Interact with the chain via CLI and APIs

• Build and test contracts with no reliance on external node operators

Q: What products are available on Rujira? Rujira brings multiple DeFi products together under one platform. The current products include:

1. RUJI Trade – Orderbook DEX

2. RUJI Pools – AMM (Automated Market Maker)

3. RUJI Perps v1 – Peer-to-pool perpetuals (built by Levana)

RUJI is the new native token for the THORChain App Layer, born from the merger. Holders of existing tokens—KUJI, FUZN, NSTK, WINK, LVN, and NAMI—can convert their tokens into RUJI. Staking RUJI allows users to earn fees generated across the App Layer, benefiting from THORChain’s high liquidity.

Tokenomics

Total supply

Logo

Favicon

RUJI Lending is a decentralized money market connecting lenders and borrowers of crypto assets. It enables lenders to earn interest on their tokens, and borrowers to secure loans against their crypto collateral.

Key Features

• Lending: Generate passive returns by lending out your tokens, with a fairly low risk profile (all loans are overcollateralized). Lenders supply assets in exchange for a vault receipt token, which accrues interest over time. The receipt token is transferable and can be used in other dApps, or redeemed back for the original asset plus accrued interest. Deposits can be withdrawn at any time, as long as asset utilization remains under 100%.

The team has built an open source trading bot template (written in Type Script) for RUJI Trade orderbook DEX:

• Source code :

• Intro video:

RUJI Options is a decentralized options exchange designed to simplify options trading to anyone in the crypto space. RUJI Options offers a straightforward and intuitive user experience, free from convoluted tokenomics or pricing mechanics.

Key Features

• Decentralized Orderbook: Options trading is facilitated via a decentralized orderbook that handles bids and asks for multiple strike prices within a given epoch.

One of the defining features of RUJI Perps is locked collateral. This is the mechanism by which we ensure that each position's potential gains are well funded at all times. This can lead to some confusion about two similar but distinct topics: position size and locked collateral. We'll try to clarify that here.

NOTE: This document will intentionally use simplifying assumptions to make the math a bit easier, such as describing a collateral-is-quote market. If you try the same numbers in a collateral-is-base market—which includes any USD-denominated market—the numbers will be slightly different. But that shouldn't impact the intuition discussed here.

What is position size?

Position size represents how much exposure to price movement your position has. It is given by your deposit collateral times leverage. For example, if you deposit $500 in a long position and use 3x leverage, your exposure is equivalent to buying $1,500 of the asset on the spot market. If the price goes up by 10%, you will make $150 in profit, not $50.

NOTE: This also explains why all leveraged positions have a liquidation price. In the above example, if the price went down by 50%, the position would have lost $750, which is more than the $500 the trader deposited initially. Therefore, we need a liquidation price that stops a position from losing more money than the deposit collateral. In this case, that would be a 33% price decrease. This also explains why the more heavily leveraged a position, the sooner you'll be liquidated if the price moves against you.

Position size is what determines open interest and net interest in the platform:

• Long open interest is the sum of the position sizes of all longs.

• Short open interest is the sum of the position sizes of all shorts.

• Total open interest is the sum of long and short open interest.

• Net open interest is the difference between long and short open interest.

What is locked collateral?

When you open a position, you specify a take profit price. Internally, the system computes how much collateral to borrow from the liquidity pools. This becomes your locked collateral, also known as counter side collateral, and represents the maximum profits you can achieve on this position.

Let's use the example above again. You have a long with a $1,500 position size. The current price is $10. You set a take profit price of $12, or a 20% price increase. That means your maximum profit is $1,500 * 20% == $300. The protocol needs to borrow those $300 from the liquidity pool and lock it into your position.

By contrast, if you reduce your take profit price from $12 to $11, the protocol only needs to lock collateral for $1,500 * 10% == $150. Notice that the position size remains the same in both cases, but the locked collateral is significantly different.

As you can see in this example, the closer the take profit price is to the entry price, the smaller the locked liquidity. This is one of the reasons we recommend traders think carefully about the take profit prices they want. Not only is this a risk mitigation mechanism, but it is also a cost savings. Reducing your locked liquidity will reduce both your trading fees and your borrow fees.

Price risk to liquidity providers

Let's continue with the above example. A trader opens a long with the parameters:

The system will derive the following from these parameters:

Any gain the trader takes on the position will be withdrawn from the locked collateral, and vice-versa. Meaning, if the price moves up to $11:

• The trader has experienced a 10% increase via price exposure

• The trader will have profits of $1,500 * 10% == $150

• The liquidity pool will lose those $150 to the trader

  • Caveat: as we discuss below, we strive to keep the protocol balanced, which will protect liquidity providers from these losses by ensuring for every loss on a long position, they will experience an equivalent gain on a short position, and vice versa.

Similarly, if the price decreases by 10% instead, the trader will lose $150 to the pool. This is equivalent to saying that, every time a trader opens a long, it's as if the liquidity providers have opened a short of the same position size. This leads to one more concept: counter-side leverage. In our example, the liquidity pool opened a $1,500 short position using $300 of collateral. This means that the pool's counter-side leverage on this position is 5x, versus the trader's 3x leverage. From the liquidity pool's perspective:

Why net open interest matters

The reason why net open interest is so important to the protocol is because it represents exposure to price risk for liquidity providers. If the protocol has too much long interest, for example, liquidity providers are being forced to open up more short positions than long positions. If the actual price goes up, liquidity providers will lose funds to traders through impairment. It's true that if the price moves down instead, liquidity providers will instead make money through impairment. But we strive to insulate providers from risk. Therefore, our goal is to keep longs and shorts balanced, also known as:

• 0 net notional

• Delta neutral

The mechanisms we use for this are incentives via funding rate payments and delta neutrality fees, which provide a profit motive for the implementation of , also known as .

Collateral lock-ups, risks and rewards

The inherent risk liquidity providers take on in this system is unbalanced price exposure. While—as just discussed—the protocol strives to minimize that risk, it cannot guarantee risk will be absent. And furthermore, in extreme market conditions (called a market meltdown or meltup), this risk is expected to be very high. In such a scenario, any liquidity in the pool is at risk of impairment, up to loss of 100% of their funds.

Liquidity providers can choose their level of risk, and receive commensurate rewards as a result. Therefore, there are two mechanisms for providing liquidity: LP tokens with no lock-up time, and xLP tokens with a 45 day lock-up window. LP tokens can be immediately withdrawn, provided that enough liquidity is in the system. xLP holders take on a higher degree of risk, and therefore receive higher rewards in terms of receiving a higher proportion of trade and borrow fees.

But to be clear, both groups are at risk of significant impairment. The protocol uses a dynamic borrow fee rate detection mechanism within the protocol to allow supply-and-demand forces to discover a fair market rate for this risk. In summary is: for assuming the risk of extreme market movements, LP and xLP holders are rewarded with high APRs on their deposits.

​​RUJI Pools provides access to a multi-strategy Automated Market Maker (AMM) built to add liquidity to the Orderbook DEX. Market making keeps bid-ask spreads tight and deepens orderbook liquidity. It is essential to optimize trading conditions and provide a great trading UX. Rujira's AMM attracts liquidity providers (LPs) by offering yield in the form of trading profits. RUJI Pools' strategies are available from the Strategies page.

Key Features

• Decentralized Market Making: Permissionless, 100% on-chain market making with no need for external cranking.

• Virtualized orders: The protocol’s architecture enables the AMM to virtualize orders on the Orderbook DEX, meaning the AMM doesn’t need to move the funds to the DEX to place regular orders. It only needs to guarantee the DEX it can execute at the price it says it will, when a swap comes in on the DEX. We call this passive market making, as opposed to active market making which are strategies that places regular fixed-price orders in the orderbook. RUJI Pools support both active and passive market making strategies.

• High Capital Efficiency: As the funds are not required to be moved from the AMM to the DEX to market make, it means the AMM can market make on multiple markets simultaneously. This allows, for example, to have an AMM pool that provides liquidity in the BTC/USDC pair on the DEX with one strategy, and participate in liquidation of BTC collateral on the BTC/USDC money market with a different strategy.

• Multi-strategy: Rujira's AMM is a flexible framework allowing deployment of all sorts of strategies which add liquidity to the orderbook DEX. RUJI Pools comes with several in-house strategies, including:

  • XYK strategy (live): Uses a pricing and order sizing algorithm replicating the standard XYK logic used by a traditional AMM-DEX like Uniswap v2, but tailored for an orderbook DEX. This strategy suits smaller tokens still in price discovery mode and subject to high volatility.

  • Base Layer Virtualization strategy (live): Arbitrage strategy that virtualizes the liquidity in THORChain's Base Layer pools onto the App Layer, allowing the App Layer to tap into Base Layer liquidity while retaining transaction atomicity and composability. This single-sided passive market making strategy is able to query the Base Layer pools to see how many target asset (e.g. BTC) it would get for a given quantity of asset to be sold (e.g. USDC), and then provide a quote at a slightly worst price (Base Layer price + small margin). This quote appear in the orderbook alongside any pending fixed-price and tracking orders. For a deeper understanding of the strategy, see

• Strategies Layering: Rujira's Orderbook DEX allows the AMM to layer several strategies for any given pair in the orderbook, adding liquidity on top of liquidity from users' limit and tracking orders, and liquidity from the virtualization of TC Base Layer pools. This helps deepen liquidity vs. a traditional AMM-DEX and increases volumes on the DEX.

• Third Party strategies (pending): Rujira's AMM will enable third parties (e.g. experienced market makers, quants, and talented community members) to deploy their own strategies and get rewarded with a management fee and/or a performance fee. The design space for strategies is wide open: it could be other market making strategies, more opinionated strategies with a directional bias such as momentum strategies, or anything else. This will effectively create a market for systematic strategies, allowing talented quants to monetize their know-how while adding opportunities for Rujira's users and generating more trading fees for RUJI stakers.

• LP Incentives (pending): Optionally, the AMM allows third party protocols to incentivize liquidity by allocating token rewards to LPs, distributed over a custom period with a custom issuance curve.

• Leveraged Market Making (pending): The AMM connects directly into Rujira's Money Market, allowing liquidity providers to use their LP tokens as collateral to borrow any side of the LP and increase the size of their position. This allows for things like single-sided LP provisioning (e.g. provide BTC and borrow the USDC part to market make in the BTC/USDC pair, or the other way around if you have a bearish view on BTC vs. USDC) and partial hedging of LP positions. The position is profitable if the net trading profit on the LP position is higher than the interest paid on the debt.

Benefits

• Sustainable APR for LPs: An opportunity for Rujira users to generate sustainable returns on their crypto assets in the form of trading profits by providing liquidity. Users deposit in a given pool, and the AMM automatically places and adjusts orders in the Orderbook DEX based on the pool's specific strategy.

• Multi-strategy Support: A flexible framework allowing the deployment of multiple strategies, catering for various risk profiles and bias towards market direction. Strategies can be developed by the Rujira team or third parties.

• Enhanced Liquidity: The AMM brings the benefit of professional-grade market making on-chain to the Orderbook DEX, with enhanced liquidity and narrow spreads for a better trading experience.

Fees & Fee Sharing with THORChain Base Layer

• Rujira's AMM is a tool built on top of Rujira's Orderbook DEX. It does not charge any additional fees. It complements the DEX to provide a better trading UX and more volume opportunities.

• Liquidity Providers on the AMM generate returns in the form of trading profits, not trading fees.

• Strategies deployed by the Rujira team are not subject to any additional fees and currently do not pay the any maker fee. However, strategies deployed by third-parties might be subject to performance and/or management fees and might be subject to the standard maker fee.

Status

• XYK strategies are live ; more strategies will be added over time.

Recurring orders built by the CALC team let you create a trading schedule to swap over time using native (secured) assets on Rujira. Whether you want to gradually build a position or take profits in smaller parts, this feature runs fully on-chain and allows you to schedule swaps, and set custom parameters, so you can comfortably trade on your own terms.

Key Features

• Recurring Orders Setup: Create automated buy or sell orders that execute over time using native and secured tokens.

• Flexible Timing: Choose how often swaps occur, including block-based, minute hourly and daily, intervals.

• Price Limits: Set optional price floors or ceilings to prevent swaps from executing outside your desired range.

• Price Protection: Set maximum price impact to prevent unfavorable swaps.

• On-Chain Execution: All swaps are executed transparently through smart contracts on Rujira and THORChain.

• Live Strategy Control: Monitor, pause, edit, deposit, or withdraw funds from your orders at any time through RUJI Trade.

• Auto Distribution: Once the deposit token is fully used, the received tokens are automatically distributed back to your wallet.

• Re-activate: Completed recurring orders can be re-activated by topping them up or sending assets to their strategy address.

Benefits

• Reduced Volatility Risk: Lowers the impact of short-term price movements by spreading out trades.

• Full User Control: You retain control over your funds, schedule, price and limits at all times.

• Consistent Trading Approach: Reduces emotional decisions by following a regular, rule-based plan.

• Native Liquidity Access: Access THORChain liquidity for native assets without wrapping.

Fees and Fee Sharing

• Automation Fee: 25bps (0.25%) on all funds exiting a recurring order, whether completed or withdrawn. Paid to CALC for ongoing development.

• Rujira Fee: Every swap performed by recurring orders pays RUJI Trade taker fees.

• No additional fees apply for editing, pausing, resuming or topping-up of strategies.

Status

• Live, available from by selecting Advanced in the trade panel.

FAQ

1. How to set up your recurring order on RUJI Trade?

Assuming you already have funds on Rujira, you can create your first Recurring Order in three simple steps.

• Step 1: Choose trade pair in

• Step 2: Setup your order via Advanced -> Recurring

• Step 3: Submit the transaction

2. How do recurring orders on RUJI Trade work (in depth)?

Creating a recurring order is like setting up a machine that processes your trades at the intervals you set them at, here’s how it works in a nutshell, let’s break it down into:

• 2.1 How recurring orders are created

• 2.2 How the recurring order mechanism works

• 2.3 How tokens are transferred

2.1 How recurring orders are created

• When you start a recurring order, the tokens will be transferred from your wallet into a smart contract vault that runs the strategy.

• Once you create a recurring order, your first order is executed right away. For example, if you’re setting up an order from USDC into RUJI, the full USDC will be stored in your vault, and the first trade (say $100 USDC for RUJI) will happen immediately.

• The remaining trades follow at regular intervals, based on the schedule you pick. For instance, if you’re splitting $1,000 USDC over 10 days, you’ll see the first $100 -> RUJI trade right away, and then 9 more trades of $100 each happening daily like clockwork (except when you set price protection and swaps do not meet the right conditions to execute).

2.2 How the recurring order mechanism works

When you create a recurring order, your total trade is split into smaller, bite-sized swaps. The number of swaps depends on your settings. Let’s break it down:

Say you’re recurring $900 USDC into RUJI over 3 swaps of 1 day. Your order will be split into 3 trades of $300 USDC each, one for every day. Let’s see this in action:

Day 1: Once your order is confirmed, the first $300 USDC -> RUJI trade happens immediately.

Day 2: 24 hours later, the second trade of $300 USDC -> RUJI gets executed.

Day 3: Another 24 hours after that, the third and final trade wraps up your order and automatically sends the acquired RUJI to your wallet.

The amount of $RUJI you receive depends on its price at the time of each trade. Following the same example:

Day 1: If RUJI costs $20, your $300 buys you 15 RUJI.

Day 2: If RUJI jumps to $25, your $300 gets you 12 RUJI.

Day 3: If RUJI dips to $15, your $300 scores you 20 RUJI.

Note: CALC charges a 0.25% fee after withdrawals from an order. So, in the end a total of 47 RUJI (minus a fee of 0.1175 RUJI) is automatically sent to your wallet.

2.3 How tokens are transferred

Every time a swap executes, the swapped tokens are stored in the vault until the recurring swap order is finished. The recurring order is finished when there are no deposit tokens left to swap in the vault. Then the acquired tokens are automatically sent to your wallet.

💡 Pro Tip: If you don’t want to wait for a strategy to finish, you can edit, withdraw, deposit or pause your order details at any time.

3. How to manage multiple recurring orders?

It’s easy to manage your recurring strategies from the RUJI Trade orders overview and from the overview.

4. Does my recurring order automatically retry if it fails?

Yes, if a swap fails due to high price impact or exceeded price thresholds, the order will automatically retry at the next set scheduled interval.

5. How is the price calculated with each recurring swap?

Swaps are routed via the RUJI Trade order book at the current best market price.

The price for each swap is calculated at the time the transaction is executed. Swaps execute on the RUJI Trade order book and can include parameters like price impact or price protection, to ensure you receive a minimum amount of tokens. If the price exceeds the max price impact settings or price threshold, the transaction will fail in order to protect you from unfavorable swaps.

Before starting your strategy, make sure to have a look at the summary to make sure everything looks right. Or review your ongoing strategy from the Recurring Orders overview or the overview.

6. Can I pause the recurring order temporarily and resume it later?

Yes. Pausing and resuming of recurring orders is supported.

7. What are the fees?

An automation fee of 25bps (0.25%) applies to all funds exiting a recurring order, whether through completion or manual withdrawal. This fee is over and above standard RUJI Trade taker fees.

RUJI Index substantially simplifies managing your diverse crypto portfolio.

Instead of picking individual coins, you can hold ready-made index tokens that track a whole basket of assets. Behind the scenes, smart contract vaults keep everything fully backed and automatically balanced.

You can mint, redeem, or trade these index tokens anytime, without asking anyone for permission. All available indices are listed on our Index page.

Key Features

• Fully Decentralized, On-Chain Indices: RUJI Index products are non-custodial and operate entirely on-chain. With no central intermediary, all asset management and trading logic is governed by smart contracts.

• Tokenized Asset Baskets: Each index represents a bundled basket of assets. Minting an index token, generates a single receipt token that is composable and can be used in other DeFi protocols, simplifying liquidity and collateral management.

• 100% backed at all times: At all times, every index is backed by its full complement of underlying assets stored in the smart contract vault. This model unlocks a wide range of DeFi applications, as each index token consistently reflects the combined value of its underlying assets.

• No deposit & withdrawal lock-up: The underlying assets are redeemable at all times (subject to orderbook liquidity), with no deposit or withdrawal lock up period. Additionally, some indexes have their own order book on , where the receipt token can be bought and sold without requiring minting or redeeming. This enables efficient arbitrage, helping ensure the index token consistently trades near the combined value of its underlying assets.

• Automated Rebalancing Engine: For rebalancing indexes, the smart contract continuously adjusts the assets within the index to maintain predefined target weights. Each rebalance takes price impact and slippage into account, selling assets that have exceeded their target allocation and buying those that have fallen below. Fixed indexes do not rebalance, letting winners run and losers lose.

Benefits

• One-click diversification: Access a diversified portfolio with a single action. By minting index tokens you gain broad market coverage and simplify your portfolio management.

• Efficient rebalancing: Since the index automatically rebalances according to pre-set parameters, you don’t need to monitor the market 24/7. The protocol minimizes slippage and price impact by executing trades strategically, helping maintain target allocations over time.

• Permissionless minting & redemption: Anyone can mint or redeem index tokens at any time. This open access minimizes price discrepancies between the index token and its underlying assets.

Fees & Fee Sharing with THORChain Base Layer

• RUJI Index: There is no mint fee, only a redemption fee of 1.0% as well as management fee of 1.0% p.a., both accruing to RUJI stakers

• Rujira & THORChain: RUJI Indexes are products built on top of Rujira's Orderbook DEX. Hence, every mint, redemption and rebalance is subject to the standard Orderbook DEX fee, accruing value to both RUJI stakers and THORChain Base Layer.

Status

• Live .

Advanced Documentation

Issuance and Redemption

When issuing & redeeming an index asset, the protocol handles calculations, swaps, mint/burning as well as maintaining all the underlying assets inside a vault.

A high-level asset / user flow is illustrated below.

Issuing an index token

The contract issues an asset in six steps:

1. Contract receives an amount of base asset from the user (RUNE or USDC, depending no the index).

2. Contract determines how many units of the base asset are used to buy each allocation based on stored index asset weights.

3. Contract initiates the swaps on the swap venue (RUJI Trade).

4. Contract receives swap output and adds it to the vault.

Redeeming an index token

Redemption of an index token is done in five steps:

1. Contract receives an amount of index tokens from user.

2. Contract determines how much of each underlying allocation are redeemed based on the total amount of underlying assets and total issued index tokens.

3. If needed, the contract initiates the swaps on the swap venue (RUJI Trade) to get the base asset.

4. Contract confirms the swap outputs & burns the index token.

Rebalancing

There are currently two different type of index implementation, due to some assets having oracle prices (secured assets), while some don't (assets native to Rujira).

NAV indexes are auto-rebalancing indexes, but require all underlying assets to have an oracle price.

Fixed indexes are non-auto-rebalancing indexes with a fixed unit ratio between the assets. This implementation does not require oracles to be available for each asset.

NAV Index Rebalancing

The smart contract for each NAV index stores asset target weights. During each contract crank (e.g. minting), the index is rebalanced back towards the target weights, if the asset weight is at least X% away from the target weights, subject to liquidity. X is a parameter set in the contract.

Fixed Unit Index Rebalancing

Fixed unit indexes do not auto-rebalance. However, they can be rebalanced manually including for the following reasons:

• Change the asset composition (i.e. add or remove an asset to/from the index).

• Remove an asset in an emergency, e.g. case of protocol exploit/security issue.

• Update asset weights to align with orderbook liquidity, in case the liquidity to index TVL share ratio changes drastically on one asset.

Stay updated with health checks and notifications through our Discord.

Detailed documentation is available in the THORChain Dev Docs.

THORChain Public Endpoints

Mainnet

• RPC:

Stagenet

• RPC:

• gRPC:

• Midgard REST API:

Rujira Ecosystem APIs

GraphQL API

High-performance API for extensive data across the Rujira ecosystem:

• Mainnet:

• Stagenet:

• Docs: Embedded inside the above links.

• API key: Email [email protected] to request an API key.

For GraphQL subscriptions and real-time data streaming, use a Phoenix Socket-based connection instead of HTTP. This ensures low-latency, bidirectional communication with Rujira’s endpoints. A working example is available , which:

• Initializes a Phoenix Socket instance (PhoenixSocket from phoenix).

• Wraps it with @absinthe/socket for Relay-compatible GraphQL subscriptions.

• Includes fallback compatibility fixes for outdated libraries.

REST API

For RUJI Trade DEX and RUJI token supply integrations:

• Mainnet: ,

• Stagenet: ,

• Docs:

For a more comprehensive solution, use our .

Endpoint Testing

RPC/API Endpoints:

gRPC Endpoints:

At Rujira, we’re constantly exploring new ways to extend the ecosystem.

This page lists open development ideas: things the community or independent builders can create around our core products.

Each idea is tagged by category, with direct contacts for guidance.

If you decide to build one, please register your intent (see below) so we can support you and avoid duplicate work.

THORChain builds in the open—and Rujira is no exception—hence your smart contracts code will have to be open source if you build on Rujira.

Deployments on Rujira are permissioned, we look to create a coherent suite of apps and avoid duplicates. The development process includes vetting by the Rujira team, external audits and ultimately whitelisting by THORChain's node operators for mainnet deployment. Before starting to build, please contact the Rujira team to get introduced and make sure your project fits into the bigger picture and doesn't overlap with existing plans.

Make sure to check the file before you start building on the App Layer, and take the time to check the commits of previous contracts deployed in the file.

Start Developing

This guide will walk you through the development process for building, testing, and deploying CosmWasm contracts on Rujira. It covers everything from writing your contract, performing unit and integration testing, deploying to test environments, and finally deploying to mainnet.

RUJI Perps is a decentralized, fully collateralized perpetual futures trading platform (Perp DEX) that allows users to trade tokens with up to 50x leverage, offering a secure and innovative trading experience. Unlike traditional perpetual futures platforms, RUJI Perps eliminates insolvency risk by ensuring all positions are fully funded, which guarantees the safety of traders' profits (PnL). With unique features such as locked liquidity, crypto-denominated pairs and cross margin, RUJI Perps is designed to overcome common challenges in the perpetual futures trading space, including liquidity imbalances and market manipulation.

Key Features

• Locked Liquidity: RUJI Perps introduces an innovative system of locked liquidity, where liquidity providers (LPs) deposit assets that are locked against traders' positions. These locked assets represent the maximum potential profits traders can achieve, ensuring there is always liquidity to pay for trader’s gains. This system prevents the risk of illiquidity even during extreme market conditions, ensuring that the platform can cover profits for all traders. Liquidity providers are compensated for the risks they take by receiving trading and borrow fees from traders.

To instantiate, store and deploy contracts on Rujira, teams need to setup a multisig on THORChain. There are currently three ways to setup a multisig on THORChain:

1. DAODAO

2. Keplr Multisig

3. Thornode Multisig Key

1. DAODAO

The preferred option to setup a multisig is using because it let's teams not just sign off on transactions, but contains a whole library of actions that satisfy all the needs a decentralised team will ever need:

You can create a DAO on DAODAO using this link:

2. Keplr Multisig

THORChain is available on and hence , allowing teams to create simple multisigs to sign off on THORChain transactions:

You can create a Keplr Multisig using this link:

Consider using only individual Keplr wallets that are connected to Ledger hardware wallet to add an extra level of security to the Keplr Multisig.

3. Thornode Multisig Key

This guide walks you through the complete process of creating and using a multisig wallet on THORChain, including the installation of thornode, setting up the multisig key, generating and signing transactions, and finally broadcasting them.

This guide has been prepared with love by the team ❤️

Special Instructions for macOS Users

If you're on macOS, you may encounter issues with default versions of tools like awk, sed, and find, which are not GNU-compliant. To fix this:

1. Install the GNU versions of the required utilities using Homebrew:

1. Add the GNU versions to your PATH. Add the following lines to your shell config (~/.zshrc or ~/.bash_profile):

Then run:

1. Update Go to the required version (at least Go 1.23.4):

Verify with:

Once all is set up, you're good to go with make install.

Prerequisites

Each member of the multisig must:

• Have access to a local terminal.

• Install thornode.

• Share their public key with the group.

• Be able to sign and submit transactions individually.

Step 1: Install thornode

Install the Thorchain CLI binary on your machine:

This installs the thornode binary in your $GOPATH/bin. Make sure it's in your system path.

Step 2: Generate and Share Public Keys

Each participant should create a new key (if they don't already have one):

Then export your public key:

Share this public key with all other members.

To import a public key shared by another participant, use:

Once you have everyone's pubkeys imported, you can create the multisig key.

Step 3: Create the Multisig Key

Each participant must locally create the multisig key with the same set of public keys and threshold:

Example:

⚠️ This must be done identically by all participants.

Step 4: Generate the Transaction (Only Once)

One participant prepares a transaction to send 1 RUNE and exports it to JSON (leave some RUNE for paying the fee):

This transaction file is then shared with all multisig participants.

Step 5: Each Participant Signs the Transaction

Each participant signs the transaction using their own key and the multisig key:

Everyone sends their sig-<your-name>.json file to the coordinator.

Step 6: Combine Signatures and Broadcast

One person aggregates the signatures and broadcasts the final signed transaction:

Final Step: Test It

Once the multisig address is finalized and funded, you can test the setup by executing a multisig transaction that sends 1 RUNE to a known address as shown above.

Summary

• Every member installs thornode, generates their key, and shares the pubkey.

• All members must create the same multisig locally.

• One person creates the transaction; everyone signs.

• The final signed transaction is broadcast by one member.

To understand how Rujira is the App Layer built on THORChain, please refer to the THORChain Docs, where the assets that tie the base layer (THORChain) together with the app layer (Rujira) are referred to as Secured Assets.

Secured Assets enable users to deposit Layer1 (L1) tokens (e.g., Bitcoin, Ethereum) into THORChain, minting corresponding tokens that can be used on Rujira and across the THORChain ecosystem. These assets offer fast, efficient trading and transfer options and are designed to integrate seamlessly with CosmWasm smart contracts and connect to other IBC-enabled chains.

Key Features of Secured Assets

• Backed by L1 Deposits: Users deposit L1 tokens like BTC into THORChain's decentralized Asgard Vaults, which mints a corresponding Secured Asset (e.g., BTC-BTC). These Secured Asset tokens represent a share of ownership of the underlying L1 assets in the vault. The Asgard Vaults are secured by Threshold Signature Schemes (TSS) with the private keys split among ~100 independent node operators that churn every 3 days.

• Fungible and Transferrable: Secured Assets are easily transferred between accounts or sent across IBC to other chains, enabling cross-chain trading and interoperability.

• App Layer Use (Rujira): Within Rujira, Secured Assets can be used for trading, swapping, and interacting with decentralized apps (dApps) like limit orders, lending, or liquidity provision.

• Efficient Arbitrage: Secured Assets allow traders (especially bots) to perform faster, more capital-efficient arbitrage compared to synthetics, adjusting market prices with less capital.

• No wrapping or third-party bridges: Secured Assets remove all dependency to third-party bridges (e.g. Axellar, Gravity) and wrapping by centralized intermediaries (e.g. wBTC by BitGo, cbBTC by Coinbase), enabling access to DeFi with native assets from all connected chains.

Flow: Using Secured Assets on Rujira

How Secured Assets Work on Rujira

1. Deposit: Users deposit L1 tokens (e.g., BTC) into THORChain's decentralized Asgard Vaults, creating a corresponding Secured Asset.

2. Representation: The Secured Asset represents shares in the pool of deposited L1 tokens.

3. Trading and Swapping: On Rujira, users can trade or swap Secured Assets (e.g., BTC-BTC) quickly and efficiently, without Layer1 fees.

Security

Secured Assets are backed by L1 deposits but are separate from THORChain liquidity pools. To maintain security:

• TVL Check upon minting ensures that there is sufficient security budget to accommodate more Secured Assets.

• Incentive Pendulum can ensure the total value of L1 assets (including Secured Assets) does not exceed the security provided by bonded nodes. This feature is optional and controlled by a Mimir parameter 'PendulumUseVaultAssets'. By default, Secured Assets are "optimistically secured" by THORChain validators (they are not inside the Incentive Pendulum). Secured Assets make THORChain nodes money from App Layer fees, that is how they pay for their security.

Using Secured Assets in Rujira

Minting Secured Assets

To mint Secured Assets, users send L1 tokens with a specific memo to THORChain’s vault. The asset is then converted into a Secured Asset.

Example:

Swapping and Trading

On Rujira, Secured Assets can be swapped or traded like any other token, enabling quick and low-fee transactions.

Example:

Withdrawing Secured Assets

Users can convert their Secured Assets back into L1 tokens by sending a withdrawal memo, receiving the equivalent L1 token (e.g., Bitcoin) based on their Secured Asset balance.

Example:

Transaction Flow

To understand the the interactions between smart contracts on Rujira and the base layer L1 pools on THORChain, there are essentially two ways to call a contract:

• Path 1: Layer 1 Transaction + Memo

• Path 2: THORChain Transaction Direct Execution

Path 1: Layer 1 Transaction + Memo

A user initiates a transaction using a Layer 1 deposit along with a memo structured as x:{contract}:{payload}. This triggers the smart contract on Rujira, executing the specified function while utilizing the funds sent in the Layer 1 transaction. The smart contract can then emit sub-messages to perform additional actions such as:

• Swapping BTC to RUNE and bonding the RUNE with a Node Operator.

• Depositing BTC into a lending protocol, borrowing secured USDC, and withdrawing secured USDC to say Ethereum or any other network supporting USDC.

The execution follows the sequence dictated by the contract logic, with each step being carried out in order. Once all actions are completed, the contract returns a response to the user.

Transaction flow using x: Memo in Layer 1 Transactions

• User: A MsgDeposit is initiated by the user with a memo formatted as x:{contract}:{payload}.

• L1: The L1 performs a couple of actions when a user makes a deposit:

  • TxIn: The deposit is processed async without validation by the smart contract at this stage.

Path 2: THORChain Transaction Direct Execution

A user interacts with the contract directly via a THORChain transaction using MsgExecuteContract { contract, msg, funds }. This method is functionally similar to the x: memo approach but offers additional capabilities:

• The funds field allows sending THORChain-native tokens such as x/ruji, which do not have a representation in MsgDeposit notation.

• The ability to send multiple tokens simultaneously, enabling operations like depositing x/ruji and ETH-USDC into a dual liquidity pool in a single transaction.

Transaction flow using direct MsgExecuteContract Call

• A user directly calls MsgExecuteContract on THORChain with { contract, msg, funds }.

• The contract processes the message and executes multiple actions such as an asset swaps, adding liquidity, etc.

• The L1 Pools handle swap and liquidity actions.

Strategies Overview

Q: What is Strategies? Strategies is the place where you can see all ways to earn on Rujira. It gives you simple options and more advanced ones in one clear view, including RUJI Pools automated market making strategies, Lending vaults, staking, Perp LPs and more.

You can access Strategies at rujira.network/strategies.

Q: What different strategies are available? The following strategies are currently available:

1. XYK Pools

2. Fixed-range Concentrated Liquidity Pools (soon)

3. THORChain Continuous Liquidity Pools

4. Lending Vaults

5. Staking

6. Perp LPs

Q: What is an Automated Market Maker (AMM)? RUJI Pools is our multi-strategy Automated Market Maker. For each trading pair, it manages a stock of base asset (e.g. BTC) and quote assets (e.g. USDC), automatically placing buy and sell orders on RUJI Trade orderbook to provide liquidity. Each strategy follows a specific set of rules to define how much of each asset to buy or sell at various price levels. Each strategy generates some return in the form of a spread every time it takes a trade (i.e. sells at a slightly higher price than it bought for / buys at a slightly lower price than it sold for).

AMM strategies democratize access to market making and allow anyone to put any two assets you are happy to get exposure to at work to generate some yield.

Q: What makes Rujira’s AMM unique? RUJI Pools works directly with RUJI Trade, our on-chain orderbook DEX. Liquidity from each strategy is placed into the orderbook in real time based on each strategy rules.

Rujira's unique design separates the DEX (RUJI Trade) from the multi-strategy AMM (RUJI Pools) with all strategies adding liquidity to the same orderbook, resulting in deeper markets for traders, while offering multiple opportunities with different risk profiles for everyone to become a market maker.

Strategies - AMM/XYK

Q: What is an XYK pool? An XYK pool is a market-making strategy that keeps a 50/50 balance between two tokens (for example, BTC and USDC).

When one token goes up in price, the strategy automatically sells some of it and buys the other, earning small profits from these price movements.

This approach reduces downside risk compared to simply holding the tokens when price goes down, but it also lowers upside gains when price goes up. It’s a powerful tool for people who want steady returns with less volatility.

You can access XYK Pools here: For more details, see the XYK strategy .

Q: How can I open a position? Go to the Strategies page, filter by XYK, choose a strategy, enter the amount you want to provide, and sign the transaction.

Q: What is impermanent loss? Impermanent loss (IL) is the reduction in value that happens when the prices of the two tokens you provided to a liquidity pool move apart, leaving you with less total value than simply holding them separately. Because an XYK pool automatically rebalances to a 50/50 target ratio, it sells some of the token that goes up in price and buys more of the one that goes down. If prices do not return to where they were when you entered, you end up with more of the underperforming token and less of the outperforming token, making the value of your position lower than if you had simply held the two tokens separately.

If volumes have been good during the period, the fees you generated by providing liquidity should more than offset the IL. If prices come back to their level at the time you opened your position, the IL will be reverted and the trading fees you earned will be pure profit.

Strategies - AMM/Fixed-range Concentrated Liquidity

Q: What is a Fixed-range Concentrated Liquidity pool? A Fixed-range Concentrated Liquidity (FCL) pool lets you provide liquidity within a specific price range instead of across the entire market.

This means your capital works more efficiently: you earn higher fees when trading happens inside your chosen range.

The tighter your range, the more volumes you will facilitate while price is inside your range and the more fees you will earn. The downside is that the tighter your range, the more likely price will move outside and you will be left holding the underperforming asset and not generating yield while price is out.

Finding the range that works for you depends on your time horizon and what your prospective view on the two tokens prices is. Taking the example of a BTC/USDC FCL position, a helpful way to think about it is to ask at which price you would be happy to be holding 100% BTC, and at which price you would be happy to be 100% in USDC.

Let’s say current price is $90,000 and you looked at the charts and believe it’s unlikely BTC will drop below $70,000, or go above $150,000 this cycle, which is the time horizon over which you plan to hold this position. Those would be the two limits of your range, it means you are happy to keep buying BTC with USDC till it drops to $70k and then have 100% of your position in BTC, or keep selling BTC for USDC till it reaches $150k and then have 100% of your position in USDC. Meantime, you are collecting fees on the trading volumes generated by your position, making money on volatility as long as the price stays in your range.

You can access CL Pools here: [coming soon].

For more details, see the FCL strategy .

Q: How can I open a position? Go to the Strategies page, filter by FCL, choose a pair for which you want to provide liquidity, enter how much you want to provide and your range, and sign the transaction.

Q: What is impermanent loss? Impermanent loss is the reduction in value that happens when the prices of the two tokens you provide move apart, leaving you with less total value than simply holding them separately.

With fixed-range concentrated liquidity, your funds are active only within the price range you set. As the market moves within your range, the strategy sells the outperforming token to buy the underperforming token, making the value of your position lower than if you had simply held the two tokens separately.

If the price moves outside your range, your position becomes fully one-sided, and the loss becomes larger if the price never returns. This means impermanent loss is amplified for FCL positions compared to a standard XYK LP, but the yield is also much higher as long as the position remains in range.

Strategies - AMM/THORChain Continuous LP

Q: What is a THORChain Continuous Liquidity Pool? A Continuous Liquidity Pool (CLP) provides liquidity to THORChain’s native pools, which pair tokens with RUNE using a constant product AMM model (XYK) and a dynamic slip-based fee. It works similarly to the XYK strategy on Rujira but directly on the THORChain base layer.

You earn yield from:

• Slip-based fees, which increase with trade size

• A share of Rujira’s revenue that is sent to THORChain

Rewards are split between liquidity providers (LPs) and THORChain node operators based on the Incentive Pendulum*.

You can access Continuous LPs here: For more details, visit the Continuous LP docs:

*Incentive Pendulum: a system that dynamically balances rewards between THORChain’s liquidity providers and node operators to keep the network healthy.

Q: How can I open a position? Go to the Strategies page, filter by Continuous LP, choose a pool, enter the amount you want to provide, and sign the transaction.

Q: What is impermanent loss? Impermanent loss is the difference in value between providing liquidity and simply holding your assets, caused by price movements between the two tokens in the pool.

With THORChain’s Continuous Liquidity Pool (CLP) model, the pool automatically rebalances your assets as prices move to keep the value of each side at 50/50. When one asset increases in price relative to the other, the pool sells some of it into the other asset to keep the pool balanced. Over time, this leaves you with more of the asset that underperformed and less of the one that outperformed.

THORChain reduces the impact of impermanent loss through its fee structure. Swappers pay liquidity fees, and those fees go directly to LPs. When the pool is active and swap volume is high, these fees can offset or even exceed impermanent loss. If prices never return to where they were when you entered, the difference between the LP value and the hold value becomes your impermanent loss.

Strategies - Lending

Q: What are Lending Vaults? Lending vaults are where all assets from lenders are pooled together. For example, all BTC deposited by lenders is combined in a single BTC lending vault, and borrowers can take loans directly from that shared pool.

You can access them here:

Q: What happens to the assets that I lend out? Your assets are added to the lending vault and combined with those from other lenders. When someone borrows that token, it comes from this shared vault, and the interest paid is split pro-rata among all lenders.

Q: Can I always withdraw my assets? You can withdraw your assets as long as they are not currently borrowed. If most of the vault’s assets are being borrowed (high utilization rate*), you may need to wait until some borrowers repay or new lenders add more liquidity.

*Utilization rate: the percentage of total deposited assets that are currently borrowed.

Q: How is the lending rate determined? The lending rate depends on the utilization rate:

• When more of an asset is borrowed, or when some lenders withdraw from the vault, the rate goes up.

• When borrowing demand is low, or when more lenders deposit into the vault, the rate goes down.

This market driven mechanism helps balance supply and demand and keep interest rates in line with the broader DeFi market, attracting borrowers when there is an excess supply and rates are low, and attracting lenders when there is an excess demand and rates are high.

Strategies - Staking

Q: What is staking? Staking lets you deposit your token in a smart contract (sometime with a lock up period) to earn rewards over time. It’s a simple way to support the network and earn passive income.

You can access staking here:

For more details, visit the staking .

Q: What tokens can be staked? You can currently stake the following tokens:

• $RUJI

• $TCY

• $AUTO (soon, currently available )

• $LQDY (soon, currently available )

Q: What is the difference between Standard and Auto-Compounding staking?

• Standard staking: You earn rewards (usually in $USDC) which you can claim whenever you want.

• Auto-compounding staking: Your rewards are automatically used to buy more of the same token, which increases your staked balance over time.

Example: If you stake $RUJI, you normally earn $USDC rewards. With auto-compounding turned on, your $USDC is automatically used to buy more $RUJI, which is added to your stake.

Q: Is there an unstaking period? Staking might be subject to an unstaking period during which you have to wait after signaling your intention to unstake, before you can access to your tokens:

• $RUJI: No unstaking period (instant).

• $TCY: No unstaking period (instant).

• $AUTO: 14-day unstaking period.

• $LQDY: 7-day unstaking period.

The page acts a repository showing earning opportunities across the ecosystem, both Automated Market Making strategies for RUJI Trade orderbook (provided by ), and opportunities such as , staking, providing liquidity for , or strategies provided by other ecosystem projects. This list will be updated as more protocols roll out and more opportunities become available.

Before making a deposit, make sure to read the and understand the risks. Rujira is a suite of open-source, permissionless, non-custodial smart contracts—we simply provided tools, not financial advice or advice of any sort. Use the tools at your own risk.

Automated Market Making (AMM) Opportunities

This page outlines the audit and review process required before deploying contracts and applications to THORChain mainnet.

Review Process

Before any deployment to mainnet, all contracts go through a structured review and audit process from stagenet to mainnet. This involves technical verification, governance-level review, and clear communication of the code’s purpose and security posture.