Rujira Money Market
Rujira Money Market is native-asset lending inside the THORChain application layer. THORChain has not passed Ketju chain-level review, so the version-1 rejected-chain dossier decides regardless of the lending terms.
- THORChain receives a favorable versioned Ketju control assessment with no chain review trigger active
- Rujira launches a material, independently verifiable lending deployment on an approved chain
Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-12-15.
The research file
Mechanism applicability
Rujira is an application layer on THORChain offering an order book, automated liquidity strategies, lending, liquidations and staking over native assets. The money market lends those native assets, so balances, collateral, interest accrual, liquidation and withdrawal are all recorded and executed by THORChain itself rather than by contracts on an independently reviewed settlement layer.
Current observation and perimeter
The DefiLlama protocol API read on 2026-09-15 classified Rujira Money Market as Lending and reported approximately $1.71M on a THORChain-only perimeter, listed on 2026-08-11 with no recorded audit. The yield survey the same day observed six pools, all on THORChain.
Control and exit applicability
THORChain validator operation, finality, its native swap and settlement logic, and its emergency controls sit beneath every lending state transition here, and none of them has a versioned Ketju control assessment. Utilization constrains withdrawable supply in the ordinary way for pooled lending, and liquidation depends on the same chain continuing to price and settle.
Class rule
The rejected chain class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Rujira · primary · accessed 2026-09-15
Supports: protocol identity, THORChain application layer, native-asset lending, order book, liquidations - DefiLlama — Rujira Money Market record · secondary · accessed 2026-09-15
Supports: current TVL, THORChain perimeter, Lending category, listing date, no recorded audit
Inherited controls
The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.
| Chain | Verdict | Control | Control constraint |
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