Buyback Radar

THORSwap THOR

Sell signal activeRank#17▼1Score47

Sell signal since Oct 30. no variant; REV ratio 1.1×, HR ratio 1.1×. Still open: payout at 7% of its 90-day peak. Also active: Distribution cut. See Signals.

DEX Aggregator, Ethereum, 192 days of data

Active signals 3

  • Distribution cutsince Nov 6

    Paid to holders this week $17k, 18% of its usual $94k per week. Revenue this week $22k.

    Payout to holders cut: revenue this week $22k, 1.1× the week before, paid to holders 18% of its usual week. Still open: the payout has not recovered.

  • Sell signalsince Oct 30

    Revenue this week $22k, 1.1× the week before.

    Weekly revenue drop: revenue this week $22k, 1.1× the week before, paid to holders 1.1× the week before. Still open: payout at 7% of its 90-day peak.

  • Multiple below medianheld since Nov 2

    Multiple 3.7×, below the 15.3× median of Trading (26 tokens).

Market cap

$10.4M

price $0.0409 · 7d +4.9% · 30d +19.6%

FDV $10.3M (1.0× market cap)

source defillama

Counted per year

$2.9M

holders revenue of the last 30 days, $312k, × 365 ÷ 30, × type factor 0.75 (a mixed model counts 75%)

Mixedbuyback share 75%

DefiLlama books 75% of thorswap's revenue as holders revenue; the project itself says 20% of its revenue. See How the buyback really works.

Returns 36% of its market cap a year, using 75¢ of every $1 it earns.

Not a buyback: counts for 75% in the multiple (type factor 0.75), so the denominator is $2.9M instead of $3.8M.

Multiple

3.7×

peer median 15.3× (Trading, 26 tokens), against 3.7× here

Run-rate

24.6×

last 7 days $11k × 52 × 0.75 (type factor) = $423k a year

last week's payout to holders ran at 15% of the 30-day pace: the payout is slowing

What we checked

  1. Valuation

    Multiple 3.7× (type factor 0.75: a mixed model counts 75%), 4.2× cheaper than its Trading peers (median 15.3×, 26 tokens). The group's largest earner Hyperliquid trades at 20.2×: 5.5× cheaper per dollar returned to holders. On total revenue: 2.1×, 1.6× cheaper than the revenue peer median.

  2. Distribution

    Mixed: Part buyback, part distribution or burn; the exact split is not known. Holders got $312k of $416k revenue in 30 days → buyback share 75%. DefiLlama: “Swap Fees To THOR Stakers And Buyback: 75% of swap fees, which goes to THOR stakers and THOR buyback.”

  3. Sustainability

    Holders were paid on 27 of 30 days (90%); largest single day 26% of the month's holders revenue; paid to holders this week: 4% of the best week in 90 days (more than half below peak). Revenue −44% over 7 days and +55% over 30 days, price +20% over 30 days.

What this does not tell you

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

Flags

  • Sell signalactive since Oct 30; no variant; REV ratio 1.1×, HR ratio 1.1×. Still open: payout at 7% of its 90-day peak. See Signals
  • Distribution cutactive since Nov 6; paid to holders $16.9k in the week to 2026-11-07 vs $93.7k per week from 2026-10-04 to 2026-10-31 (18%) while REV7 is $22.5k ($20.6k the week before); last payout 2026-11-07. Still open: the payout has not recovered. See Signals
  • Payout >50% below peakthis week's holders revenue is 4% of its best week in the last 90 days ($242k)
  • Insufficient history191 days of data; g7 not computable yet and scored as neutral 50

How the buyback really works

Researched Nov 1, 2026 · 5 wallets: 3 high, 2 medium confidence

  1. The moneyPaid from ongoing revenue
  2. The buyerPartly automatic, partly up to the team
  3. The tokensBought tokens are burned

The project says 20% of its revenue goes to buybacks; DefiLlama books 75% of thorswap's revenue as holders revenue.

On-chain: at least $3k bought back over 26 days, at least 1% of what DefiLlama reports for the same days. Our method sees only part of what DefiLlama counts, so a lower share proves nothing.

Method: Etherscan v2 getLogs: THOR from the fee distributors (V6 0x8bf9…, V5_2 0x2495…) to 0x…dEaD (burn) and vTHOR; DefiLlama also counts USDC paid to stakers, so this is a lower bound. Checked November 12, 2026.

Red flags 6

  • On 2026-10-31 the burn is effectively marginal: ~1,138 THOR in October (~$45 at ~$0.038), far below 20% of revenue. The V5 collector has had no THOR transfers in the last 31 days.
  • According to the researcher, TIP-19 migrates THOR to METRO, with no buyback and burn in the first 3 months. This could not be independently confirmed (search results only mention TIP-018 and Metro as an open-beta app). Treat it as unverified, but as a major risk.
  • DefiLlama's calculation applies a fixed 75% of USDC fees as holders revenue and only includes v3, v4, v5 and v5.1, not V5_2 or V6. That is an assumption, not a measurement.
  • Admin rights in V5_2 and V6: setShares, emergencyRecoverToken, cancelPendingDistribution, commissionVault/maxCommissionSplitBps. Execution via EXECUTOR_ROLE (semi-automatic).
  • Earlier THOR burns (2023-2024) came from the Community Incentives allocation, not from revenue.
  • Very thin THOR liquidity.
Buyback wallets 5
Sources 7

Open the buyback wallets in their explorer and look for regular purchases of the token.

Check it yourself (technical)

Fetch the THOR transfers (0xa5f2211b9b8170f694421f2046281775e8468044) per distributor (V6 0x8bf9..., V5_2 0x2495..., V5 0x335F...) via Blockscout v2 /api/v2/addresses/{addr}/token-transfers?type=ERC-20&token=THOR or Etherscan v2 tokentx chainid=1, over 30 days. Count outflows to 0x...dEaD (burn) and to vTHOR 0x815C... (stakers) separately. Transfers from other addresses to dEaD are not protocol burns. USDC inflow to the distributors is the revenue. In V6 also read the Distribution (thorForVThor, thorForBurn) and SwapToThorInitiated events. Verifier check 1–31 Oct 2026: together ~1,138 THOR burned (V5_2 ~704, V6 ~433) and ~1,193 THOR to vTHOR; the THOR came in from 0xd37bbe5744d730a1d98d8dc97c42f0ca46ad7146.

Holders revenue / revenue (30d)
$312k / $416k
last 30 closed days
To holders
Returns 36% of its market cap a year
FDV / dilution
$10.3M / 1.0×
FDV ÷ market cap
Price 7d / 30d
+4.9% / +19.6%
Revenue growth 7d / 30d
−44% / +55%
versus the period before
Divergence
0.26
revenue growth minus price growth, 30d
DEX liquidity
$27k
DexScreener, representative pools
24h volume
$4k
all markets, CoinGecko
Unlocks 30d
—
DefiLlama's schedule does not cover the next 30 days while tokens are still locked
Revenue multiple
2.1×
market cap ÷ revenue per year
Fee multiple
2.1×
market cap ÷ fees per year
Distance to peak
4%
this week ÷ best week of 90 days
Data since
May 4
first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)▲ ▼ signal days (history below)

Multiple over time

today 3.7× (scored) · peer median 15.3×

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

Signal history

Signal history of this token: date, type, price at the signal, price after 7 and 30 days, change since the signal and the outcome
DateSignalPrice thenAfter 7dAfter 30dSinceOutcome
November 2, 2026Multiple below medianactive$0.0337——+21%not counted
November 7, 2026Distribution cutactive$0.0353——+16%30-day check: day 5
October 30, 2026New in top 20closed Nov 2: the token left the Main ranking$0.0403−13%—+2%not counted
October 31, 2026Multiple below medianclosed Nov 2: the token left the Main ranking$0.0403−13%—+2%30-day check: day 11
October 31, 2026Sell signalactive$0.0403−13%—+2%30-day check: day 11

Versus peers

Trading (merged group) · 27 tokens (26 with a multiple) · median multiple 15.3× · Hyperliquid is valued 1623.6× higher. Per dollar that counts for holders, THORSwap is 5.5× cheaper.

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

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
TokenDistributionMultipleRevenue multipleBuyback shareTo holders 30dMarket capRev. growth 30d
Pharaoh Exchangeve / bribes0.3×0.2×100%$1.3M$2.6M−52%
OTCBuyback + burn0.5×0.2×43%$292k$1.9M+111%
RamsesXMixed0.7×0.5×97%$368k$2.2M+8%
nestDistribution0.8×0.4×100%$869k$4.4M+32%
SaplingBuyback + burn0.9×0.7×82%$100k$1.1M−30%
StonkFunBuyback + burn1.7×1.0×60%$1.7M$34.5M−88%
upve / bribes2.0×1.0×100%$313k$3.9M−68%
THORSwapthis tokenMixed3.7×2.1×75%$312k$10.4M+55%
ChainflipBuyback + burn5.4×5.4×100%$520k$34.4M+59%
PonsBuyback + burn5.7×5.7×118%$1.7M$99.8M−84%
PumpBuyback5.8×2.6×44%$21.9M$1.54B−24%
Aerove / bribes8.7×4.0×96%$7.4M$372.0M−6%
LighterBuyback14.6×11.8×81%$4.4M$775.1M+14%
edgeXBuyback16.0×7.0×44%$622k$120.8M−43%
PancakeSwapBuyback + burn19.5×12.8×65%$2.4M$563.6M−29%
HyperliquidleaderBuyback + burn20.2×20.2×100%$68.8M$16.94B−3%
ApeX ProtocolMixed21.2×15.9×100%$145k$28.2M−21%
RaydiumBuyback27.1×16.8×62%$1.3M$425.4M−65%
Curve Financeve / bribes29.3×11.1×94%$2.6M$374.4M+44%
GMXDistribution37.0×13.5×73%$354k$79.6M+15%
UniswapBuyback + burn37.3×37.3×100%$8.2M$3.71B−20%
OrcaBuyback47.8×7.9×16%$130k$75.6M−36%
AsterBuyback + burn50.2×∞—$2.8M$1.69B—
JupiterBuyback50.2×15.9×32%$1.4M$856.4M−32%
dYdXDistribution51.6×25.8×100%$240k$75.2M−15%
MeteoraDistribution180×5.2×18%$458k$161.9M−60%
BONK.funMixed∞11.7×95%$1.5M$233.7M−67%
Score build-up47 of 100

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

47of 100#17▼1top 32% one or more parts are the neutral 50
Valuation 29.0Momentum 12.5Divergence 3.4Quality 11.7penalties −10= 46.6
Valuation35%
83Valuation 82.9: HR half 94.3 (multiple 3.66×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 71.5 (revenue peer value 1.61×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.
Momentum25%capped
50Momentum 50.0 (neutral): g7 unknown, g30 0.436; missing history gives the neutral 50.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.
Divergence20%capped
1717 before the peak capDivergence 17.2: d = g30 − p30 = 0.257; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.
Quality20%
58Quality 58.5: mean of days HR>0 90% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 26% of HR30 → 75.4 (0 at ≥60%, 100 at ≤15%), distance to peak 0.04 → 0.0 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).
  • Penalty −10 (low_liquidity): DEX liquidity $27k below $250k and 24h volume $4k below $1.00M.

HR7 is below 50% of its 90-day peak: momentum and divergence are capped at 50. This is not a penalty; the distance already counts in quality.

Penalties−10

−10Liquidity below $250k (dex) or 24h volume below $1M (cex)DEX liquidity $27k below $250k and 24h volume $4k below $1.00M

9 rules not applied, 3 wait for research data.

Where the numbers come from
Revenue source
1 active child
DefiLlama adapter per child
Price and market cap
defillama / defillama
latest fetch
Scored on
November 11, 2026
as-of date of the last compute run
On-chain verified
partly measured
checked Nov 12
Protocols behind this token1 at DefiLlama

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

  • THORSwap
    DEX Aggregator · Ethereum, Arbitrum, BSC, Tron, Bitcoin, Base, Solana, Robinhood Chain, Litecoin, Polygon, Avalanche, Bitcoincash, Doge, Zcash, Dash
    type mixed · source label
    “Swap Fees To THOR Stakers And Buyback: 75% of swap fees, which goes to THOR stakers and THOR buyback.”

    75% of swap fees, which goes to THOR stakers and THOR buyback.

    Swap Fees To THOR Stakers And Buyback
    75% of swap fees, which goes to THOR stakers and THOR buyback.
    adapter on GitHub ↗