Rujira Money Market

Summary

Ketju does not approve Rujira Money Market under its class rule for protocols on unapproved chains: it lends native assets inside the THORChain application layer, and THORChain has not passed Ketju’s chain review. The chain rule applies whatever the lending terms. We made no finding on how well Rujira is run.

Review triggers
• Ketju approves THORChain in its chain review, with no chain review trigger open
• Rujira launches a material, independently verifiable lending deployment on an approved chain

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-15.

Research

How it works

Rujira is an application layer on THORChain that offers an order book, automated liquidity strategies, lending, liquidations and staking over native assets. The money market lends those native assets. THORChain itself records and executes balances, collateral, interest, liquidation and withdrawal; no contracts on a separately reviewed chain are involved.

Size and holdings

The DefiLlama protocol API, read on 2026-09-15, classed Rujira Money Market as Lending and reported about $1.71M, all on THORChain. DefiLlama listed it on 2026-08-11 with no recorded audit. The yield survey the same day observed six pools, all on THORChain.

Who controls it

THORChain’s validators, finality, native swap and settlement logic, and emergency controls sit under every lending transaction here. Ketju has not assessed any of them. Utilization limits how much supply holders can withdraw, as in any pooled lending market. Liquidation depends on the same chain continuing to price and settle.

Withdrawals

A RUJI Money Market lender withdraws at any time, as long as asset utilization stays under 100%. The lender redeems a transferable vault receipt token for the original asset plus accrued interest, according to Rujira’s documentation. The documentation states no withdrawal fee or delay. Rujira keeps 10% of borrower interest as protocol revenue.

Class rule

Ketju does not approve any protocol under the class rule for protocols on unapproved chains while the rule stands. The rule covers the structure and makes no finding about this protocol’s quality. It does not tell an advisor what a client should hold. The review triggers list the events that would lead Ketju to review the rule or this protocol again.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• 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
• Rujira Docs: RUJI Lending · primary · accessed 2026-10-18
  Supports: withdrawal at any time, utilization limit, vault receipt token

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.