THORChain Fees Rebound but Stay 84% Below September Peak

The recovery in THORChain's fee base is real but shallow: clearing the pre-surge week matters less than the fact that revenue still sits far below its September high, which suggests the earlier surge was largely transient activity rather than a durable shift in usage. For a protocol whose economics depend on sustained swap volume, that gap is the story. The open question is whether fees keep grinding higher from here or settle into a lower band, since the current level implies the network is still operating well under its recent capacity for revenue generation.