# Liquidy ($LQDY) on THORChain App-Layer, Market Making and Swap Router | Podcast #218

Page: https://stenobird.com/podcast/thorchain-livestream-podcast-6662512/liquidy-lqdy-on-thorchain-app-layer-market-making-and-swap-router-podcast-218
Text version: https://stenobird.com/podcast/thorchain-livestream-podcast-6662512/liquidy-lqdy-on-thorchain-app-layer-market-making-and-swap-router-podcast-218.md
Podcast: [THORChain Livestream Podcast](https://stenobird.com/podcast/thorchain-livestream-podcast-6662512)
Published: 2026-07-18T17:57:28+00:00
Episode link: https://rss.com/podcasts/thorchain/3002091
Audio file: https://content.rss.com/episodes/234253/3002091/thorchain/2026_07_18_17_34_34_a05919be-6c7d-42db-84fa-f897c83ec665.mp3
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JSON: https://stenobird.com/v1/public/podcasts/thorchain-livestream-podcast-6662512/episodes/liquidy-lqdy-on-thorchain-app-layer-market-making-and-swap-router-podcast-218
Duration seconds: 5764

## Resource

In this podcast, Jandevman gives us an overview of what they do at Liquidy, how the project originated, and how they ended up building on THORChain. Swap now https://swap.thorchain.org/ THORChain is a decentralized crypto exchange. THORChain is the first and biggest DEX for Bitcoin. You can use any self custody wallet to swap and there’s no KYC required. Timestamps: 00:00:00 Intro 00:02:00 Kenton update — Keplr should be working! More integrations are coming! 00:03:00 Affiliate page widget is ready for testing 00:04:00 Air Canada story 00:06:00 Jandevman introduction 00:10:00 What was so different about Kujira that attracted you to it? 00:13:00 Jandevman rebuilt everything from scratch 00:16:00 Treasury discussion — what were the assets? 00:17:00 What was MantaDAO? 00:19:00 Website walkthrough 00:21:00 Valuation breakdown — comparing Liquidy to TradFi 00:23:00 Kenton explains NAV and asks about redemptions 00:24:00 Financial reports and analytics breakdown 00:26:00 Expense breakdown 00:27:00 Revenue sources 00:29:00 Governance process breakdown 00:30:00 Simple majority or supermajority? 00:31:00 Veto power through a multisig 00:32:00 Bonk comparison 00:36:00 Raising external capital? 00:38:00 Growing the treasury 00:39:00 How does market making work? 00:43:00 Why isn't the LQDY token on the base layer? 00:45:00 How many wallets support secured assets? 00:47:00 Which other wallets should support secured assets? 00:48:00 What other financial primitives will LQDY be involved in? 00:52:00 Will LQDY get involved in lending? 00:55:00 What other assets will be acquired? 00:56:00 What about Auto Rujira? 00:57:00 Liquidity swap router breakdown 00:59:00 What's the difference between the swap router on Rujira and LQDY? 01:02:00 Comparing different liquidity pools 01:07:00 Will r…

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## Transcript

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