Multiswap vs THORSwap: comparing two swap approaches

THORSwap is generally described as a non-custodial DeFi swap interface built around the THORChain protocol, connecting to external self-custody wallets to perform native cross-chain swaps.

Multiswap also performs cross-chain swaps, but without a wallet-connect step or a DeFi dashboard. It runs entirely inside Telegram, where you approve a quote and send the source asset to a provided deposit address.

THORSwap's usual path is a DeFi interface where you connect a self-custody wallet and perform native cross-chain swaps built around its underlying protocol. Multiswap's path is a chat conversation where the engine routes and settles after you approve a net-of-fee quote.

Both handle cross-chain swaps but present very different surfaces. One is a wallet-connected DeFi interface; the other is a linear chat with a deposit address and no connection step.

THORSwap is non-custodial and connects to external self-custody wallets, so you keep custody in your own wallet while swapping through the interface. Multiswap likewise never takes custody of your private keys, and it uses no wallet-connect; you send the source asset to a deposit address after approving a quote.

Multiswap describes its design as privacy-first, collecting only the minimal information needed to perform a swap. Both keep custody with you, but through different mechanics — a connected self-custody wallet versus a no-connect deposit flow — so choose the style that fits how you transact.

Multiswap returns one net-of-fee quote, the figure designed to land in your wallet after costs. Once approved, the engine routes and settles the swap cross-chain and applies autonomous slippage mitigation.

THORSwap performs native cross-chain swaps through its DeFi interface built around the THORChain protocol. Because a DeFi interface and a net-of-fee flow frame rates and costs differently and those can change, compare the actual figures shown for your specific swap at the time you execute.

If you want a non-custodial DeFi interface that connects to your own wallet and performs native cross-chain swaps built around the THORChain protocol, THORSwap's model may suit you better. Keeping assets in a connected self-custody wallet and interacting directly with a DeFi front end is a different, more hands-on style of control.

Users who prefer working within a DeFi interface, connecting their wallet, and swapping natively through the protocol may find that approach more fitting. It offers a directness that a chat-based deposit flow does not aim to replicate.

If you value a wallet-connected DeFi interface performing native cross-chain swaps, THORSwap's model leans that way. If you value a chat-native flow with no wallet-connect and a single net-of-fee figure to approve, Multiswap is built around that.

Both are non-custodial in their own ways. Decide which interaction style you prefer, try a small amount first, and verify current details on both official sites, since features on either side can change.