# THORChain 101: The basics before using RUNEBond

### What is THORChain?

[THORChain](https://thorchain.net/) is a blockchain designed for **decentralized cross-chain swaps** (e.g., Bitcoin ↔ Ethereum) without relying on centralized exchanges. Its native token is **RUNE**, which powers the network: it’s used for liquidity, security, and governance.

### What is a Node Operator?

The network is secured by **Node Operators** individuals or organizations running validator nodes.\
To participate, each operator must deposit a certain amount of **bonded RUNE**. This bond acts as collateral to ensure honest behavior.

### What is bonding?

**Bonding** means locking RUNE as collateral to secure the network.

* If the node behaves correctly → it keeps its bond and earns rewards.
* If the node misbehaves → part of its bond gets **slashed** (burned), penalizing the operator.

### What are Bond Providers?

**Bond Providers** are users who want to **delegate their RUNE** to a Node Operator, helping them reach the required bond size. In return, they receive a proportional share of that node’s rewards. However, unlike other networks where delegation is open to anyone by default, in **THORChain delegation is permissioned**:

* A Node Operator must first **accept you as a Bond Provider**.
* This design is intentional, to ensure operators maintain full control over who is helping secure their node and to prevent unknown, potentially malicious delegations.

{% hint style="info" %}
**RUNEBond exists to make this permissioned process easier**. It provides a structured way for users to request delegation, and for Node Operators to manage, approve, or deny those requests.
{% endhint %}

### What is the validator set?

Only a limited number of nodes can be **active** at any given time. This group is called the **validator set**. Operators compete to enter and remain in it.

### What does “churn” mean?

**Churn** is the process of rotating nodes: some enter the validator set, while others exit.\
When a node is churned out, its bond (and that of its bond providers) becomes eligible for withdrawal.

### Quick recap

* **RUNE** = THORChain’s native token.
* **Node Operators** = validators who secure the network by bonding RUNE.
* **Bond** = locked RUNE at risk of being slashed.
* **Bond Providers** = users who delegate RUNE to operators and share rewards.
* **Validator Set** = the limited group of active nodes at any moment.
* **Churn** = rotation process of nodes in/out of the validator set.

With these basics in mind, you’ll have the context needed to understand how [RUNEBond works](/runebond/getting-started/readme.md) and what role you can play as either a user or a Node Operator.


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