This is a surprise to me, because Khal said Thorswap did close to a billion dollars worth of swap volume in 2024.

Yes and in 2025 they went insolvent and in the face of insolvency did a bunch of other really stupid shit.
So how much volume will they get in 2025?
Probably more than $1B, right?
Guess where 90% of that volume comes from?
Trust Wallet.
If they get dumped by trust wallet it's over for them.
Their fate hangs in the balance based on the decision of a centralized frontend app.