3rd November — $THOR uncapped launch on THORChain
THOR Token Contract: 0xa5f2211b9b8170f694421f2046281775e8468044
This guide will explain how to participate in Phase 2- the uncapped $THOR pool on THORChain launching Wednesday 3rd November at 2PM UTC /10AM EST / 7AM PT.
THORSwap’s $THOR token launch in 3 phases
- November 1st — Thorstarter launch, requires $XRUNE, $vXRUNE and $ETH (for gas) to participate. Read this for details and this for the recap.
- November 3rd — THORChain liquidity pool, requires $RUNE and $ETH (for gas) to participate.
- November 5th — Available on SushiSwap, requires $ETH (for gas) to participate. Read this for details.
Things to know beforehand:
By participating in the uncapped pool on THORChain, you are effectively acquiring $THOR token and simultaneously providing liquidity into the $THOR-$RUNE pool on THORChain.
As a result, you’ll receive both $THOR and LP yields when you participate in Phase 2! 🤯🤯
- Please be aware of scammers and fake contracts, below is the official contract for the $THOR Token: 0xa5f2211b9b8170f694421f2046281775e8468044
- During the THORChain pool launch, you will deposit Native $RUNE to become a $THOR-$RUNE LP.
- Native $RUNE is required. You must first upgrade your ETH.RUNE and BNB.RUNE to Native $RUNE. (tutorial)
- During the deposit process, a faucet will automatically pair 1 $THOR with your Native $RUNE. This gives you the flexibility in the future to asymmetrically withdraw $THOR, asymmetrically withdraw Native $RUNE, or symmetrically withdraw $THOR and Native $RUNE.
- The faucet process requires $ETH in your wallet for gas.
- The app interface is automatically set to “instant” transaction fee in settings (highest possible) to prevent your deposit from being stuck in pending status.
- “Current Price” is the price of the $THOR token based on the current liquidity in the $THOR-$RUNE pool. This price is susceptible to change as the pool’s liquidity changes. Refresh your browser to get the latest price.
- Unlike the Thorstarter launch, this THORChain Pool Launch is first come-first serve.
- THORChain (the protocol) will raise its Liquidity Cap by 5M $RUNE (~$150M) to coincide with this Pool Launch. The $THOR-$RUNE pool itself is uncapped. However, once the protocol’s Liquidity Cap is reached, then this Pool Launch will end and churning will commence.
- You may withdraw your LP position and swap from the pool when the pool churns from “pending” to “active” status (~3 days).
- You may keep your position in the pool to enjoy APY yield, as well as impermanent loss protection.
- It is advised to use wallets that are compatible with both $RUNE and $ETH: 🐙 XDEFI, 🛅 TrustWallet, ⚡ Keystore, 📟 Ledger
- However, you can choose to use different wallets, simultaneously:
How to participate?
TLDR: To acquire $THOR, you need to deposit Native $RUNE into the $THOR-$RUNE pool on THORChain. Token launch will end once THORChain’s Liquidity Cap is reached.
Starting Wednesday 3rd November at 2PM UTC /10AM EST / 7AM PT
Step 1: Proceed to the THOR Launch page and connect wallet(s) for THORChain and Ethereum chains:
Step 2: Deposit Native $RUNE:
NOTE: You’ll need 0.02 RUNE in your Native $RUNE wallet and $ETH in your Ethereum wallet for gas fees:
NOTE: The “Current Price” is susceptible to change as the pool’s liquidity changes. Refresh to get the latest price, however, your actual entry price may differ from the “Current Price” if there are a lot of transactions during this time.
Step 3: Submit your ETH address to complete the process:
Step 3a: Keystore wallet users do NOT need to sign an ETH transaction. You’re all done!
Step 3b: All other wallets require you to sign an ETH transaction.
All done! 🙌 You’ve now acquired $THOR and will earn +++ Yield APY on your $THOR-$RUNE LP position! Keep CHADDING and Carry On!
When will pool withdrawals and swaps become active?
All new liquidity pools on THORChain need to be churned in by nodes to become “active.” This churning process takes approximately 3 days and will begin immediately after THORChain’s cap is reached. Roughly 3 days after THORChain’s cap is reached, the $THOR-$RUNE pool will become “active,” which means asymm LP withdrawals and swaps will become available.
SushiSwap Token Launch (Phase 3)
During the THORChain churning process, $THOR will become available on SushiSwap on November 4th. Purchasing $THOR on SushiSwap requires $ETH (for gas) to participate.
The initial price on SushiSwap will match the THORChain $THOR-$RUNE pool’s price.
LP and staking rewards will be announced shortly, so stay tuned!
Q: What wallets can I use for the THORChain IDO?
A: It’s recommended that you participate in the Token Launch with the following wallets that are compatible with both Native $RUNE and $ETH:
➔ XDEFI Wallet
Q: What is my entry price?
A: Check your “Current Price”. However, this may vary during the transaction process if other users are depositing to the pool.
Q: Do I need to pay gas/transaction fees?
A: Yes, 0.02 Native $RUNE for the THORChain network + $ETH for the Ethereum network. Be sure to set high gas tx beforehand.
Q: Why do I need to approve an ETH transaction?
A: Depositing into the $THOR-$RUNE pool means 50% of your committed $RUNE will be swapped to $THOR in order to become a $THOR-$RUNE liquidity provider. The faucet contract will automatically emit 1 $THOR and pair it with your $RUNE deposit in one convenient transaction. Approving an ETH transaction is required for the faucet contract and to complete the LP deposit into the $RUNE-ERC20 pair.
Q: Can I withdraw my $THOR after Token Launch?
A: Newly created pools on THORChain do not immediately become activated until the next churn. Pending pools become “activated” every 43200 blocks (approximately 2.5 days). After the $THOR-$RUNE pool becomes active, you will be able to withdraw (asymmetrically or symmetrically) and swap $THOR for any asset on THORSwap. You may, however, remain in the pool to earn yield. Your LP position will also build impermanent loss protection (ILP).
Q: Is this First Come First Serve?
A: Yes, unlike the Thorstarter launch, this Uncapped Pool Launch on THORChain is first come-first serve. Meaning, you will acquire more $THOR the earlier you participate. The $THOR-$RUNE pool will continue to receive deposits until the THORChain protocol’s liquidity cap has been reached (THORChain’s cap will be raised by~$150M on the same day).
Q: Will the price of $THOR be fixed at $0.075 during the THORChain Token Launch?
A: No. The price of $THOR will increase as liquidity is added to the pool.
Q: Can I participate in this pool launch from the THORSwap Desktop app?
A: No. This $THOR pool launch will only be held on the THORSwap webapp. There will be no launch page available on desktop app.
More FAQs: THORSwap Discord
More questions? THORSwap Discord
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