Cosmos $ATOM on THORSwap: Earn Yield & Trade Cross-Chain Assets ⚛
All the details about THORChain’s Cosmos ($ATOM) integration + Walkthrough tutorials for Swaps + LP.
What a great way to kick off July — THORChain has officially integrated Cosmos ($ATOM)! ⚛
Strap in, #THORChads and #Cosmonauts, it’s time to blast off to the real Multi-chain future 🚀
What is Cosmos?
Cosmos was founded in 2014 with the goal to create a “universe of systems” by facilitating blockchain interoperability — the ability for multiple blockchains to communicate and connect.
As the blockchain agnostic gateway between other chains in the wider IBC ecosystem, Cosmos is an important player in solving three of the hardest blockchain problems of Scalability, Usability and Interoperability.
With the arrival of native $ATOM to THORChain, IBC’s true cross-chain potential can finally be unlocked. All #Cosmonauts can now directly swap BTC for ATOM, then use protocols such as Osmosis to swap from ATOM to any other asset in the Cosmos ecosystem 🚀
On THORSwap #Cosmonauts ⚛️ can:
- Swap native ATOM on a Cross-Chain Decentralised Exchange between native assets (BTC, ETH, BNB, DOGE, LTC, BCH) in one step. In fact, 25+ crypto assets across 7 major blockchains will have a direct entry point to Cosmos (ATOM) and vice versa. True Decentralized Access never before possible until now 💪
- Acquire ATOM without needing CEXs, KYC, wrapped assets or bridge hopping. Truly permissionless, decentralised, and open to anyone around the world. You are your own custodian.
- Earn Yield on ATOM — enjoying great APY as well as features such as Impermanent Loss Protection.
Watch the video guide below to get started, or read on for more information:
Keplr Wallet and Ledger hardware Wallet Support
Outside of the standard Keystore file wallet option, THORSwap has integrated the Keplr wallet, Cosmos IBC’s leading IBC wallet to our WebApp.
Furthermore, for users of Ledger hardware wallet, you may connect your Cosmos app on Ledger directly to THORSwap to manage your $ATOM 💪
Cross-Chain swaps with ATOM on THORSwap
On THORSwap, you can swap ATOM directly to native BTC, native ETH, native BNB, native DOGE, native BCH, native LTC, stablecoins (USDC, USDT, BUSD) and many other ERC-20 and Binance Beacon Chain (BEP2) assets.
Swaps between native assets can be completed in one step, and does NOT require any bridging or wrapping of your assets.
How to trade ATOM on THORSwap
THORSwap supports multiple wallet connections at once — i.e. you can use Keplr for ATOM and Metamask for ETH 👌
Step 2. Select the asset you want to exchange for/ to ATOM
Step 3. Select the quantity you want to swap
Step 4. Check the swap rate, slip and fees. Then click “Swap” to confirm!
NOTE: the transaction will be initiated immediately upon clicking “Swap.” Confirm your details before continuing.
Earn Yield on your ATOM
You can earn yield on your $ATOM by depositing liquidity on THORChain. Yields are generated from the trading fees paid by traders and reward emissions. Watch the video guide below to learn more or read on:
Step 1. Make sure you have already connected to THORSwap using Keplr Wallet, Keystore wallet or multi-chain supported wallets like XDEFI.
Step 2. Visit https://app.thorswap.finance/add
Step 3. Select how you would like to deposit ATOM. You have 3 options to choose from:
- Deposit only ATOM (aka “asymmetrical ATOM deposit”)
- Deposit both ATOM and RUNE (aka “symmetrical ATOM & RUNE deposit”)
- Deposit only RUNE (aka “asymmetrical RUNE deposit”)
NOTE: deposit transaction fees for “symmetrical deposits” are typically lower than “asymmetrical deposits”.
Symmetrical deposits also requires $RUNE in your wallet to pay for the deposit transaction fee. Asymmetrical deposits will automatically take the deposit transaction fee from your $ATOM.
Step 4. Select the quantity you wish to deposit. If you are performing a “symmetrical deposit”, simply in enter the amount for one side and the other be automatically calculated to display equal value of ATOM and RUNE.
Step 5. Add Liquidity!
You are now earning yield on your ATOM LP!
Impermanent Loss Protection for Liquidity Providers
THORChain Liquidity Providers receive +1% protection Impermanent Loss Protection for every day of LP. This means:
49 days provided = 49% IL protection
100 days = 100% IL protection
IL Protection is reset back to day 1 if you add more to an existing LP (you can LP with a new address to retain existing ILP %).
IL Protection is applied to the asymmetrical deposits after it has been re-balanced into a symmetrical deposit:
Learn more about Impermanent Loss Protection on our docs.
Tracking LP Positions and Transactions
THORSwap provides links to each chain’s native blockchain explorer to assess the progress of each transaction. You can also use our dedicated tool THORYield.com to monitor your Transactions, LP positions and Rewards, watch this dedicated video to learn more:
We hope you’re just as excited as we are about the arrival of Cosmos on THORChain. This is just the beginning, in the future we will launch our IBC DEX Aggregator, directly connecting to long-tail asset liquidity across the IBC ecosystem on THORSwap 💪
To learn more about THORChain’s technology, please visit the official docs.
THORSwap is the leading decentralized exchange (DEX) powered by multi-chain THORChain. Perform cross-chain swaps in a permissionless, trustless, and non-custodial manner.
THORSwap App: https://app.thorswap.finance
THORYield LP Tracking App: https://thoryield.com
THORSwap Docs: https://docs.thorswap.finance
Telegram Announcement: https://t.me/thorswap_ann
Community YouTube: https://www.youtube.com/THORSwapCommunity
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