Introducing: THORSafe Multi-Sig Wallet Interface ⚡

Level-up your DeFi Security by creating, importing and managing THORChain multi-sig wallets on THORSwap.

Benefits of THORSafe Multi-sig Wallets

THORSafe comes with many benefits:

  • A multi-signature wallet removes the security concerns that come with traditional single private key wallets by increasing the number of potential failure points for hackers, thereby helping to lower risk of cyberattacks.
  • Multi-sig reduces dependency on one person.
  • Multi-sig wallets reduces dependency on one device. For example, you can save one keystore in your mobile and another key on your computer.

Use cases of THORSafe Multi-sig Wallets

  1. Enhanced Security for Self-custody
    THORSafe introduces an additional layer of security for your funds. If one of your keys is compromised, your funds remain safe.
  2. Group Decision Making
    THORSafe multi-sig wallet can be used by DAOs or a group of individuals to joint manage funds. i.e. by using a 2–3 wallet, no one person can misuse funds or gain access — decisions unanimously agreed upon majority will be made/ transactions approved.
  3. Running a THORNode as a Group
    Running a THORChain node has a huge barrier to entry such as maintenance, hardware requirements, coding skills and of course: capital. As of writing this article, the bond amount is 500k $RUNE ≈ $1M+ to run a node!
    THORSafe drastically reduces these barriers to entry especially on the capital front. You can pool together with multiple individuals to run a node. This is a step towards attracting nodes managed by DAO’s, Institutions, a group of THORChads and even CEXs.
  4. Providing Liquidity as a Group
    THORSafe also enable multiple users to LP together. Earn yield on L1 assets whilst managed by your personal selection of signers. This could be THORChads helping their friends to LP on THORSwap, protocols or lenders pooling to distribute yield to users or simply capturing more fees, as yield is distributed by ownership of pool.
  5. Escrow Transactions
    By introducing a trusted third party as a mutually trusted arbitrator, escrow transactions can also be conducted between two parties via the use of a 2-of-3 multi-sig wallet.
  6. Deadman Switch
    Assign trusted signers to pass on your assets to your loved ones in the event you are incapacitated.

What is a multi-sig wallet or “Shared wallet”?

When you wish to send funds from your wallet, a transaction is created and signed. By signing the transaction, you are digitally saying:
“I am the owner of the funds, I have the key to manage them, and I approve this transaction.”

How does a THORSafe multi-sig wallet work?

THORSafe Multi-Sig is a special THORChain wallet that is shared by two or more members. To create and broadcast transactions, it must be approved and ‘signed’ by designated members according to a set threshold.

Activate THORSwap ‘Pro Mode’ to access THORSafe

In order to access all the new multi-sig features you will need to activate the “PRO Mode” in the settings of the THORSwap Web App, this will enable the multi-sig wallet and other advanced features in the future.

How to Create a THORSafe Multi-sig Wallet

In order to create a new transaction via THORSafe, you will first need to import or create a multi-sig wallet.

Importing an existing THORSafe Multi-Sig Wallet

Upon creating a THORSafe wallet it should already be automatically connected. Should you want to connect it again in the future, simply do so by choosing “Connect Existing THORSafe” on the THORSafe multi-sig interface and importing the THORSafe JSON file:

How to create a THORChain multi-sig transaction using THORSafe

You are now ready to create your first THORChain multi-Sig transaction using THORSafe!

  1. Click on “Create New Transaction”, and choose the required Signees (for this tutorial our THORSafe requires 3 out of all 3 members).
  2. Select the type of transaction (Send, Node Actions, Deposit/ Withdraw LP, Custom Deposit). Input amount and recipient address as requested and then proceed.
  3. You will be taken to the Finalize Transaction page.

About THORSwap

THORSwap is the leading decentralized exchange (DEX) powered by multi-chain THORChain. Perform cross-chain swaps in a permissionless, trustless, and non-custodial manner.

THORChads DAO

The rewards programme and Metaverse home for THORChads, where the community can enjoy community projects like NFTs and games. THORChads.com will support new creative community projects with marketing, dev support, and more.

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