$THOR Staking 2.0 ($vTHOR) Staking & Migration Guide

Today’s the day you’ve been waiting for #THORChads!

The new $THOR single-sided staking contract has finally launched ✌ In our previous update we discussed all the details and benefits that $vTHOR and Staking 2.0 will bring. In short:

  • $vTHOR token: Stake $THOR tokens to receive $vTHOR tokens, a composable and transferrable representation of your staked $THOR position.
  • Additional Staking Rewards: Legacy Staking Rewards came purely from emissions of the Community Incentives. Staking 2.0 Rewards are a culmination of Community Incentives emissions plus 75% of all THORSwap revenues.
  • Auto-compounding Staking Rewards: Staking 2.0 now features automatic compounding — your staking position will receive daily rewards and auto-compound without any user action. You no longer need to repeatedly claim and re-deposit, saving you gas and helping you to earn more rewards.
  • Trading Discounts: THORSwap users holding $vTHOR will be entitled to Exchange Fee discounts. To celebrate the launch of $vTHOR, for a limited time, THORSwap Exchange Fees will be 100% waived for everyone staking $THOR + holding any amount of $vTHOR!

How to stake your $THOR in the new staking contract?

Watch the video walkthrough above or follow the detailed instructions below:

Step 1. Withdraw your currently staked $THOR

Let’s cover the process of how to migrate if you are already staking $THOR (henceforth referred to as Legacy Staking).

If you did not stake $THOR into the Legacy Staking contract, skip to Step 2.

  • The Withdraw action will both Withdraw AND Harvest/ Claim your rewards as well. You only need to perform this one Withdraw transaction.

NOTE: Emissions have ended for the Legacy Staking Contract. You may wait for an acceptable level of ETH gas fees to withdraw and Restake in the new contract, but you will not earn any future rewards while remaining in the legacy staking contract.

Step 2. Approve the Staking 2.0 ($vTHOR) contract:

Now that you have some $THOR in your Ethereum wallet (must be ERC-20 version, not synthetic $THOR), you are ready to partake in Staking 2.0!

  • Visit our new dedicated staking page at: https://app.thorswap.finance/vthor
  • Make sure you have enough ETH in your connected wallet to pay for gas fees.
  • Click the Approve button to approve the new staking contract (this is a one time process, once approved, you will no longer have to repeat this step when using the same wallet address to stake).
  • Once the Approve transaction has successfully completed, the button will change to a Stake button.

Step 3. Stake $THOR to receive $vTHOR

You are now ready to stake into the new Staking contract!

  • Enter the amount of $THOR tokens you would like to stake. You will see a preview of how much $vTHOR you should receive.

A quick refresher: $vTHOR is a composable representation of your $THOR staking position. The ratio of $THOR : $vTHOR will increase over time as rewards accumulate and auto-compound. One $vTHOR token will always be redeemable for more than one $THOR.

  • Once you are happy with your staking amount, click the Stake button and approve the transaction.
  • Once the transaction is successfully completed, you will have received $vTHOR.
  1. If you do not see $vTHOR in your wallet, please import the token manually via the contract address. It is the same address as the staking contract: 0x815C23eCA83261b6Ec689b60Cc4a58b54BC24D8D
  • Your Staking Rewards will auto-compound for your convenience. You no longer need to manually claim and restake staking rewards.
  • Refer back to this page to check APY, rewards estimates and your rewards earned to date.

Voila! You are now a Staking Chad ✌

Trading Discounts for Stakers

To celebrate this launch— THORSwap’s Exchange Fees will be 100% waived for everyone who holds any amount of $vTHOR (for a limited time)!

You can stake 1,000,000 $THOR, or 0.001 $THOR — as long as you hold any amount of $vTHOR, your trading fee will be 100% waived.

In the future, additional tiers may be introduced; so discounts and minimum HODL amounts may be adjusted accordingly.

NOTE: You must connect your ETH wallet holding $vTHOR to receive any trading discounts.

Unstaking $THOR to Claim Rewards

The $vTHOR process has been simplified for your convenience.

  • Select the Unstake tab
  • Enter the amount of $vTHOR you would like to redeem for $THOR
  • The ratio of $vTHOR : $THOR at the time of withdrawal will determine how much $THOR rewards you will receive. As Staking Rewards accumulate, one $vTHOR token will always be redeemable for more than one $THOR.
  • Click the Unstake button and approve the transaction (make sure you have ETH in your wallet for gas!)

In short: $vTHOR represents your staking position — keep it safe and you can redeem it anytime for your original $THOR stake + Staking Rewards):

FAQs:

Q: Where do Staking 2.0 Rewards come from?
A:
Legacy Staking Rewards came purely from emissions of the Community Incentives. Staking 2.0 Rewards are a culmination of Community Incentives emissions plus 75% of all THORSwap revenues. This new staking rewards model signifies a transition from relying on emissions-based rewards, to a more sustainable model based on fee-sharing with our community.

Q: How often will Staking Rewards (token emissions + 75% of swap fees) be distributed to $vTHOR holders?
A: Staking rewards will be distributed daily. This means your Staking Rewards are effectively auto-compounding everyday!

Q: How long is the period for me to unstake and migrate from the Legacy Staking contract?
A: The old staking page will remain live for the foreseeable future so you will have ample time to unstake from the Legacy Staking. Just remember that all Staking Rewards for Legacy Staking will turned off once the new staking contract launches.

Q: What happens if I transfer $vTHOR?
A:
$vTHOR tokens can be sent to any ERC-4626 supported wallet (most non-custodial Ethereum addresses). Whomever receives the $vTHOR tokens can redeem $vTHOR for the staked $THOR.

Q: Where does the $THOR for fee-sharing rewards come from?
A:
THORSwap Exchange Fees are taken from the outgoing swap asset and converted to $RUNE, which then gets converted to $THOR. This has net-neutral impact on $RUNE price.

Q: Can I stake Synthetic $THOR?
A:
Only ERC-20 $THOR can be staked.

Q: Has the new staking contract been audited?
A:
Yes! The new staking contract for $vTHOR has been audited by both
@HalbornSecurity
and @peckshield 💪

Q: Do I receive $vTHOR if I am LP-ing $THOR?
A:
No. $vTHOR is for single-sided $THOR staking only.

Q: Do I receive Exchange Fee Discounts if I am LP-ing $THOR?
A:
No. You must hold $vTHOR to qualify for the limited-time Exchange Fee discounts. Be sure to connect the wallet holding $vTHOR to qualify for the discounts.

Q: Why are fees so high to stake?
A:
Use an Ethereum gas checker in advance — you never know if there might be a big NFT mint happening.

✌ is for vTHOR

The launch of $THOR Staking 2.0 marks another leap forward for the sustainability of the THORSwap protocol.

THORSwap’s Incentive Pendulum, Protocol Owned Liquidity, and Fee-sharing as Staking Rewards means THORSwap can start to responsibly reduce token emissions while offering industry-leading utility, rewards, trading discounts and other benefits.

Related Reads:

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.

Twitter: https://twitter.com/thorswap
Discord: https://discord.gg/thorswap
Website: https://thorswap.finance
THORSwap App: https://app.thorswap.finance
THORSwap Docs: https://docs.thorswap.finance
Telegram Announcement:
https://t.me/thorswap_ann
Community YouTube: https://www.youtube.com/THORSwapCommunity

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.

Merch Store: https://thorchads.metaswagclub.com
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Website: https://thorchads.com
OpenSea: https://opensea.io/collection/thorchads

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