THORSwap Community AMA Recap

Here we have the core contributors answering your questions:

THORSwap Admin: Hi Everyone, I am a lead contributor of the THORSwap project. Super excited to be here!

CloudPleasr: Hi everyone, I’m an Advisor and NFT djen.

The Bull: Hi everyone, I am the Product Manager!
Super excited to be here with all of you!

THORSwap Admin: THORSwap is the world’s first multi-chain DEX that utilizes the THORChain protocol for cross-chain swaps. On THORSwap, anyone can perform cross-chain swaps in a permissionless, trustless, and non-custodial manner. THORSwap is a primitive interface and cross-chain wallet to the THORChain network but we are also evolving into a cross-chain DEX aggregator.

CloudPleasr:

  • Currently the most popular THORChain DEX interface
  • Most experienced at building on top of THORChain (been shipping live products on THORChain for 1+ years)
  • 1 on 1, 24/7 customer support
  • Fast-growing THORSwap ecosystem: already shipped complementary products like the THORSwap Desktop App, THORNames, THORChad Score, THORChads.com, THORYield…with many more in the pipeline (NFTs, THORWiki, API, etc)
  • An amazing Discord community full of CHADS like yourself

THORSwap Admin: Sure, happy to talk about the contributors behind THORSwap. THORSwap is proudly built by the same contributors who built BEPSwap during DeFi summer, the first interface to utilize THORChain’s network. Currently, the team is about 25 people and we are constantly growing and committed to building the multi-chain future. We have 5 community admins who are managing our Discord Community and helping users to solve any technical issues in a timely manner via 1:1 ticket system.

THORSwap Admin: We are following the same ethos as THORChain contributors who are also anonymous.

CloudPleasr: Launched and ran BEPSwap without issue for over a year.

Today, there’s the THORSwap Web and Desktop apps with the most robust wallet management of THORChain interfaces.

THORNodes Management tools to make node operators’ lives easier.

Launched THORName Service and the first to implement THORChain synths (currently on testnet).

THORYield tracking bot to track your LP positions.

Recently released THORChads.com, which will become the Metaverse for the THORChain ecosystem.

And many more features and products coming soon!

THORSwap Admin: That’s a good question. $THOR will be the governance and utility token for THORSwap.

$THOR utility includes:

  • Governance voting to guide THORSwap’s future
  • Trading fee discounts
  • Trade mining competition rewards
  • Value accrual to stakers
  • Fund operations, infrastructure and growth efforts
  • Complement and accrue value to the $RUNE token

CloudPleasr: THORChain’s “liquidity black hole” combined with THORSwap’s “trading black hole” creates a powerful network effect.

THORChain’s “liquidity black hole” incentivizes liquidity to be sucked into THORChain pools:

THORSwap’s “trading black hole” adds additional rocket fuel to THORChain’s “liquidity black hole” by further accelerating trading volume, which ultimately accrues to THORChain:

THORSwap Admin: Revenue sources are trading fees from THORChain, external DEXes, aggregators…and value accrual from external projects like THORNames, THORChads DAO, THORChad ID etc.

THORSwap Admin: The token distribution is:

  • 50% for community incentives
  • 10% for IDO fundraiser
  • 5% for airdrops

→ 65%+ of the entire token supply is going to the greater community

Majority of the trading fees will be distributed to token holders. To maintain the project’s longevity, 20% of all revenues generated by the protocol will be allocated to the Treasury.

THORSwap Admin: In the months prior to the Thorchain exploit, THORSwap crossed $800m trading volume, 500,000+ swaps under the Thorchain liquidity caps and averaging 300–400 daily active traders.

THORSwap Admin: That’s a pretty good question.
There are some great aggregators out there but we DON’T have any native
cross-chain DEX aggregators in the DeFi space.

The future of DEX will be multi-chain and THORSwap is aiming to become the world’s first native cross-chain DEX aggregator.

Aggregator of aggregators. Swaps will be routed through THORChain’s liquidity pools to a DEX aggregator on that specific chain who will route your swap to the token you want. For example, traders can swap long-tail assets like $SHIB into Native $BTC in one swap, through THORSwap.

THORSwap Admin: Yes, there will be several farming pools:

  • THOR-RUNE LP (THORChain)
  • THOR-ETH
  • THOR-XRUNE

CloudPleasr: After aggregating additional liquidity sources, the plan is to expose an API for web3 developers. This composable API makes it super easy for web3 devs to add cross-chain support (trust us, it’s not easy).

We hope this will enable many new cross-chain use cases that haven’t even been dreamt up yet.

As avid DeFi proponents, bringing more composability to the THORChain ecosystem is important.

CloudPleasr: Yes! open, permissionless API

CloudPleasr: Tons!

  • NFT Drops
  • THORChad ID
  • THORChad games
  • Limit Orders
  • Dex Aggregation
  • API
  • Mobile Wallet
  • All THORFi functionality

More details will be shared as these projects are launched.

THORSwap Admin: Smart contracts are being audited by well known security firms.

Currently, contracts are audited by Peckshield and we are planning to get audited by QuantStamp and Halborn Security.

THORSwap Admin: We believe DEX should have a better user experience and be more resilient than CEXs. THORSwap handled the May 2021 market crash well with no downtime experienced.

Also we have setup an infrastructure for our own midgard and thornode services which are independent, more robust and much more resilient.

CloudPleasr: THORChads.com is the home of the THORChad Metaverse.

It’s a place to reward loyal Chads based on their on-chain activity. For example, THORChads Score was recently used to verify on-chain activity for the $THOR airdrop whitelisting.

THORChads.com is also a launchpad for creative THORChain community projects, backed by the full weight of THORSwap’s marketing, development and community incentives. Community projects include NFTs, games, and other fun and innovative apps. Current projects include THORChad Score, THORWiki, THORChad ID, NFT Trophies, Games, and more.

Moving forward, the THORChads DAO will be governed by the THORSwap community, curating community projects and determining community incentives.

The Bull: THORYield is a yield tracker app for THORChain liquidity and has web and mobile apps and Discord Bot. You can think of THORYield as similar to a zapper.fi or zerion.io but for THORChain.

In the future, THORYield will evolve into a Yield, Portfolio tracking dashboard app and become the primitive analytics platform for the THORChain ecosystem.

The Bull: In the community, We have a 1:1 support system to help users solve any technical issues in private message.

THORSwap Discord is the only place that supports users 1:1 in the Defi Space, to my knowledge. We’ve been processing over 100 tickets during busy days and helped over 3000 members so far.

THORSwap Discord also has THORYield and LP scenario bots for helping members track yield positions easily, there are many status bots that notify the THORChain status in real-time.

The Bull: Since THORSwap launched in April, Our primary focus has been the Community.

THORChain has one of the best communities with the same goal towards the multi-chain future and we needed the home of multi-chain dreamers.

THORSwap community treats members as first-class citizens and provides exclusive features, content, and channels to stay and engage together!

THORSwap Admin: There will be 2 types available for participants and will start right after THORChain’s full-recovery:

First, THORSwap will launch on THORStarter which is a launchpad for the THORChain ecosystem. It will be a capped IDO, with max $300 per participant. This is intended to allow as much community participation as possible, and to limit whale activity.

Following Thorstarter’s launch, there will be an uncapped liquidity pool on THORChain that allows anyone to participate as much as they want using $RUNE.

Exact launch date is pending THORChain’s full recovery, which we expect to be soon. Stay tuned.

THORSwap Admin: That’s a great question. There are other interfaces to THORChain protocol such as Thorwallet, DefiSpot, SKIP.exchange and Asgardex but we view them more as partners under the same ecosystem.

THORSwap’s other competitors are centralized exchanges and we are fully committed to building a decentralized cross-chain exchange which is
chain-agnostic and non-custodial.

The Bull: We believe that anyone can contribute to the ecosystem in one way or another. One of the best ways to contribute is to spread the word, engage with the community, use the platform, and most importantly.. help newcomers.

We also have a community initiative within THORChads DAO where creatives can launch NFTs, Web Apps, Games, you name it! THORWiki will be a community driven educational platform for everything THORChain related.

Propose ideas and contribute!

THORSwap Admin: THORChain is hardened and became stronger than ever before:

  • Audited by well known 2 auditing firms
  • Halborn Security and Trail of Bits
  • Immunefy bounty up to $500K
  • Live monitoring and dedicated Security team
  • Auto solvency checker to pause network transactions when attack is detected
  • Implement Protocol Insurance

CloudPleasr: THORChads.com is the home for all Metaverse community projects and we do expect to collaborate with many NFT projects.
We are currently exploring different NFT marketplace implementations on THORChads.com

THORSwap Admin: Thorstarter’s launch will be capped at max $300 per participant, allowing a minimum of 2,500 participants to partake. Shortly afterward, an uncapped Thorchain liquidity pool will be available for participants to purchase THOR using RUNE.

THORSwap Admin: A cross-chain future is inevitable.

Today, THORSwap is the #1 THORChain DEX, a primitive interface and wallet management solution for the THORChain community.

Tomorrow and beyond, THORSwap aims to:

  • Become the leading cross-chain DEX aggregator
  • Provide an open ecosystem for builders to launch new cross-chain use cases
  • And reward THORChads every step of the way

THORSwap Admin: Thank you everyone!

CloudPleasr: Great questions everyone!

The Bull: Thank you THORSwap Community! You’re awesome!

About THORSwap

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

Twitter: https://twitter.com/thorswap

Website: https://thorswap.finance

THORSwap App: https://app.thorswap.finance

FAQ: https://thorswap.finance/faq

Join the Community! Provide feedback and contribute!

Discord: https://discord.gg/thorswap

Telegram Announcement: https://t.me/thorswap_ann

THORChads DAO

Discord: https://discord.gg/thorchads
Twitter: https://twitter.com/THORChadsDAO
Website: https://thorchads.com/

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