For the first time in the crypto sphere, you can cross-chain swap native assets on a decentralized exchange (DEX) and you the individual can provide liquidity for this! This is monumental. This is empowering individuals to be their own custodians. This is freedom.
THORSwap is the world’s first Multichain DEX that utilizes the THORChain network to provide a front-end user interface to perform cross-chain swaps. This is done in a permissionless, trustless, and non-custodial manner. There are no pegged or wrapped assets, it is purely native.
What does this mean? You use THORSwap to fluidly exchange natively between the Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Binance Chain networks, with many more being added.
i.e Swap Native BTC for an ERC-20 Token like Sushi and eventually swap XHV for DOGE.
THORSwap will also allow anyone to earn a yield on their assets by providing liquidity. This too will be provided in a frictionless, decentralized, trust-minimized way.
i.e Earn interest on your Bitcoin by providing liquidity on THORSwap, right now that is 54% for BTC liquidity providers!
Yes, you heard that right. Earn 54% APY on your native BTC whilst you sleep…… and that’s just in fees, wait for block rewards and incentives. Full disclosure; right now LP’s are capped and will be gradually raised, this is to maintain stability on the THORChain network.
Is there Impermanent Loss Protection?
Liquidity Providers (LP) will receive 100% IL protection for 100 days. Essentially this means you are adding 1% protection for every day that you provide liquidity.
49 days provided = 49% IL protection, 100 days = 100% IL protection.
i.e comfortably sleep for 100 nights whilst your BTC earns interest and receives IL protection!
THORChain and THORSwap have achieved in bringing back ownership to the individual. As the saying goes “not your keys not your coins”. If you hold your coins on a CEX then they are not yours. CEX’s hold too much power in this space but also have many weaknesses. They have the ability to freeze your funds, to share your data with the government, and can be held under the thumb by regulations and new laws. Remember when Coinbase told its users it’ll be sharing their data with HMRC?
Last week’s launch was crucial to the decentralization of the whole crypto ecosystem. Individuals using THORSwap will be their own custodians, be their own banks, and will be relinquished from exploitation by those who hold power; or more importantly, those who hold your coins. This my friend, is the future.
Who is behind the THORSwap?
We are the Devs that built BEPSwap,
We are the brains behind the marketing,
we continue to be the student’s favorite at LP University,
and we aim to become the world’s #1 Decentralized Exchange
What Chains does THORSwap support?
Future chains that will be added very soon:
* DOT, KSM
* LUNA, ATOM, AKASH, SCRT, INJ, SIF
and many more to come!
What does a swap look like? What are the Wallet options?
You can set a new wallet up with THORSwap App or connect an existing TrustWallet or Metamask then you will be good to go!
To create a wallet….
- Click the CONNECT button on the header and Download a Keystore file created with Password. You have to backup your Keystore and password seriously, your funds may be lost if you lose Keystore file or forget password.
To connect a wallet….
- Click the CONNECT button on the header and select your keystore file. You have to input the correct password in order to use your wallet.
Important — You can use the same 12 SEED PHRASES that you are already using for TrustWallet and MetaMask. Any BIP39 standard 12 seed phrases can be used for a wallet.
Thorchain’s Multichain Chaosnet (MCCN) was launched on the 13th of April, within a week we have:
- $14.689 million in liquidity!
- 13,218 native swaps.
- $44.221 million swapped!
- 214 daily active users.
- 1,071 people have provided $18 million in liquidity!
THORSwap has now been live for a week after 3 years of development! It has been running with no losses, halts, or insolvencies. There are possibilities of experiencing bugs, transaction failures when facilitating swaps or providing liquidity, however, the team will work in haste to rectify the issue with full transparency.
If you need help, then you can generate a support ticket on Discord and the team will be happy to help you
We recommend that you:
1. Please try testnet first
2. Test with small funds, don’t play with large funds
3. Take your own risk
4. Keep all address / Keystore / Tx URLs to claim a bug report.
THE NO1 PLACE
DISCORD will be #1 for the THORSwap community. It’ll be the pitstop to engage, evolve and create. This is where the community will grow.
Join for announcements and updates. It also includes a plethora of useful information like tutorials, step-by-step guides, bug reporting, basic courses, plus a bunch of helpful team members, and a helpful community.
THORSwap App: https://app.thorswap.finance
Join the Community! Provide feedback and contribute!
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