THORChain startup – DeFi only

THORChain in less than a nutshell

THORChain is an emerging project that enable swapping and providing liquidity across multiple blockchains, almost seamlessly.

Its native token, RUNE, is used mainly for gas and liquidity providing, meantime.

THORSwap is the platform that implements DEX and LP over THORChain infrastructure.

THORSwap web app view

While THORSwap supports also ERC-20 RUNE token format, we will address how to use the native RUNE to start with, as it opens up more investment possibilities, and doesn’t involve with ETH network gas fees.

How to get RUNE token to start with

Seems like faucets are not around yet (be careful from scams!), we don’t want to touch ETH network due to high gas fees, and we don’t wanna touch CEX cause it stinks, so let’s go DeFi only –

  1. Get BNB on BSC.
  2. Bridge the BNB from BEP20 (BSC – Binance Smart Chain) to BEP2 (Binance Chain). Can be done with Trust Wallet swap function. (Binance wallet supports it as well, however won’t help on further steps…).
  3. Connect to THORSwap again, now with this Trust Wallet holding the BEP2 BNB coin, and swap from BNB to RUNE. The RUNE fees will be deducted from the resulted transaction, no need for RUNE before this transaction.

Now that we’ve got RUNE

You’ve passed the hard section, and finally comes the fun part – THORSwap lets you 50-50% LP RUNE with long list of tokens, in several blockchains – BTC, LTC, BCH, DOGE, ETH, BSC.

You can symmetrically 50% BTC and 50% RUNE, or just 100% BTC or 100% RUNE. All three types will form 50-50% LP of BTC-RUNE.

Adding asymmetrically 100% RUNE for BTC-RUNE pool

So just click on Pools, select the pool you would like, and add liquidity with your RUNE or other token from the list – in the supported chains (updated over time).

Categorized as DeFi

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