What is THORSwap (THOR)?

THORSwap – THOR

This Multi-Chain, micro-cap DEX will kill and replace every CEX.

This is a Project Review on THOR.

AltCryptoGems

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What is THORSwap – THOR?

If you haven’t already heard of Thorchain $RUNE, they are the incredible multi-chain blockchain that depletes the need of using Centralised Exchanges (CEX) & other Third-Parties that aren’t entirely necessary.

Thorswap is their very own multi-chain Decentralised Exchange (DEX) that utilises the power of their blockchain, Thorchain which supports a variety of major blockchains and cryptocurrencies.

How does it work?

Thorswap is a Multi-chain DEX aggregator that connects liquidity across multiple blockchains, and compares all the prices from various decentralised exchanges and aggregators and will find you the best and cheapest price possible.

The protocol currently supports 9 major blockchains such as:

  • Ethereum
  • BNB Chain
  • Avalanche
  • Bitcoin
  • Dogechain
  • Cosmos
  • Litecoin
  • THORchain
  • Bitcoin Cash

In the future, THORswap plans to add more blockchains to its already ultimate list. We can expect major networks such as Solana, Polkadot, Fantom, Polygon and more!

Thorswap provides users with one-click, cross-chain swaps, without having to swap for wrapped or pegged tokens, like $wBTC.

They do not use pegged or wrapped assets as it is built on the THORChain protocol and they believe crypto should be dealt with in a non-custodial way, achieving an “open and inclusive cross-chain world”.

Why?

I believe cross-chain technology is the future of blockchains and cryptocurrencies. Thorchain and Thorswap are building the ultimate infrastructure and platforms to unite the competing Crypto blockchains.

THORChain and THORSwap provide user-friendly interfaces which can be connected with most of the major online wallets like Metamask, TrustWallet, Keplr and many others. You can even create a multi-sig wallet using their unique feature, THORSafe! How cool!

Compared to major DEXs like Uniswap, PancakeSwap or SushiSwap, THORSwap has an incredibly minuscule market cap in comparison. Some would say THORSwap has the power to become the go-to DEX across all of the chains.

It seems that THORSwap is yet to be discovered by the masses as it has currently facilitated a total of around 8 million trades with around 400 daily users. Protocols like PancakeSwap average around 60k users a day…

Think of the potential.

$THOR Token

The $THOR token is the native token to the THORSwap protocol and many users are confused as to why the protocol needs the $THOR token when they have $RUNE already.

$RUNE, the native token for THORChain is used to incentivise protocol liquidity, whereas $THOR aims to incentivise trading activity on the platform.

Trading Black Hole

This unique system similar to THORChain’s Liquidity Black Hole provides the THORSwap community with a perfect product suite, governance, token utilities and rewards!

Staking

Staking the $THOR token can be used to earn a juicy percentage of the fees earned on THORSwap. You will also receive trading discounts and other random community perks or bonuses!

When you stake $THOR you will receive a transferable token called $vTHOR which will represent your $THOR staking position. Here are some perks for staking:

  • Receive Block Reward Emissions
  • Auto-Compounding Feature After Every Block Reward
  • Earn 75% of All THORSwap’s Revenue as a Stake
  • & MORE!

At the moment, staking $THOR will grant you a minimum of 15.78% APY, excluding the other perks.

If you are a Staker, you can get trading fee discounts from 17-100% off when you trade on THORSwap. Here is the breakdown:

Amount Staked – Exchange Fee

>500k $vTHOR – 0%

>100k $vTHOR – 0.1%

>10k $vTHOR – 0.15%

>1k $vTHOR – 0.25%

<1k $vTHOR – 0.3%

Earn & Save simultaneously with every transaction.

Liquidity Pools

Liquidity is the blood of the entire ecosystem and THORSwap has one of the most rewarding selections of Liquidity Pools. Users can earn yields of up to 424% APR depending on their risk tolerance.

Governance

Holders and Takers of the $THOR token can propose and vote on any future updates, partnerships or ideas. THORSwap is fully decentralised and over 65% of $THOR tokens are held by the community.

Other $THOR Utilities

THORSwap could be one of the most rewarding protocols across every major blockchain. Here are other utilities that $THOR users can expect:

  • Airdrops
  • Funding of community projects
  • Giveaways
  • Trade mining rewards
  • Community initiatives

In the protocol’s official gitbook they stated that more utilities are to come, so be prepared!

The Future of THORSwap

Exciting times are ahead as the THORSwap community will receive more utilities with the protocol’s new product, THORFi.

This is what we know about THORFi so far:

  • IBC Composability – Expect THORChain assets to be available within the Cosmos Ecosystem via Inter-Blockchain Communication Protocol (IBC).
  • Lending & Borrowing – Users will be able to initiate Self-Repaying Loans with the yield generated on the platform.
  • Single-Sided Liquidity Pool (LP) – Assets will be lockable into THORSavings Vaults, which users can then provide single-sided liquidity to earn yield from trading fees. Did I mention there’s no risk of impermanent risk?
  • Crypto ETFs (Exchange-Traded Funds) – Users can create diversified funds of the top cryptocurrencies to invest in.

Beyond THORFi, we can expect a lot more to come to Asgard. Even recently, THORSwap partnered with HYVE.

HYVE

HYVE is the leading Web3 Freelancing Work Marketplace, similar to Web2’s Upwork, Fiverr and so on. THORSwap’s new partnership with HYVE allows users to earn $THOR tokens for providing expertise or pay some one with $THOR to do work for you!

Simply put, pay or get paid for tasks and jobs!

How to buy $THOR

The $THOR token is available on the Ethereum network and only one CEX.

There are two main ways to buy $THOR, but you will always go through a centralised exchange (CEX). Here are the options:

Option 1- Centralised Exchange

The $THOR token is only obtainable on one Centralised Exchange (CEX), CoinEx.

We recommend getting Ethereum $ETH using one of these centralised exchanges and then send your $ETH to a DeFi wallet where you can swap $ETH for $THOR:

Option 2 – DeFi Wallet & Decentralised Exchange

To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):

If you are buying $THOR through your DeFi wallet, we recommend using the Ethereum network which requires $ETH tokens for gas fees. If you haven’t set up the Ethereum/Metamask network, you can follow our Youtube tutorials down below. Here are the essential links:

Conclusion

At the time of writing, the $THOR token is up over 59% with a price of just over $0.32 and a market cap of $28.5M. If the $THOR token reaches the same market cap as Uniswap $UNI, THORSwap could be 133x from its current price, making the $THOR token $41.3.

Links

Twitter – @THORSwap

Website – https://thorswap.finance/

THORChain Twitter – @THORChain

THORChain Website – https://thorchain.com/

 

 

 

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