In an old TRUST wallet article, published by Alex Lielacher on November 20, 2020, there is an introduction to BEPSwap, a decentralized exchange (DEX) defined at that time as the first DeFi application for the Binance Chain (BEP2 tokens).
"If THORChain succeeds in its mission, it will not be long until you will be able to seamlessly and privately swap $BTC for $ETH, $BNB, or any other leading digital asset in a secure and decentralized manner."
This was the wish with which BEPSwap and THORChain launched that year, and it is appropriate to say that we finally got there!
Almost 2 years have passed, the name has changed and the product has become multi-chain and the most used user interface on THORChain: welcome to THORSwap!
The THORSwap dashboard with the banner for the arrival of $AVAX, $USDC, $USDT (C-Chain) 🔺
Among all the UI platforms available for THORChain, THORSwap is the winning one in terms of daily transaction volume, new features, number of connectable wallets, and much more.
The THORSwap team works in tandem with the THORChain core team and for this reason all new updates arrive on their dapp first, fresh as the new code.
Currently the following chains are already supported, with more integrations coming in the next months (BSC, Haven, Dash):
Bitcoin, Ethereum (ERC20), Binance Chain (BEP2), Cosmos, Avalanche, Dogecoin, Litecoin, Bitcoin Cash, THORChain. Since THORSwap is an aggregator, it is then possible to have access to the whole wide range of ERC20 and ARC20 alt-coins through aggregation with Uniswap, Sushiswap, Pangolin etc.
On THORSwap it is possible to perform the following operations:
- swap the main tokens between the main chains directly with a single swap and in a completely decentralized way;
- provide liquidity in one of the 27 available pools to obtain a passive return (displayed in APR) on your L1 tokens;
- buy $THOR and stake it for $vTHOR;
- send $RUNE to other THORChain addresses via RUNE Address or the handy THORName (similar to .eth domains on Ethereum or .avax on Avalanche);
- buy your THORName (.thor) in $RUNE;
- check the performances of your pools on THORYield (https://app.thoryield.com/stats), also downloadable as mobile app version on Android & iOS;
- create multi-sig wallets (beta).
The wallets currently supported are:
🐙 XDEFI (Browser based Multi-Chain Wallet) 🛅 TrustWallet (Mobile Multi-Chain Wallet) 📟 Ledger Hardware Wallet ⚡ Keystore 🦊 Metamask and 14 additional Ethereum Wallets! ⚛ Keplr Wallet (Cosmos IBC) 👻 Phantom Wallet (Solana).
Always better to use an Hardware Wallet as Ledger while using the dapps. Buy it now! Click here.
THORSwap has released its $THOR token, aim of which is to optimize and incentivize trading activity on the platform.
$THOR can be staked for an APY which is currently around 33%. The rewards are auto-compounding as $vTHOR is a Tokenized Vault Standard (ERC-4626) on Ethereum.
This return is guaranteed by a mix of trading fees generated by the swaps made on the platform (an average of 5% APY in the last three months, #realyield), and by the regular issue of new minted $THOR that is foreseen for the next 4 years (total supply: 500,000,000 tokens).
THORSwap has also recently introduced a system of discounts on transactions carried out on the platform, with different levels based on the amount of $THOR or $vTHOR owned.
I will publish a new article focusing purely on the $THOR token in the coming weeks. If you are curious you can already read the official documentation at this link: https://docs.thorswap.finance/thorswap/usdthor-token/usdthor/vthor
The next step of the roadmap will be the addition of THORSwap Earn (Single-sided Yield), which exploits the function of the synthetics of THORChain, which will become yield-bearing. It will be possible for THORSwap users to obtain a return on their $BTC, $ETH etc., without the need to $RUNE exposure in the double asset pools.
In a few days a new article!
"NEVER ENOUGH HOPIUM"
CT: @mifune0x
