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After taking about 2 hours to figure out how to farm on @THORSwap with the new @terra_money integration, here's a simplified thread on how to do it if you have a ledger!
๐งตโ๏ธ
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1. Download Thorchain on your ledger and get yourself a thorchain address.
2. Download Terra (I assume you already have $LUNA and $UST in your wallet) on your ledger and link it with your Terra Station Wallet extension on your browser.
The hype about #THORfi is absolutely warranted. Much has been written about the mechanics, which is some real giga brain stuff. But there are two things about what this means that I am most excited about
1. Adoption ๐โโ๏ธ
2. Tokenomics ๐ฐ
@Thorchain #RUNAtics
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1/9
1. Adoption ๐โโ๏ธ
2. Tokenomics ๐ฐ
@Thorchain #RUNAtics
๐งต๐
1/9
2/9 Adoption - Terra has shown that the path to adoption is to make things simple (e.g. $ANC). #THORfi does this in spades with a) a lending product that has 0 liquidation risks (no more sweating on whether you might have been liquidated during a flash dump)
3/9 The lending product has 0% interest rate - no more having to watch your yields move up and down depending on demand in market
Navigating through the THORChain ecosystem is still nebulous, especially for new users.
In anticipation of the Terra integration ๐ and ThorFi, here's a PRACTICAL guide to THORChain ๐งต โก๏ธ
$LUNA ๐ค $RUNE
#RUNAtics
In anticipation of the Terra integration ๐ and ThorFi, here's a PRACTICAL guide to THORChain ๐งต โก๏ธ
$LUNA ๐ค $RUNE
#RUNAtics
1/ For the unaware, THORChain is a cross-chain DEX where users can swap NATIVELY between assets like $BTC and $ETH (not wrapped) and soon $LUNA.
Here's a excellent ๐งต on Thorchain ๐
Here's a excellent ๐งต on Thorchain ๐
2/ You could also provide liquidity into THORChain and get yield on assets like $BTC
The LP is always paired 50/50 with Thorchains native token $RUNE and there's Impermanent Loss protection(in dollar terms) if kept for 100 days ๐
The LP is always paired 50/50 with Thorchains native token $RUNE and there's Impermanent Loss protection(in dollar terms) if kept for 100 days ๐
# The Second Dimension of @THORChainโs Liquidity Black Hole: THORSynths
How synths work, why they matter.
# TLDR how it works:
Deposit $RUNE to mint a #THORSynth, like thorBTC. Pool thorBTC with RUNE and get access to LP rewards from fast&low cost synth swaps.
How synths work, why they matter.
# TLDR how it works:
Deposit $RUNE to mint a #THORSynth, like thorBTC. Pool thorBTC with RUNE and get access to LP rewards from fast&low cost synth swaps.
# TLDR implications:
- captures unused RUNE and filters value back to deterministic price
- becomes a potent DeFi platform in itself
- augments liquidity virtually, and more
Full detail below ๐
- captures unused RUNE and filters value back to deterministic price
- becomes a potent DeFi platform in itself
- augments liquidity virtually, and more
Full detail below ๐
# Minting & Redeeming
Synths are created by depositing $RUNE. No external asset like BTC is deposited to mint synths.
This is exciting for early chads who've grown into $RUNE heavyweights.
Synths are created by depositing $RUNE. No external asset like BTC is deposited to mint synths.
This is exciting for early chads who've grown into $RUNE heavyweights.
