Thread by @THORNoobs

What's the best way to buy in @THORSwap IDO ( $THOR token) ?

We were curious, and went through the available IDO phases for more info:

Phase 1: @thorstarter
Phase 2: @THORChain
Phase 3: @SushiSwap

Below is the Breakdown, Upsides, & Downsides of each phase👇

Phase 1: THORStarter

A user need to do 8 steps here:

1. Approve $XRUNE
2. Buy 100 $XRUNE
3. Approve staking $XRUNE
4. Stake 100 $XRUNE (for $vXRUNE)

These 4 steps will make you eligible for the IDO.

Note: These $XRUNE won't be counted when you buy $THOR token.

5. Buy ~$300 worth of $XRUNE for $THOR IDO (Can be done with Step 1)
6. Deposit $XRUNE in IDO page when it is live (limited time).
7. Based on demand, you might get ~$200 worth of allocation only. Claim remaining $XRUNE back.
8. Bought $THOR will be claimable after few days.

Downsides of Phase 1:

1) A user will have to go through 8 steps on ETH chain, which can cost around $1200 in ETH fees alone.
[ Considering >100 GWEI recently and ETH ATH ]

2) Process is complex and requires a lot of time and brainstorming just to get a small allocation

3) @thorstarter uses an "overflow" model here.
This means, allocation is capped at $300 per participant.

The more users participate, the less token each one gets.

Currently there are ~3500 $vXRUNE holders: etherscan.io/token/0xebcd39…

4) If we include the "pre-IDO requirements" in the cost of tokens, and the number of likely participants, a user will be buying $THOR at ~7x of the initial price.

Phase 2: THORChain

On November 3rd, @THORChain will see the biggest liquidity cap raise.

Cap will be increased by 5 million RUNE. At current price of ~$13 RUNE, there will be room for $130 million in liquidity pools ($65m for RUNE, $65m for non-RUNE assets).

This actually creates a "no per-user cap" situation for the participants.

As long as there is liquidity cap room, you can pool funds to buy $THOR.

Note that the earlier you enter, the better $THOR price you will get (starting with $0.075 when cap is raised).

2 Steps for the Phase 2:

1. Buy Native $RUNE
You can buy Native $RUNE from these exchanges:

https://twitter.com/THORNoobs/status/1438846274862678018?s=20

2. Have some $ETH in the wallet you used to connect to @THORChain / @THORSwap

@THORSwap has also created a step-by-step video tutorial in their discord, with further info on the procedure.

Here: discord.com/channels/83139…

And here is the launch page, which will make the whole process easy: app.thorswap.finance/thor_ido

Downsides of Phase 2:

1. User still need $ETH, but for one step only.

There are more Upsides than Downsides for the Phase 2.

Upsides:

1. This phase helps in bootstrapping liquidity for $THOR token, with a $THOR: $RUNE pool being launched.

2. Those who put funds in the pool will earn high-yield in the early weeks, which can be in the range of three to four figures APY.

3. Liquidity providers will also receive Impermanent Loss Protection from @THORChain treasury (applicable to all active pools on THORChain).

4. @THORSwap have their own midgard which is more resilient to the network overload, + under their control to deal with any incidents.

5. There is no "per-user cap" in this phase.

Phase 3: Sushiswap

Few days after Phase 2, an $ETH- $THOR pool will be launched on @SushiSwap .

Price will be the same as on the @THORChain liquidity pool, once $THOR pool is churned in the THORChain network (which will be in approx 3 days).

We hope that this thread on Breakdown, Upsides and Downsides helped you a bit.

Note that no @THORNoobs member is a private sale investor here (unfortunately), but we will be participating in Phase 2 on @THORChain to buy $THOR for long-term.

Users must do their own due diligence before participating in IDOs, or investing anywhere in general.

We believe in the @THORSwap's product, vision and their team.
And are looking forward to participate on November 3rd.

@THORSwap @THORChadsDAO @bullishtrader @cloudpleasr @UncleBadgers @THORChain $THOR