Thread by @THORNoobs

Ok #THORChads and #THORNoobs, let's talk about the @ThorWallet $TGT token launch that's going down next week!

The details are finally out, and we now know how things are shaping up.

Here is a "breakdown" from our new content-writer @Bit_o_money 👇

3 ways to participate for the highly anticipated launch:

Phase 1 Nov 15th - @thorstarter IDO
Phase 2 Nov 17th - @THORChain
Phase 3 Nov 18th - @SushiSwap

Each phase has their own pros & cons, so let’s dive in to determine which may be the most ideal for your situation.

First up, Phase 1:

⏰When - November 15th 2021 15:00 UTC
📍Where - app.thorstarter.org
🛄Allocation - 1.2% of total TGT supply
💰Total capital raised - $300,000 USD
💵 $TGT Token Price - $0.025

In this phase 1 IDO launch, there will be two parts.

1) The first part will be reserved for Tiers 1-4 of the newly released @thorstarter tier program and will receive 90% of the above mentioned capital raised.

Thorstarter tiers: blog.thorstarter.org/introducing-th…

2) The remaining 10% will go to the general Thorstarter community who has 100 vXRUNE staked and will be first come, first serve (FCFS).

Given the above mentioned specifics, we can now begin to extrapolate some (somewhat) concrete estimates for the community base allotment of $TGT.

Estimate 1)

90% of the $300,00 capital raise = $270,000
Assuming a turnout similar to the $THOR IDO of approximately 5000 participants, we can calculate ($270,000/5000) an allocation of $54 worth of TGT tokens priced at $0.025 (or 2160 TGT).

Estimate 2)

90% of the $300,00 capital raise = $270,000
Assuming a turnout of 2500 participants (half the size of the $THOR IDO of approximately 5000), we can calculate ($270,000/2500) an allocation of $108 worth of TGT tokens priced at $0.025 (or 4320 TGT).

As per Thorstarter’s new tiers, you may be eligible for the base allocation multiplied by your tier multiple.

Further, during the TGT launch, Thorstarter will be automatically granting tier 2 status to any wallet which holds a "THORWallet Soldier" NFT.

thorwallet.medium.com/the-thorwallet…

This is a limited run NFT released in October to early THORWallet community supporters.

Regardless of the turnout, each user can expect to spend significant gas costs associated with the multiple steps required to participate. Let’s review those steps now.👇

1. $XRUNE must be acquired from either a @THORChain interface like @THORSwap using any asset supported, or from @SushiSwap using an ERC-20 token like $USDC or $ETH.

Minimum 100 $XRUNE for eligibility (not counted for allocation).
More $XRUNE based on tier or FCFS allocation.

2. Once you hold $XRUNE in your browser wallet of choice (for eg @xdefi_wallet), you will need to head over to app.thorstarter.org/governance/tok….

Here, you’ll need to connect your wallet, and permit Thorstarter to access your wallet address.

3. Once connected, your $XRUNE balance will be displayed, as well as a 0 balance for $vXRUNE.
$vXRUNE is required to verify your access to participate in any Thorstarter IDO.

To obtain $vXRUNE, you will need to stake a minimum of 100 $XRUNE--> $vXRUNE.

This will incur a “Transfer and Call” transaction to the Ethereum blockchain.
After approving the transaction in your browser's wallet, the Thorstarter dashboard should now show your $XRUNE balance, and your newly staked $vXRUNE.

4. Prior to the day of the IDO it is recommended that you also “Approve” Thorstarter to spend your $XRUNE.

5. On IDO day you will be permitted to swap your remaining $XRUNE (your 100 staked $XRUNE will NOT be available for this swap) for the maximum allotment of the $TGT token.
This will incur another “Transfer and Call” transaction.

6. Now that Thorstarter has swapped your $XRUNE for $TGT, you will have to wait until the $TGT tokens are released in order to claim them, as well as any $XRUNE refund you may have as a result of an oversubscribed IDO.

A “Claim” transaction will also incur one final gas fee.

So, since 6 of the above steps require interacting with Ethereum, and paying gas, a back of the envelope estimate of total gas costs associated with participating in the $TGT IDO goes something like this:

6X (roughly) $100-$120 worth of ETH (at current GWEI range of 100-200) gives us around $600-$720 in gas costs. Keep in mind that if you acquire $XRUNE from a THORChain pool, gas costs will be higher.

If we factor this gas cost estimate (we will use the lower $600 number) into our 2 token allotment scenarios discussed previously, we come up with the following total cost, and subsequent average token cost basis for $TGT.

Estimate 1) ~$50 for staking minimum 100 $XRUNE, plus $600 paid in ETH gas=$650
$650/2160 TGT received=$0.30 USD per $TGT cost basis.

Estimate 2) ~$50 for staking minimum 100 $XRUNE, plus $600 paid in ETH gas=$650
$650/4320 TGT received=$0.15 USD per $TGT cost basis.

Now let’s take a look at the Phase 2 launch on @THORChain.

⏰When - November 17th 2021
📍Where - app.thorswap.finance
💰Allotment - No cap, FCFS

Requirements -

1. Native $RUNE (the quantity of $RUNE deposited into the liquidity pool will directly determine the size of your $TGT purchase, ie. half of all $RUNE deposited will be converted to $TGT)

2. 1 $TGT (available either on launch day through the faucet contract, or through a 1 $TGT airdrop available via this application form until Tuesday November 16th)

3. Enough $ETH to cover 3X a typical $ETH transaction cost

$TGT Token Price - Floating, beginning at $0.025 for the first $RUNE liquidity deposited, then rising as more liquidity is added.

An important distinction to make for Phase 2 is the fact that ONLY the very first $RUNE deposited will get the $0.025 starting price. Even the first individual to provide liquidity will pay higher and higher prices for each $TGT their $RUNE deposit buys.

This is a function of the buy pressure on the $TGT liquidity caused by the $RUNE deposits. In essence, no one will get $TGT for $0.025/TGT besides the Thorstarter IDO participants from Phase 1 (not considering the gas fees incurred here).

As a result, it is difficult to determine a final cost basis for participants in the @THORChain launch on November 17th. You can expect to spend similarly on $ETH gas, but your final $TGT token position is up to you.

@ThorWallet has provided Medium articles with more specific information on each of the 2 phases discussed today.
The most important step in the Phase 2 article is regarding enabling “Expert Mode.”

thorwallet.medium.com/how-to-partici…

This is necessary in order to allow for you to provide liquidity using a custom asset:RUNE ratio.

This is what will allow you to provide your desired $RUNE quantity, with only the 1 $TGT in your wallet.

That's it! Dig into the details and let us know what you think about the coming launch of the newest addition to the @THORChain community.

Links:

Phase 1 November 15th 15:00 UTC- @thorstarter IDO
thorstarter.medium.com/thorwallet-ido…

Phase 2 November 17th- @THORChain
thorwallet.medium.com/how-to-partici…

Thanks to our new content writer for leading the research and the tweet-thread: @Bit_o_money

@ThorWallet $TGT

Correction:

- Minimum 2500 $vXRUNE is required in tier allocation (tier 1). 90% of phase 1 allocation.
- Minimum 100 $vXRUNE is required for FCFS. 10% of phase 1 allocation.

Note: Existing $vXRUNE holders/tier stakers will save steps & gas fees accordingly

Updated spreadsheet: