Thread by @dopeboyshanee

Navigating through the THORChain ecosystem is still nebulous, especially for new users.

In anticipation of the Terra integration 🌖 and ThorFi, here's a PRACTICAL guide to THORChain 🧵 ⚡️

$LUNA 🤝 $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 🧵 on Thorchain 👇

https://twitter.com/simonlapscher/status/1492163725163388931?s=20&t=sJZyz2SbnvwcQuanmG8dgQ

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 👇

https://twitter.com/THORChainLPU/status/1495797683914686470?s=20&t=OlYq10QcKKt7c3fFdmZWJQ

3/ Cool, now let's get to the practical part

I'll be using @xdefi_wallet for this

It's pretty straightforward to create an account, if you get stuck, refer to this 👇

xdefi-io.medium.com/xdefi-wallet-1…

4/ In anticipation of the Terra integration, I'll be starting with $UST in my Terra wallet

Overview 👇

UST -> CEX -> BUSD on Binance Chain(not Binance Smart Chain) -> Native RUNE

If not starting with UST, skip to CEX part

5/ Why CEX?

Afaik, there's isn't a proper decentralized way YET.

Once Terra is integrated into THORChain, you can use @RangoExchange to swap UST to native RUNE.

6/ Till then, a cex is needed.

I'll be using Binance but Kucoin and Ascendx also supports Binance Chain $RUNE(it's not native)

However, I recommend using Binance

Why?

7/ First reason is more liquidity and fewer fees

But mostly is to make use of the price discrepancy between BinanceChain $RUNE and Native $RUNE

As you can see, Rune is $5.2 on Binance while Native Rune is $4.93... a 5% variance

8/ Now let's start ⚡️

Go to Binance and deposit $UST.

Make sure the network is Terra and include the Memo

9/ Once received, choose the UST/BUSD pair

1000 $UST gets you 1004.8 $BUSD... sweet!

10/ Now withdraw BUSD to Xdefi

Make sure Binance Chain is enabled in Xdefi:
Settings -> Chain management -> Binance

To get the Binance Address, go to receive and choose Binance

btw, withdraw some BNB to the same address too, you'll need it for fees

11/ Don't worry if you haven't seen it yet. You probably didn't add $busd token on xdefi.

Add BNB chain $BUSD, not BSC.

Same thing for BNB, for the fees

12/ Now go to the Xdefi menu and enable "prioritize XDEFI"

After that, head over to app.thorswap.finance and connect Xdefi wallet

@THORSwap

13/ Once connected, click the wallet button and you'll see the BUSD and BNB in the binance chain section

14/ If you want to swap to $RUNE, go to trade-> swap

If you wanna provide LP, go liquidity-> add

Note: You can provide 50/50 or asymmetrically.

If u provided asymmetrically, it'd automatically swap to 50/50 asset-rune in the back end.

15/ Scroll down and you'll see the APYs and other metrics

Wanna see the fees ur LP is getting? 💸

Head over to thoryield.com and paste your address

16/ Btw, Thor Synths just released, which will be the gateway towards ThorFi(lending and borrowing with 0% interest and no liquidations 🤯)

Thread by @CBarraford 🧠 on synths 👇

https://twitter.com/CBarraford/status/1501620810003656706?s=20&t=2oBLKraUlhgPTo7_nXFyrg

17/ Be ready for the imminent launch of $LUNA- $RUNE LP #LUNAtics 🌖⚡️

Tagging some #RUNAtics

@ChadThoreau @NicolasFlamelX @Cephii1 @danku_r @farmerdbrown @CryptoHarry_ @altcoinasian @THORmaximalist