AMA Recap: THORSwap x Thorstarter (Discord)
Community Translations — Italiano, Русский, Indonesian, हिंदी
Segment 1: Thorstarter Team Questions
Host: Sælir og blessaðir, @everyone
The wait is over. The time of $THOR has come.
We are overjoyed at long last to deliver to you the details of the THORSwap $THOR IDO on Thorstarter.
Welcome to the THORSwap AMA.
In Segment 1, we will do some questions from the Thorstarter team, then open it up to the community for Segment 2.
Host: So, THORSwap Admin, The Bull, Cloudpleasr, and UncleBadgers… What a summer it’s been for THORChain. It feels like a new beginning… how has this time of MCCN pause been for your team and the project as a whole?
THORSwap: Yeah it’s been great and tough time for THORChain.
Whilst THORChain Network was halted, we continued building new products and upgraded our own infrastructure to prevent downtime.
We recently released a rebranded WebApp, The NEW THORSwap Desktop App with a dozen more features like Wallet Management and THORNode, Launched THORYield which is compatible with Discord, released THORChads Score and THORChads DAO!
And we have many more great products which are coming soon. So we have been busy for buidling.
Host: Right on. I think a lot of the ecosystem can relate… nothing to do but keep building. So now that that’s behind us, can you walk us through your roadmap? What’s next for THORSwap? I know everyone is quite excited to have the DEX functioning again, but it appears you have more in the works than just that…
THORSwap: Sure, one of the main goals is to build the leading cross-chain aggregator. After we aggregate additional liquidity sources, our plan is to create the Partner API. This makes it super easy for web3 devs to hook-up to THORSwap for cross-chain support in one easy integration, bringing more composability to THORChain.
We have many other products and apps coming soon:
- THORWiki (open source wikipedia for THORChain) which is launching in the coming weeks.
- NFT Trophies that are claimable based off on-chain activity (verified via THORChad Score); launching shortly after IDO
- THORYield iOS App: Track your Liquidity on THORChain MCCN Chaosnet and Portfolio Tracker (Currently in Public Beta) — we’re aiming to release the final version by EOY
- THORChad Games and Quests…stay tuned 🙂
- THORChad ID which is your identity and membership card to the THORChain Metaverse
More details will be shared as these products are launched.
Host: So lots more than just the (very impressive) cross chain DEX. Love to hear it. As you go live again and expand your offering (not to mention offer the $THOR token, which we’ll get to), who do you consider your top competitors? Sushi/Uni? Other cross chain projects? What gives THORSwap a competitive edge?
THORSwap: Our real competitors are centralized exchanges because we are fully committed to building a decentralized cross-chain exchange which is chain-agnostic and non-custodial.
As for other DEXs built on top of THORChain, we view them as partners because ultimately we are collectively creating a more decentralised future, growing the same ecosystem and will address different audiences.
Host: Gotcha. Zooming out the pie is big and only getting bigger. I like that view, positive sum. The big fanfare right now is for your $THOR token (and Thorstarter IDO, of course 🤗 ). Some ask “why token?” …So tell us, what does the THORSwap revenue model look like and how does the $THOR token factor into this?
THORSwap: Affiliate fees from trading on THORChain, referral fees from aggregators and value accrual from other projects like THORName, THORChads, THORChad ID etc. Vast majority of trading fees will be discounted as cashback to token holders. Only 20% of revenues will be allocated to the Treasury. Thorswap’s Trading blackhole meets Thorchain’s liquidity blackhole, the synergy is there.
Host: Got it, I’m personally very excited to see your trading black hole begin to form, I read about it in your tokenomics overview and found the concept quite compelling. One thing that’s come to the forefront the past few weeks is your THORChads DAO and other interesting new community aspects of the project. What is your vision for the THORChads DAO?
THORSwap: The vision for THORChads is that it will be the future home of the THORChad Metaverse — a place where the community can interact with fun creative projects like NFTs and games; and community initiated projects can launch from.
THORChads.com will act as a launchpad, supporting new creative community projects with marketing, dev support and more.
The THORChad DAO will be a community driven organisation that curates community projects and helps determine $THOR incentives for new projects.
The future is bright for all Chads!
Host: Very cool. Fun to see this kind of multi dimensional growth for the community
Recently there’s been much talk of the bull vs. bear cases for the market. Especially looking at just the past few days… I think many can sense who’s right, at least in the short term. BUT, markets are cyclical, ups have downs… so what will an eventual bear market in crypto look like for THORSwap and $THOR?
THORSwap: Bear market, Bull Development.
THORSwap team has been buidling and delivering cool products since Bepswap.
Even during the THORChain is halted, we delivered 10+ new features.
The last bear market created DeFi, innovation will continue despite the market conditions and we will continue to focus on serving our users.
Host: I like the attitude. Also as the space matures, it seems each downturn is less severe and devastating, strong projects survive well, I have great confidence in THORSwap thriving regardless of market conditions.
Looking towards some new ideas/latest of DeFi, specifically regarding liquidity as a service projects like Olympus Pro and Tokemak… Could THORSwap ever collab with such projects or roll out something similar?
THORSwap: This is definitely a possibility, as alternative models to farming and dumping are a necessity for the longevity of DeFi protocols. We would strive for collaboration and with being chain agnostic we can tap into many DeFi protocols on many chains.
I, personally am a big fan of these so called DeFi 2.0 protocols. Basically building DeFi legos on top of eachother until we have a DeFi castle. It isnt about DeFi 2.0 vs DeFi 1.0. Lets not forget why we are here. It has always been about DeFi versus TradFi. We look forward to collaborating with other DeFi protocols
Host: What that castle will look like is exciting to imagine. So many things going on it’s hard for one person to grasp and will only get harder with time. This is a good thing, the distributed Web2.0 building effort is dazzling.
Well I’ve just got two more questions:
1) Right now what are your biggest hurdles moving forward and how might our community be able to help?
2) Can you share with us details of the upcoming $THOR IDO on Thorstarter?
THORSwap:
1) We believe that anyone can contribute to the ecosystem in one way or another.
One of the best ways to contribute is to spread the word, engage with the community, use the platform, and most importantly.. help newcomers.
- Reach out to us and other DeFi protocols to collaborate.
- Write great content, produce art and other creative outlets for THORChad DAO.
- Code! Build projects that are complementary to THORSwap.
RUNEYield merged with THORYield which is a perfect example of a community project that is complementary.
Let’s expand our community and horizons!
2) We are excited to launch $THOR token on Thorstarter.
🗓️ Date: Monday, November 1st
⏰ Time: 2:00PM UTC
🗺️ Location: thorstarter.org
🏗️ Structure: Overflow/Batch Sale
🪙 Allocation: 10M $THOR (2% of total supply)
💰 Raise: $750K
💱 Price: $0.075
Host: Can’t believe it’s finally here :) Awesome. Well, thank you and your team for the great answers. The floor is now open to @everyone. TS team you can choose the best 5–10 questions for answers. Thanks for your patience THORChads!
Segment 2: Community Questions
Q: Will the upcapped IDO on thorchain be similar to how XRUNE IDO was conducted? where price of $thor is determined by total contributed?
A: There will be an uncapped IDO on THORChain after Thorstarter IDO that you can participate as much as you want, using $RUNE
Q: Will the thorchadID keep user anonymous or could this be a weak point for regulation?
A: Anonymous 100%
Q: Why are centralised exchanges the competition? There will always be a market for people who need their hands held and prefer a more personalised approach compared to one which doesn’t give precedence to governance (as Chad mentioned on podcast few months back).
A: Centralised exchanges have always been the competition. If the majority of crypto trading volume occures on CEXs and if the majority of assets are stored on CEXS. Then the crypto space is centralised. We are the alternative to decentralisation of the whole crypto network.
Q: Hi THORSwap team.. thanks for giving an opportunity to ask questions..👍
Question: Any plans for airdrop for LP and XRUNE stakers ?
If yes, are the airdrop snapshots already taken..?
A: Yes, airdrop snapshots and whitelisting has been completed: https://thorswap.medium.com/thorswap-thor-airdrop-instructions-step-1-of-2-whitelisting-2dc6cb024d09
Q: What’s the benefit of holding $THOR
A: You get trading cashback on your trades.
Buybacks from trading revenue will be distributed to Thor holders
You can participate in the dao and also vote on creative projects with THORChads
Thor will have a lot of utility!
like i said trading blackhole meets liquidity blackhole. This benefits all stakeholders. LPers, Traders, you name it
Q: How much of the tokens will be avialble there (out of total supply?) and how much will the price different from IDO?
A: Price will start from the initial $0.075 per token and will increase as many members participate. Details will be announced later.
Q: Are you going to allow swaps with Solana? And have you thought of an easy way to swap with FIAT?
A: Yes, we will expand to Solana, Terra, and Avalanche ecosystem as well.
Q: It was mentioned that other exchanges built on THORChain would be considered partners. Is there an idea that the success of a different exchange increases the value of THOR?
A: Through our partner API. Other protocols can add crosschain support by hooking up to the API. This means move trading and volume through us which is a huge benefit
Q: ThorChads will act as a launchpad” — will you work together with Thorstarter or is there a risk of competition between the two?
A: Thorchads will be a launchpad for community projects, not tokens. It is also only for creative projects 😉 a store of thorchad culture.
Q: Have you guys thought about adding monero, XMR?
A: Haven (XHV) integration for Thorchain is in progress and Monero (XMR) will be following up after then.
Q: Will there be bot protection for the ido? Only 2500 slots.. seems like botting it would be a good idea for many people
A: The step of having to lock minimum 100 XRUNE for vXRUNE to create a profile in our DAO is a major bot deterrent for both complexity and gas reasons.
Q: Will contributions into the THOR:RUNE pool at launch have to be done with 100% RUNE, or will you offer a faucet like ThorStarter did, that pairs the user’s deposit with 1 $THOR?
A: I believe there will be a faucet contract for the THOR:RUNE pool
Q: With thorchads developing NFTs will we be able to bring in NFTs from other ecosystems?
A: Yes, we’re exploring collabs at the moment
Q: Awesome, this could be big since there is talk of regulating NFT markets such as OpenSea could this develop into a decentralized NFT market place?
A: If thats what the community wants then yeah that is a possibility. We’ll share more details next week about how community members can submit community projects
Host: Well that’s a wrap folks. Thank you for coming THORSwap team, I know a lot of this info has been long awaited by our community.
See you all November 1st for the $THOR IDO. This one will melt faces.
THORSwap Links
Twitter: https://twitter.com/thorswap
Website: https://thorswap.finance
THORSwap App: https://app.thorswap.finance
FAQ: https://thorswap.finance/faq
Join the Community! Provide feedback and contribute!
Discord: https://discord.gg/FRE3BytkCp
Telegram Announcement: https://t.me/thorswap_ann
THORChads DAO
Discord: https://discord.gg/thorchads
Twitter: https://twitter.com/THORChadsDAO
Website: https://thorchads.com/
Thorstarter Links
⚡️ Website: https://thorstarter.org
⚡️ Telegram: https://t.me/thorstarter
⚡️ Telegram ANN: https://t.me/thorstarter_ann
⚡️ Twitter: https://twitter.com/thorstarter
⚡️ Blog: https://blog.thorstarter.org
⚡️ Discord: https://discord.gg/awmWNyWb
️️⚡️ XRUNE address: 0x69fa0fee221ad11012bab0fdb45d444d3d2ce7
AMA Recap: THORSwap x Thorstarter (Discord) was originally published in Thorstarter on Medium, where people are continuing the conversation by highlighting and responding to this story.