Note: This does not constitute investment advice. Your own should be the view you should pursue. This guide is only intended for instructional purposes.
Decentralized finance and distributed commerce have recently been hot subject in the field of cryptography. With many emerging projects offering innovative ideas to create applications that provide alternative ways to exchange and earn money in the crypto space. 2019 saw a wide range of DEX's emerge, including the highly anticipated Binance DEX, Uniswap, and even the infamous John Mcafee, who recently launched his own DEX. DEFI applications have also popped up, with Maker Dao allowing users to deploy collateral for DAI and make savings by lending crypto there. There are also hundreds of other protocols that offer similar functionality.
One interesting project that recently caught our eye at MarketHodl is Thorchain. Thorchain is a cross-chain permissionless exchange of digital assets that allows users to quickly exchange tokens instantly. The project allows users to receive fees by providing credit and investing for each asset and by involving funds in liquidity pools.
They are in the process of developing a BEPSwap that will allow BEP2 token holders (Binance Chain Tokens) to swap their properties and deploy them. The production also doesn't end there. The project is agnostic to the blockchain and plans to release a series of software compliant with a number of crypto projects.
The platform is now offering to stake until the BEPSwap app is ready. RUNE token holders can use the RUNE token on RUNEVault to generate weekly passive income on their platform. The calculated income is a weekly 1% (52% APR) of your balance compounded until BEPSwap launches. There are already 717 users on the platform using 82,529% of the offer. Once BEPSwap is launched, users must transfer their assets.
BEPSwap
BEPSwap is the first DEFI app in the Binance chain to be supported by Thorchain. The app offers a number of benefits to crypto holders and indicates what is to come for the project. Crypto users can exchange tokens instantly from one to another at the market price.
Through betting on the BEPSwap liquidity pool, token holders will comfortably gain money. This causes a share of the network fees to be received by holders.
Traders will use the BEPSwap framework to explore possibilities for arbing. Traders can take advantage of the price gap to gain gains as the pool price varies from the retail price.
Other ventures will also benefit from building a pool for the liquidity of their tokens and using their treasury for deep beginning liquidity. For untrusted price feeds, they can also attach to their pool and use the swap and submit functionality to collect payments from some other asset.
In order to bootstrap launch pools, Thorchain is actively collaborating on all Binance Chain ventures.
BIFROST PROTOCOL
Thorchain is also creating the BIFRÖST PROTOCOL, a cross-chain bridge protocol for any other chain.
FLASH NETWORK
For cross-network instant asset sharing, FLASH NETWORK is a Layer 2 network. A payment channel network for Layer 2 which supports all assets of THORChain and links to Lightning Network and Ethereum Layer 2.
ASGARDEX
ASGARDEX is an interface software that makes all project apps accessible to users from one easy-to-use platform. This includes instant asset swaps and liquidity staking.
RUNE TOKEN
RUNE token is used to stake funds in all Layer 1 liquidity pools and Layer 2 liquidity hubs to gain liquidity payments. To receive block rewards, THORChain validators bind Rune to (proof-of-stake).
The FDP politician accused the Union of focusing too much on the Fdp.
How to buy THORChain(RUNE)
Step 1: Purchase Bitcoin
Note: If you already own Bitcoin skip to step 2.
Before you can buy RUNE, you would need to buy some bitcoin first. Don't worry, if you have never bought bitcoin before, the process is easier than it sounds.
- First, create a Coinbase account.
- Once you have done that, log back into Coinbase. You will now need to add a phone number and confirm that number by entering a code that you will receive via SMS. This is to prevent spam accounts from being created and adds an extra layer of security to your account.
- Before making any purchases, you'll need to verify your identity by uploading a picture of an ID, such as a driver's license.
- Once you have completed, you will need to add a payment method to purchase your coins. In the settings menu, go to the Linked Accounts tab and click Link New Account.
- You have several options, if you only want to invest a few hundred I would recommend the debit card option as the other options may take some time to process or you may be charged a fee.
- Once set up, click on the trading option and select Bitcoin, then buy the amount you need. Once the purchase is complete, you will need to send the bitcoin to Bitmax where RUNE can be purchased.
Step 2: Buy RUNE
Bitmax
- Log in to Bitmax. After logging in, click on the Balances section of the My Assets tab in the top right corner.
- On this page, select the Deposits button.
- Search and select BTC using the search bar.
- You will be presented with an address here. Copy this address and then return to your Coinbase account page to send the bitcoin to your Bitmax BTC wallet address that you have copied now.
- The bitcoin trade ought to have gone through after a while. You can now access Bitmax and click on the top left corner of the 'Money' page.
- Currently, RUNE is only traded with the USDT pair, so with your BTC you will need to purchase USDT. On the right-hand page, search for the BTC and make sure the USDT tab is picked.
- Pick the ticker for BTC / USDT and input the quantity of BTC you want to sell at the price you want.
Now you've got some USDT, search RUNE in the above search bar.
- Select the RUNE / USDT ticker and enter the amount of RUNE you want to buy in the Buy Order field below.
Success! You are now an owner of RUNE tokens
