Getting Started Guide

No matter if you are entirely new to THORWallet DEX or just want to refresh something, this Getting Started guide is going to provide you with everything you need to know. If you do not yet have the app installed, have a look at our "How to install THORWallet DEX" guide.
The first thing after opening the app is a Security Check. The Security Check is performed every time upon opening the app, and it makes sure that THORChain's third-party services are working correctly. After the Security Check, the following screen will appear:

After clicking on the "Get Started" button, you have to agree to the Terms of Service and Privacy Policy, after which the wallet setup starts on the following screen:

Here you can either create a new wallet or import an existing THORWallet. We will continue with Create Wallet. After clicking on Create Wallet, you will be asked to write down your unique seed. You can view your seed phrase by clicking on “Backup Wallet”.

Now you will see the following screen with your seed phrase. You can copy the seed to your clipboard and keep it on your phone, but it is highly recommended to keep it off-line. See our guide on "How to store a seed phrase". Remember that both the words and their order matter, so make sure to double-check both the words and their order. Once you are sure that everything is correct, check the box and click on continue.

In the next step, you will create a six-digit PIN code for the wallet. First, you have to enter your PIN and after you have to confirm it.

After setting up the PIN, you can opt to unlock the wallet with biometrics. To do so, click on “Enable biometrics” or click on skip if you do not.

Finally, you can scroll through some information slides about THORWallet’s functionalities or just click on “Get Started”, which will bring you to the “home page” of the app.

From here, you can explore all the functions (Swaps, Receive & Send, Provide Liquidity) the app offers.

What is TGT?

TGT (THORWallet Governance Token) is THORWallet's utility token. The token holder can unlock special features such as lower trading fees and participate in the governance process.

What differentiates THORWallet from other software wallets?

Thanks to the underlying technology of THORChain, THORWallet is currently the only wallet that allows you to swap native assets across chains and earn interest on them. Our app currently supports native BTC, ETH, BNB, BCH, LTC, Doge, and Terra with more chains coming in the future. For example, you can currently earn up to 19% APY on native BTC, 24% on native ETH, or 36% on native LTC.

Besides these features, the app also offers Liquidity Providing, Cross-chain savings account (coming soon), and Lending & Borrowing (in planning). The app also enables you to hold all your NFTs independent of their chain.

What can I do with the app?

With THORWallet, users can swap native assets, earn passive income (through liquidity providing or savings account), and store NFTs. All in a non-custodial way.

What are community tiers?

We currently have three community tiers: Standard, Community & Community Plus. In each tier you enjoy additional benefits such as premium features/reduced swapping and liquidity providing fees (afflliate fee). In order to become a community tier you must stake our multi-utility token $TGT either through our app or on our website.

How to install THORWallet DEX

In this guide, we will show you how to install the THORWallet DEX app on an iPhone, but the app is also available for Android via Google Play. You can download the app directly from the App Store, just like you would any other app or you can download the app using "TestFlight" if you would like to have access to the newest features as soon as possible. Keep on reading to learn, how to install THORWallet DEX using "TestFlight".

First, open the App Store and look for the "TestFlight" app, which gives you access to beta apps before their release on the App Store.

After successfully installing the "TestFlight" app go to www.thorwallet.org and click on the "Download on the App Store" button. This will directly forward you to the "TestFlight" app, and from there, you can go on to install our app.

When the app is installed, it will appear on your screen with a small orange dot in the lower-left corner (which says that the app is in beta and was installed through "TestFlight"). Now you are all set!

If you are not sure how to set up the wallet, you can have a look at our "Getting Started Guide".

What is THORWallet DEX?

THORwallet DEX is the one stop shop app for the masses to take part in decentralized finance.

It is a non-custodial wallet that gives you full control over your keys with an integrated cross-chain Dex that allows to swap native L1 coins across different blockchains with no intermediary. This enables swaps for unwrapped BTC vs ETH vs LTC vs BUSD etc. At the same time the app includes earn functionalities like liquidity pooling or savings account. Again non-custodial, pure DeFi.

How to store a seed phrase?

Your unique seed phrase is what guards your funds. You should NEVER disclose it to anyone online/offline, nor should you show it in front of a camera. Store your seed phrase in a safe location, preferably on a piece of paper or a flash drive.

Restoring wallet with a seed phrase

There are two situations from which you can restore your wallet. The first possibility is that for some reason, you had to delete the app, and now you are setting it up from scratch. In this case, click on "Import Wallet" when you get to the following screen:

After you click on "Import Wallet", the following screen will appear:

Here you can enter your 12-word seed phrase in the following format: all letters are small and one space between each word.If you are trying to rewrite an already running wallet with a different one, go to the settings tab in the app and click on "Import Wallet". From there, the process is the same as above.

Upgrading to Native $RUNE

If you own BEP2 or ERC-20 $RUNE, and you would like to upgrade it to the Native $RUNE, THORWallet DEX has you covered. Read on to find out how to do this in our app. The first thing you will have to do if you hold your BEP2 or ERC-20 $RUNE on a centralised exchange is send it to the THORWallet DEX app. If you have BEP2 $RUNE, please send it to your $BNB address in the app. Similarly, if you have ERC-20 $RUNE, send it to your $ETH address. After the transaction is approved, you will see the token in your wallet.

Upgrading from here is very simple. Click on the asset, and on its page, you will see an “Upgrade” button, click it and follow the on-screen instructions. In order to perform the upgrade, you must have some BNB in your wallet if you are upgrading from BEP2 or ETH if you are upgrading from ERC-20 in order to pay for the transaction fee.

After the transaction goes through, you will arrive at the following screen and the upgrade is complete:

You can check that the upgrade was successful by going to the Native $RUNE asset page under actions:

Does THORWallet DEX know my seed phrase?

No. THORWallet DEX has no access to your seed phrase. It is important that you place it in a safe place. In case you loose your seed phrase, we cannot support you.

How is my wallet protected?

Every wallet is protected by a unique seed phrase and by a sign-in password/biometric check upon opening the app.

What is a seed phrase?

A seed phrase is a string of 12 to 24 words generated by a crypto wallet that enables you to restore access to your funds.

What chains does THORWallet DEX support?

THORWallet DEX currently supports Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Binance Chain (BNB), Terra (Luna), Cosmos (ATOM), Avalanche (AVAX)* and Thorchain (RUNE).

*supported soon

How to migrate from MetaMask to THORWallet DEX

There are two scenarios when importing the wallet. First, you are opening the app for the first time. Second, you already have a wallet in THORWallet DEX but you want to overwrite it with your MetaMask wallet. If you are opening the app for the first time, you can follow our "Getting started guide" until the point where you are on the screen that says "Create Wallet" and "Import Wallet".

In the second case, on the home screen click on settings and after on "Import Wallet"

After clicking on "Import Wallet" in either scenario, you will be at the following screen:

To migrate from MetaMask to THORWallet DEX, go to MetaMask app's home screen and click on the burger menu in the upper left corner and after click on settings:

In settings, click on "Security & Privacy"

When in the "Security & Privacy" menu, click on "Reveal Secret Recovery phrase" and enter your password:

After entering your password, you will be able to see your seed phrase. To migrate, click on "Copy to clipboard" (Note: the seed phrase only stays in the clipboard for 1 minute) and go back to the THORWallet DEX app.

Back in the THORWallet DEX app, enter the seed phrase from the clipboard and click on the arrow. Note: all letters must be small and there is one space between each word.

After few seconds, you will be asked to enter and confirm your PIN as well as to enable biometrics (see "Getting started guide" ). Finally, you will end up at the home screen and you are ready to go.

How to receive funds?

In the app on the Wallet page, tap on the asset you want to receive. In our example TGT.

On the next page, click on receive and from here, simply scan the QR code or copy the address.

Note: to receive any ERC-20 token or ERC-721/115 (NFT's ) you can just send it to your native Ethereum address

No memo is required to receive native rune or BNB/BEP 2 assets(binance chain)

What assets can THORWallet hold?

All tokens that are on supported chains are supported, i.e. Ethereum and all ERC20 tokens, BNB and all BEP2 tokens and all native assets of the supported chains can be stored with THORWallet.

How to restore THORWallet from seed phrase?

In the settings tab of the app, under Security, you can find the "Import Wallet" option. Tap on this option and input your existing seed phrase to restore the wallet.

Is THORWallet a Web3 wallet?

Yes, Thorwallet is a web3 wallet.

Does THORWallet DEX own my coins?

No. THORWallet DEX is a non-custodial wallet, which means you are your own custodian and the coins are with you. It is important that you place your seed phrase to the wallet at a safe place. We do not know your seed phrase and cannot support you in case you have lost it.

How long does it take for a swap to execute?

This depends on which two chains are involved in the swap, since all transactions are on-chain. An ETH,BTC,BCH swap may take several minutes while a RUNE-BNB swap might be executed within 15 seconds. It also depends on the volume of the swap (see THOChain's security measure outbond throttling).

How to make a swap?

In the app on the Wallet page, tap on the asset you want to swap (in our example RUNE) and click on Swap.

Next, enter the amount you wish to swap, the asset you want to swap to (In our example, we swap from RUNE to BUSD). You can also set your preferred Slippage Tolerance by clicking on the cogwheel in the upper right corner. This step is not necessary as the app has a built-in auto slippage function.

Click on Preview Swap to view the estimated fees of the transaction.

Finalise the Swap by clicking "Swap now", after which the following window appears:

After the first confirmation takes place (usually a few seconds), a swap summary appears:

Now the transaction is finished, you can check your respective asset balances in the wallet.

What is slippage tolerance?

Imagine you are trying to make a swap. You choose the assets and the amount you wish to swap. You confirm the transaction at 12:00, but it takes some time before it actually happens, and the transaction is executed at 12:01. The problem is that the price of the swapped assets can change in this time frame (in crypto often drastically), and that is where the slippage tolerance comes into play.
You use the slippage tolerance to express how big this price difference can be so that you still wish to execute the transaction. If the price change exceeds the slippage tolerance, the transaction will NOT be executed.Our app has built-in automatic slippage function but you can set your own by clicking on the cogwheel in the upper right corner (see screenshots below).

What swaps does THORWallet Dex support?

THORWallet DEX currently supports Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Binance Chain (BNB), Terra (Luna)* and Thorchain (RUNE).
*supported soon

What are the swapping fees?

Swaps have the following fee structure:
1. Network Fee:
- paid in the input asset
- If the input is rune 0.02rune is paid as fee
- If the input is ETH/ERC-20 token then it is paid in ETH
2. Transaction Fee (gas):
- paid in outbound currency
3. Affiliate Trading Fee (THORWallet DEX fee):
- 0%-1% depending on community tier or THORWallet NFT

Transaction (gas) is approximately 3x higher than normal transaction. This is a THORChain default, to make sure swaps are executed fast and don't get stuck. For PoS chains this has little effect on gas costs, whereas for ETH transaction those fees can be considerably higher. Click on the info button in the app before the swap to see an estimation of the fees. Please be aware that this is an estimation.

How do cross-chain swaps work?

During a cross-chain swap you will send the coin you want to trade in for another to a Thorchain vault. Once your coin is securely on its way, the vault will send you the coin you traded for to your wallet. All this is automated in the THORChain blockchain and completely decentralised.

What are NFTs?

NFTs (Non-Fungible Tokens) are uniquely identifiable tokens stored on blockchain, often representing digital files such as photos, videos, or audio.

What NFTs are supported by THORWallet DEX?

Currently, we are able to display all Ethereum based NFTs.

What is the THORWallet Army?

THORWallet army NFT collection consist of 20 Commanders, 200 Generals and 2000 Soldiers that unlock unique premium features in the THORWallet app/website

Is my THORWallet Army NFT activated in the app?

Simply transfer your THORWallet NFT to your main ethereum address. It will be automatically detected. You can see that your NFT is activated in settings in the Collectibles (see screenshot bellow).

What are missions?

Missions are our reward program, with which we want to help you with getting to know every nook and cranny of the app so that you can take full advantage of all the features THORWallet DEX has to offer.

In the Missions tab of the app you can see the overview of the missions as well as newly released missions and your active missions.
Complete the missions, earn some $TGT along the way, and become part of something great!

How to start a mission?

To start a new mission, go to the missions tab of the app and navigate to the "New Missions" submenu. Now you are at the following screen:

From this screen you can choose whatever mission you like the best. After you have chosen the mission you want to complete, click on it and you will arrive at homepage of that particular mission. In this example "Single Swap 2 USD".

On this page, you can see everything important regarding a particular mission:
- Rules of the mission,Required actions,
- Reward for completing the mission,
- Available time to complete the mission.
To start a mission, confirm that you understood the rules of the mission and click on "Start mission".

After clicking on "Start mission" you you will be able able to see the mission in "Your Missions" submenu.

How can I see that I completed a mission?

You can follow your progress when you open the individual mission page in the "Required Actions" part.

When you finish all "Required Actions", you can find the completed mission in the "Your Missions" submenu under "Completed". A completed mission looks like this:

How to abort a mission?

Should you wish to abort a mission, navigate to "Your Missions" submenu of the missions tab. Click on the mission, you wish to abort and scroll all the way down.

Here simply click on "Abort mission" and the mission is canceled. Note: Aborting a mission will reset the progress of the mission!
You can restart the mission at any time from the "New Missions" submenu.

How to collect mission rewards?

After completing the required actions of a mission, go to the individual mission page and you will see following screen:

From here simply click on "Claim Now" and you will receive your reward.

What are Synthetics?

Synthetics are a new functionality of the THORChain network. They are derivatives of other coins and tokens (e.g. BTC or DOGE) and are derived from Liquidity Pools with no risk of Impermanent Loss. Another uniqued feature of Synthetics is that they are always backed by 50% of its original asset and 50% RUNE. Every Synthetic is always redeemable at 1:1 ratio with its underlying native version and you can mint any Synthetic with any asset, e.g. minting DOGE Synthetic with native BTC. If you wish to find more technical details, you can find them here.

What are the benefits of Synthetics?

1. Because Synthetics are based on THORChain, they take over the network fees of THORChainwhich can save you a lot of funds (each transaction costs only 0.02 in $RUNE).
2. THORChain transaction only take ca. 5 seconds to complete.
3. Because you mint a Synthetic with only one asset, you are only exposed to price fluctuation of one asset, thus avoiding the Impermanent Loss.

Important note: Synthetics do NOT earn any APY/APR!

How to mint a Synthetic?

Minting Synthetic assets in THORWallet is as simple as making a swap. Just swap to any Synthetic and the minting happens in the background with no interaction needed from the user.

How to swap Synthetics?

Thanks to our seamless Synthetics integration, you can use Synthetics in the most convenient way. Swapping with Synthetics works in exactly the same way as any other swap. Start by selecting the native asset you want to swap from the Wallet page, in our example BUSD

After, click on the asset you want to swap to and search for the synthetic asset you want. In our example synthetic TGT. You can recognise a synthetic asset by the brackets with text synth after the assets's ticker symbol, e.g. BTC (synth).

Finally, enter the amount you want to swap and click on "Preview Swap". From here, just follow the on screen instructions.

If you are not sure how exactly swaps work, have a look at our "How to make a swap?" guide. If you want to learn more about Synthetics, you can have a look at the original THORChain documentation.

How to send/receive Synthetics

Because every Synthetic has its own THORChain address, you can send/receive it just like you would any other asset in the THORWallet DEX app. Thanks to this, you can transact assets with high network fees for the low fees of THORChain.

How to redeem a Synthetic?

To redeem a Synthetic asset, simply swap back to any native asset and the Synthetic will be burned in the background with not interaction needed from the user.

Is LP safe? What risks are there?

The main risk associated with providing liquidity is the impermanent loss. You can read more about it in the "What is impermanent loss" FAQ bellow. Another risk is rug pulls, though these are most often related to illegitimate projects.
The main risk associated with providing liquidity is the impermanent loss. THORChain covers you with ILP (Impermanent Loss Protection). You can learn more about it here:
https://docs.thorchain.org/learn/understanding-thorchain#ilp-how-thorchain-protects-its-liquidity-providers

https://docs.thorchain.org/frequently-asked-questions#will-i-have-impermanent-loss-protection-if-i-provide-liquidity-in-thorchain

To learn more about pooling (strategies, understanding) on THORChain, we recommend you to join the LPU (Liquidity Provider University) discord.

How to provide liquidity?

To provide liquidity, start by going to the "Pooling" tab of the app. You will automatically start at the overview, and from there, you want to move to "Available Pools".

Here you can see all the available pools together with their current APY (you can also sort the pools based on different criteria). Next, click on the pool you want to add liquidity to (in this example, we will use BUSD) and choose whether you wish to deposit Symmetrically or Asymmetrically. In this example, we will use Asymmetrical Deposit.

After choosing the deposit method, the following screen appears where you set how much you want to deposit into the pool:

Next, you have to acknowledge that the liquidity pooling is provided by THORChain and click on "Add Liquidity now".

After the transaction goes through the network, the following screen appears, and you have successfully provided liquidity.

You can check all the pools into which you have deposited assets via the "Pooling" tab and its subpage "Your Pools".

P.S. You can also get to the pooling menu through the individual asset page (see screenshot below).

How does the impermanent loss protection work?

THORChain offers impermanent loss protection of 1% a day, which means after 100 days you are entitled to 100% reimbursement of your impermanent loss. This means after 100d you will minimum get out what you put in (not in dollar terms but crypto asset you provided).
Example with stablecoin:
1) You provide 1000 BUSD asymmetrical to the BUSD pool.
2) At time of writing this converts automatically to 500 BUSD ($500), and 125 Rune ($500), totalling $1000.
3) Rune is fluctuating and redeemable amount is let's say 300 BUSD ($300) and 200 Rune ($450).
4) you have an impermanent loss. 5) this loss gets covered 1% per day i.e. after 100% you get reimbursed minimum 500 BUSD and 125 Rune.

Please note that the IL is not calculated based on dollar terms but digital asset terms.

Second example:
1) You provide 1 BTC asymmetrical to the BTC pool.
2) At time of writing this converts automatically to 0.5 BTC ($20k), and 5000 Rune ($20k), totalling $40000.
3) Rune and BTC price are fluctuating and redeemable amount is 0.4 BTC and 6200 Rune totalling $29000.
4) you have an impermanent loss.
5) this loss gets covered 1% per day i.e. after 100% you get reimbursed minimum 0.5 BTC and 5000 Rune.

Please note that the IL is not calculated based on dollar terms but digital asset terms.

Liquidity Pooling Strategy

How to decide between Symmetric and Asymmetric entry when providing liquidity? The following graphic will help you make that decision.

How to Stake $TGT

You can stake our multi-utility token, $TGT, to earn 13% APR either through our website or directly in the app. Besides the APR, when staking enough $TGT, you can unlock our community tiers and enjoy benefits such as reduced swapping and liquidity providing fees. Read on to find detailed guide on "How to Stake $TGT".

1. Staking through Website
After arriving on the home page of THORWallet DEX, scroll down until you see the following screen:

Here, click on "Stake now" after which you will arrive on the following screen:

From here, click on "Connect to Web3" and connect your Web3 wallet such us MetaMask. After this step, you arrive on the following screen:

Here, enter the amount of $TGT you wish to stake, after which the "Enter an amount" button changes to "Stake". Finally, click on"Stake" and approve the network fee/s to stake your tokens. Note: When staking for the first time, you will have to approve two transactions: the staking contract and the transfer of funds to the staking vault.
Now, you have successfully staked your $TGT!

2. Staking through the Mobile App
First, navigate to the $TGT asset page as shown on the following screen shot.

On the $TGT asset page, click on stake:

After clicking on "Stake TGT", you will be at the following screen. Here, you can input the amount of $TGT you wish to stake and click on "Continue". After this, you will end up on the following screen, where you can see the overview of the fees.

Finally, click on"Stake" and approve the network fee/s to stake your tokens. Note: When staking for the first time, you will have to approve two transactions: the staking contract and the transfer of funds to the staking vault.
Now, you have successfully staked your $TGT!

How does the APY for liquidity pools get generated?

A liquidity provider is a stakeholder that provides liquidity (a liquidity pair) into a pool that is needed to run a decentralised exchange. He/She gets rewarded with a share of the trading fees generated with that pool and also THORChain's token emmision which is reflected in the APY.

Please note that a liquidity provider is exposed to impermanent loss.

Custody during liquidity providing

Yes, the assets are transferred to THORChain’s address/vaults on-chain but only your address (private key) can redeem the asset back. All code is open-sourced, and is audited multiple times. You can either audit the code yourself, or trust the community who have pored over the code; to make sure the above points are correct.

Logic of Liquidity Pools

The following graphic shows what happens when you open multiple pools with the same asset.

What is impermanent loss?

Impermanent loss (IL) happens when you provide liquidity to a liquidity pool, and the price of your deposited assets changes compared to when you deposited them. The bigger this change is, the more you are exposed to impermanent loss. In this case, the loss means less dollar value at the time of withdrawal than at the time of deposit. THORChain offers impermanent loss protection of 1% a day.

What is liquidity pooling?

A liquidity provider is a stakeholder that provides liquidity (a liquidity pair) into a pool that is needed to run a decentralised exchange. He gets rewarded with a share of the trading fees generated with that pool which is reflected in the APY. At THORChain a liquidity provider has two options how to provide liquidity: symmetrical or asymmetrical.

Symmetrical means 50% Rune and 50% the asset you've chosen. Asymmetrical means 100% in your chosen asset. It is important to note that if you provide liquidity asymmetrical, a swap is pursued in the back, that leads to a symmetrical allocation anyway.

This means a liquidity provider is always exposed to two assets: Rune and your chosen asset.  The APY is earned on both of those asset and auto-compounded in the pool.

What tokens am I exposed to when liquidity pooling?

When you provide liquidity you are exposed 50% to Rune and 50% to the assets you have chosen. This is independent if you have provided liquidity symmetrical or asymmetrical.

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