Crypto glossary
This glossary explains the crypto terms you meet in THORWallet in plain words. Each term links to the help article that has the details and the steps.
This article is available in English only.
C
- Community Tier
A Community Tier is a level based on your staked balance of $TITN. The higher the tier, the lower the THORWallet fee on your swaps. In THORWallet: Standard needs no staking, Community needs 10,000 staked $TITN and Community Plus 100,000, and there is no lockup.
Community TiersSee also: $TITN, USDC rewards
- Contract address
A contract address identifies a token on its network. Anyone can copy the name and symbol of a token, but not its contract address, so it tells the real token from an imitation. In THORWallet: the asset page of a token shows it in the row Contract Address.
- Cross-chain swap
A cross-chain swap exchanges a coin on one blockchain for a coin on another, directly from your own wallet. On a native route you send BTC on Bitcoin and receive ETH on Ethereum, with no wrapped token in between.
How swaps workSee also: Swap route, Streaming swap
F
- Funding rate
The funding rate is a payment between the longs and shorts of a perpetual that keeps the contract price close to the spot price. A positive rate means longs pay shorts, a negative rate means shorts pay longs. In THORWallet: on Hyperliquid, funding is charged hourly on the position value.
Margin, funding and liquidationSee also: Perpetual (perp), Margin
I
- Identity verification (KYC)
Identity verification (KYC) is the check of your identity and address that a payment card needs to meet anti-money-laundering requirements. The wallet itself needs no identity check. In THORWallet: you verify once in the mobile app for the THORWallet Card, with a passport or national ID card, a selfie and a proof of address.
Identity verification (KYC) for the cardSee also: THORWallet Card
L
- Lending
Lending puts your assets into an on-chain lending market that borrowers draw from. Rates are variable and not guaranteed, and you can lose some or all of what you deposit. In THORWallet: Earn offers lending of stablecoins such as USDC through Aave and Blend, from your own wallet.
How to lend stablecoins in EarnSee also: Staking
- Leverage
Leverage is the ratio between your position and the margin behind it: with 10x leverage, $100 of margin controls a $1,000 position. It multiplies losses as well as gains, and you can lose your entire margin. In THORWallet: you set leverage per market, up to the maximum Hyperliquid allows for that market.
Margin, funding and liquidationSee also: Margin, Liquidation
- Limit order
A limit order swaps your coin only when the price reaches the target you set. It stays open until it fills or expires, and there is no guarantee that it fills. In THORWallet: you place it in the mobile app under Trade, Limit Orders, with an expiry of 1, 2 or 3 days.
Limit ordersSee also: Swap route
- Liquidation
Liquidation means the exchange closes a leveraged position automatically, because the price moved against it until the margin no longer covers it. You can lose the margin behind that position. In THORWallet: the order ticket shows the estimated liquidation price as Liq. price before you confirm.
Margin, funding and liquidationSee also: Leverage, Margin
M
- Margin
Margin is the amount that backs a perpetual position, and you can lose all of it. Cross margin is shared across your whole account, while isolated margin backs one position only. In THORWallet: margin is held in USDC on Hyperliquid, and you choose the mode with Cross / Isolated in the order ticket.
Margin, funding and liquidationSee also: Leverage, Liquidation
- Memo and destination tag
A memo or destination tag is an extra field that some recipients, often exchanges, need to credit a deposit, for example for XRP or Stellar. Without it the exchange may not credit the deposit. In THORWallet: you need none to receive, and the send screen shows a memo field only on networks that use one.
- Multi-device vault
A multi-device vault is a wallet that several of your own devices control together, each with its own share. No single device can move funds alone, and the vault has no recovery phrase. In THORWallet: at least two thirds of the devices must sign, for example 2 of 3, and THORWallet holds no share.
Multi-device vaultsSee also: Vault backup, Seed wallet
N
- Network fee
The network fee, also called gas, is what a blockchain charges for a transaction. It is paid in the native coin of that network, for example ETH on Ethereum or TRX on TRON, and goes to the network, not to THORWallet. In THORWallet: the review screen shows it as TX Fee before you confirm.
How to send cryptoSee also: Outbound fee
O
- Outbound fee
The outbound fee is what a swap route charges to pay the network fee of the payout. It is taken from the amount you receive. In THORWallet: the fee details show it on THORChain, Maya and Harbor routes.
Swap fees and how to lower themSee also: Network fee, Swap route
P
- Perpetual (perp)
A perpetual future (perp) is a contract that follows the price of an asset and has no expiry date. You can go long or short with leverage, which is high risk: you can lose your entire margin. In THORWallet: perpetuals run on Hyperliquid and are not available in every country.
Perpetuals in THORWalletSee also: Leverage, Funding rate, Liquidation
- PIN
The PIN is the 6-digit code that protects the THORWallet app on one device. It is not the recovery phrase: THORWallet has no copy of the PIN and cannot reset it, and only your backup restores a wallet.
PIN, Face ID and fingerprint unlockSee also: Recovery phrase
- Price impact
Price impact is how much your own swap moves the price. Larger swaps in smaller pools have more impact. In THORWallet: on a large swap you can reduce it by comparing the routes or by choosing a streaming route.
Slippage and price impactSee also: Slippage, Streaming swap
- Private swap
A private swap removes the public trail between the coin you send and the coin you receive. It is not anonymity: the sending and the receiving transaction are still recorded on their blockchains. In THORWallet: you switch it on with Make it private on supported pairs, and it costs a little more.
Private swapsSee also: Swap route
R
- Recovery phrase
The recovery phrase, also called seed phrase or secret phrase, is the master key of a seed wallet. Whoever has the words controls the funds, and only the words restore the wallet on a new device. In THORWallet: a wallet created in the app has 12 words, and support will never ask for them.
How to back up your recovery phraseSee also: Seed wallet, Self-custody
- Refund
A refund happens when a swap route cannot complete a swap on the terms you signed, for example because the price moved past your slippage tolerance. The coin you sent returns to the address you sent it from, minus network fees. In THORWallet: Activity shows the swap as Refund.
My swap is stuck, delayed or refundedSee also: Slippage, Swap route
S
- Seed wallet
A seed wallet is a wallet that one device signs for and that one recovery phrase controls. In THORWallet: it is one of the two wallet types, called Seed Phrase Wallet in the app, and you back it up with 12 words.
Getting started with THORWalletSee also: Recovery phrase, Multi-device vault
- Self-custody
Self-custody means you hold the keys: your coins are recorded on the blockchains, and the app is the tool you use to sign transactions. THORWallet has no copy of your recovery phrase or vault shares, so it cannot move, freeze or recover your funds.
How self-custody works in THORWalletSee also: Recovery phrase, Multi-device vault
- Slippage
Slippage is the price difference between the quote and the executed swap. Slippage tolerance is the largest difference you accept, and it sets the minimum received: below that amount the swap is refunded or not filled. In THORWallet: the default tolerance in the mobile app is 3%.
Slippage and price impactSee also: Price impact, Refund
- SPARKS
SPARKS are points inside the Rewards tab of THORWallet. They are not a token in your wallet, and the app has no function to send or sell them. In THORWallet: you collect SPARKS from quests and the tap game and turn them into wheel spins, which win raffle tickets.
- Staking
Staking locks an asset in its own network or in a staking protocol, and the protocol pays rewards in return. Rates are variable and not guaranteed, and the price of the staked asset can fall. In THORWallet: Earn offers liquid staking of RUJI and SUI.
How to stake RUJI and SUISee also: Lending
- Streaming swap
A streaming swap splits one swap into smaller parts that run one after another. Each part moves the price less, so a large swap gets a better rate, but it takes longer, from minutes to several hours. In THORWallet: it is a route of its own in the route list and cannot be cancelled after you confirm.
Streaming swapsSee also: Price impact, Swap route
- Swap route
A swap route is the provider that executes your swap. THORWallet asks several routes for a quote at the same time and lists what you receive, the estimated time and the fees for each. In THORWallet: the routes include THORChain, Maya, Chainflip, NEAR Intents, 1inch and Jupiter.
Swap routes comparedSee also: Cross-chain swap, Outbound fee
T
- Take profit and stop loss
A take profit closes a position when the price reaches your target. A stop loss closes it when the price moves against you to the level you set, but in a fast market it can fill at a worse price. In THORWallet: both are trigger orders on Hyperliquid.
How to place a perpetual orderSee also: Perpetual (perp), Liquidation
- THORWallet Card
The THORWallet Card is a Mastercard in US dollars that you top up from your own wallet. Your wallet stays self-custody: only the amount you top up moves to the card balance. In THORWallet: you order the orange Basic card in the mobile app after an identity check, and the green Premium card shows Coming soon.
- THORWallet Terminal
THORWallet Terminal is the THORWallet web app in its own window on a Mac or Windows computer. Your browser installs it, so there is no installer file, and it never holds your funds: you connect a wallet you already use.
Install THORWallet Terminal on Mac and WindowsSee also: WalletConnect
- $TITN
$TITN is the utility token of THORWallet, on the Base network. You do not need it to use the wallet. In THORWallet: your staked balance of $TITN sets your Community Tier, which gives a fee reduction on swaps, and stakers can receive USDC rewards.
The $TITN tokenSee also: Community Tier, USDC rewards
- Token approval
A token approval is a permission you sign on an EVM network such as Ethereum that lets one contract, the spender, move one of your tokens up to an approved amount. It stays active until it is used up or you revoke it. In THORWallet: you review and revoke approvals under Settings, Token Approvals.
Token approvals: review and revokeSee also: Contract address
- Tokenized stock
A tokenized stock is a token that tracks the price of a US-listed share or ETF and sits in your own wallet. It does not make you a registered shareholder. In THORWallet: the tokens are issued by Ondo Global Markets, trade 24/5 and are not available to US persons or in every country.
U
- USDC rewards
USDC rewards are amounts in USDC that $TITN stakers can receive from the FRR Pool, allocated pro rata to all staked balances. Allocations are variable, can be zero, and may be suspended or cancelled without notice. In THORWallet: you collect them with Harvest, and the USDC is paid to your wallet on Base.
USDC rewards for $TITN stakersSee also: $TITN, Community Tier
V
- Vault backup
A vault backup is a password-protected file that holds the share of one vault device. Each device needs its own file, and one file restores one device only. In THORWallet: you save it under Settings, Vault Settings, Vault Backup, and THORWallet cannot reset its password.
How to back up and restore a vaultSee also: Multi-device vault
W
- WalletConnect
WalletConnect links your wallet to other apps and websites (dapps), so you can use them with the funds in your own wallet. The dapp sends requests, and nothing is signed until you approve it. In THORWallet: tap Connect on the wallet home screen and choose WalletConnect.
Reviewed on 12 Nov 2026. Each definition is taken from the help article it links to, checked against the current app. This glossary explains terms. It is not financial advice.
Read the guides.
Plain-language guides to swaps, self-custody, vaults, cards and trading.