Switzerland based THORChain are about to launch their IDO on the Binance Dex which is scheduled for 08:00 UTC Saturday 20th July.
20m RUNE will initially be made available for public distribution which is 33% of the Day 0 circulating supply. Two tranches will then be placed at two different price points with any unsold orders expiring after 72 hours per the Binance Chain protocol.
This format offers the following features:
- No single person can buy the entire sale
- The sale is spread over two price points, of only a 20% difference.
- The sale is spread over multiple timezones for maximum inclusion.
- The sale will conclude in a maximum of 72 hours.
Full the full breakdown of how this IDO will be structured you can read this highly detailed Medium article from the THORchain team, which will provide you with all the information you need..
If you still haven’t signed up to the Binance Dex you can do so here in preparation for the IDO.
THORChain is a project building for decentralised liquidity, connecting all chains and all assets together in an incentivised and permissionless network. The vision is that anyone can pay instantly for anything in any currency using the power of continuous liquidity pools, cross-chain bridges and chain-agnostic threshold signature cryptography. THORChain’s go-to market platform will be the first decentralised finance application for Binance Chain – called BEPSwap – which allows BEP2 token holders to swap and stake their assets.
THORChain is targeting the $250bn digital asset ecosystem with a very ambitious roadmap.
To find out more about the THORchain project I spoke with Kai Ansaari, Project Lead:
How would you describe Thorchain to our readers and what issues are you looking to solve?
THORChain is built for cross-chain permissionless digital asset liquidity. Simply put, users can stake their assets in liquidity pools to earn fees, while others can swap assets over these pools instantly at open market prices. The end vision is that you can pay anyone in any currency. Traders can also earn by arbitraging the price across the market.
Liquidity pools also solve the problem of having manipulation-resistant on-chain price feeds, which lends to advanced features such as being able to borrow and lend on any asset or derivative.
THORChain will solve liquidity problems in the cryptocurrency market by incentivising people to put their liquidity on-market. It will solve the problems to do with centralised exchanges by allowing people to swap any asset in a permissionless, self-sovereign setting. Finally it will solve for market manipulation by allowing anyone to become part of on-market pricing.
How was the decision made to run your IDO on the Binance Dex and what advantages does this bring?
THORChain is based on the same technology as Binance Chain and the team are familiar with the ecosystem. In order for THORChain to work, the RUNE token must be distributed well in advance of MainNet launch, and it must be distributed to an engaged and active community, such as Binance Chain.
The Initial DEX Offering (IDO) format is brand new, but successfully debuted by Raven Protocol just over a month ago. Projects place sell orders of BEP2 tokens on the exchange and the protocol takes care of the rest.
This will allow a fair and easy way for people to participate in the initial offering of the RUNE token. The RUNE token will be staked in BEPSwap liquidity pools alongside all other assets, connecting them together as the settlement currency.
You’ve recently formed partnerships with Fantom, Tomochain and Bolt to name but a few. Can you talk a little about these partnerships and how they help support the Thorchain ecosystem?
BEPSwap is THORChain’s go-to market platform. It is a natural fit to deploy BEPSwap to Binance Chain – which will allow BEP2 token holders to swap and stake the $1bn+ digital assets in the Binance Chain ecosystem. The partnerships with Fantom, TomoChain, Ankr, Bolt and Atomic Wallet will serve to ensure the BEPSwap launch goes well with deeply liquid and strong BEP2 tokens. The team will work closely with some of the Launch Partners to even integrate BEPSwap into their products, such as Atomic Wallet.
How are the plans shaping up for marketing and building a strong, core community which is essential for any new project in the crypto industry?
Although the project is over 12 months old, the team believe that by launching the go-to market platform of BEPSwap into the highly engaged and passionate Binance Chain ecosystem, the community will naturally form around the product. From there, developers, projects, volunteers and future validators will emerge, so that by the time mainnet is deployed next year, the project is really mature and diverse.
As your Mainnet launch is not until Q1 2020, what can supporters of the Thorchain project expect for the rest of 2019?
BEPSwap is being deployed in the next two months, so it will be a busy 6 months to grow the platform and expand it to the wider Binance Chain ecosystem. The team already have over $100m in project value committed to the platform. Since RUNE has to be staked in each BEPSwap pool, the value of the protocol is closely tied to the amount of assets staked, so the team and community are heavily incentivised.
Are there any other exciting announcements we can expect to see from Thorchain?
The team are aiming to bring on another $200m worth of projects by the end of the year to BEPSwap. This will allow the market cap to grow substantially so that by the time THORChain is launched with bridges to Monero, Bitcoin and Ethereum, it can handle the billions in asset value that can be staked from those protocols. The team will look forward to announcing these projects soon.
I sincerely thank Kai for his time and wish the team all the best on their IDO.
The Daily Chain – Inform. Educate. Succeed.
*Disclaimer – In the interest of transparency we need to highlight that this is a paid article. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.
For more information on Thorchain see below:
Key Additions To THORChain Team