Everything you need to know about swapping and adding liquidity on THORSwap
Unlock the full potential of your Binance Chain assets by swapping BNB and BEP2 assets and adding Liquidity to LPs on the THORSwap platform.
THORSwap is powered by a Cosmos-SDK statechain coming to a consensus about events observed on Binance Chain.
THORChain validators maintain security of pooled assets using threshold signatures.
What is THORSwap?
THORSwap is UniSwap for Binance Chain.
THORSwap is a decentralized exchange that enables Binance Chain token holders to convert one BEP2 token for another and add deposit assets into liquidity pools to earn trading fees for providing liquidity to the market.
We will be using the Trust Wallet Mobile app in combination with the THORSwap interface on Google Chrome.
Users must have BNB tokens available to use as the starting point asset for our swaps and liquidity adds.
How to Swap Tokens on THORSwap
Swapping of assets are done by sending them into pools containing RUNE & BEP2 tokens. Commission is earned by anyone who deposits their assets on liquidity pools. Each trade on the pool earns a commission which you can later claim.
Make sure to download the Trust Wallet mobile app on your mobile device. Once this is done please add the BNB wallet and deposit some BNB (BEP2 version) into your wallet.
Next we will connect our wallet to THORSwap.
Go to THORSwap and click the “Try Now” button to open up Pools.
Click “Add Wallet” in the upper right hand corner of this website – Click “Wallet Connect” – click into the QR code to get it to populate.
Now that the QR code is visible on your screen, open your Trust Wallet app, go to Settings, tap on WalletConnect.
Scan the QR code on your browser. Then tap on “Connect“.
You have successfully linked your Trust Wallet to THORSwap.
On the THORSwap website, you will see your BNB address and the BEP2 tokens in it. Just click into the address in the top right hand corner to reveal the balances.
Next we will swap some assets.
Swap value must exceed 1 RUNE to cover network fee.
Go to any of the active pools and click “Swap“.
For this guide, we will swap some BNB to RUNE.
Select the asset you wish to swap and enter the amount. You will see how much expected asset you get in return. Please notice the rate and fee breakdown as shown below the assets.
Use the bottom slider from left to right to initiate the swap.
Look back to your Trust Wallet to “Confirm Transaction” and click “OK“.
Now you wait for the transaction to confirm on the blockchain.
Congratulations you have successfully completed the swap transaction and the new asset should be visible in your wallet!
How to Add Liquidity on THORSwap
Follow Steps 1 – 5 from the above How to Swap Tokens on THORSwap steps in order to connect your trust wallet to THORSwap, if your wallet is already connected, great, let’s move forward.
From the homepage of THORSwap Pools click on the asset that you want to deposit liquidity into.
For this guide we will use the TWT (TRUST WALLET TOKEN) and RUNE pool. This is shown by clicking into the TWT asset.
Once on the assets profile you can see all sorts of useful statistics and charts. You will want to click the “ADD” button in the top right corner.
Now you can select how much of the asset pair that you want to add to the liquidity pool.
It is very important to understand that when adding liquidity to this pool you are adding an equal value represented on both sides of the pair, in this example we are adding TWT and RUNE into the TWT x RUNE Liquidity Pool. At the time of publishing this guide 11 TWT is is roughly equal to 0.9240849 RUNE. This will auto populate depending on what you enter for the TWT amount.
Once you are satisfied use the bottom slider from left to right to initiate the transaction.
Go back to your trust wallet connect and Confirm the Transaction by clicking “OK“.
Wait for the transaction to confirm on the blockchain.
Congratulations you have successfully added liquidity into the TWT x RUNE Liquidity Pool using THORSwap and the Trust Wallet mobile app.
This process is a little more complex than what most people are use to so you should prepare yourself by understanding what a liquidity pool is and how the Binance Smart Chain network works.
Once you have a good understanding of those two concepts it becomes easy to understand that you just need to get some BNB and use the Trust Wallet to unlock a whole new world of assets, liquidity pools, and passive income opportunities.
The most exciting part of using THORSwap and the Binance Smart Chain network are the ability to quickly transact with relatively low fees compared to the Ethereum network.
Please explore THORSwap more and let us know what you think of the process.
Be sure to visit the RUNE Profile on Staking Rewards website to estimate your staking returns and access other useful information.