THORchain project is built with the purpose of allowing direct transfer of assets between blockchains and THORswap is THORchain's DEX to specify the swap of native tokens with only 1 swap. This article will show you how to use THORswap.
THORswap is a cross-chain DEX built by THORchain, utilizing THORchain's features to provide instant liquidity and swapping of crypto assets within the network. THORswap allows users to directly swap native tokens on different blockchains with one click, removing the barrier of token standards.
Previously, the exchange of assets between chains would require additional conversion operations via the bridge in exchange for pegged tokens. For example, if you want to transfer assets from Uniswap's UNI token on Ethereum to JOE on Avanlanche, it takes 3 conversions, which can be very inconvenient.
How to start using THORswap
What are the prerequisites for THORswap?
First, you will need to have a Trustwallet wallet, you can create one at trustwallet.com, then install your Trustwallet app on your smartphone.
Preparing gas fee
THORswap supports token swaps in different chains, so the gas fee will also depend on that chain.
For example, if you want to swap ERC-20 tokens, you will need ETH as gas fee. Conversely, if you want to swap native RUNE to another token, you will need RUNE as gas fee.
How to use THORswap
Visit THORswap trading interface through app.thorswap.finance
Connect THORswap and Trustwallet
By using Metamask, we will be able to connect THORswap to Ethereum. For Trustwallet, THORswap can connect to 3 chains: Ethereum, Binance Chain and THORchain.
In this guide, we will connect to THORswap using Trustwallet via Walletconnect.
Step 1: Go to THORswap, click Connect, then choose Walletconnect.
Step 2: Select all chains in Walletconnect then Connect, it will show a QR code.
One thing to note is that THORswap currently only supports Binance Chain (BEP2) and not Binance Smart Chain (BEP20).
Step 3: Open your Trustwallet mobile app, go to Setting, choose Walletconnect and choose New connection.
A Trustwallet QR scanner will show up, scan the QR code on THORswap. If you can see your wallet information appear on the top right corner of THORswap’s dashboard, then it is successfully connected.
Step 1: Go to Swap, choose the token you want to swap.
Step 2: Put in the desired amount and click Approve, then Swap.
By completing this step, you have successfully exchanged your asset.
Normally, when you want to Farm, you have to prepare LP tokens according to the token pair of each Pool. But in Thorswap, the Pools include 1 token and RUNE, so any token can be deposited into Liquidity Pools instantly.
Step 1: Head to the POOLS tab and a pool list will show up as follows. Choose a pool and click Liquidity.
Step 2: You can choose to add liquidity for one token or a token pair.
Step 3: Insert the amount of each coin/token and the system will automatically calculate the other.
Step 4: Add Liquidity. By completing this step, you have successfully deposited to Liquidity Pool.
You have walked through the tutorial on how to use THORswap. I hope it’s helped you know how to use the Penguin Finance platform and explore it further by yourself.
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