THORWallet DEX is a non-custodial wallet that makes it possible for users to swap native crypto-assets across chains. As well as, earn passive income on these assets.
The General Manager of Altcoin Buzz, Anindya (Ani) Baidya, anchored the THORWallet AMA session on our Telegram channel with Pedro Lopez, the Chief Growth Officer (CGO) of THORWallet.
Below is a recap of the AMA session with Pedro Lopez to understand what they are about. Besides, the AMA is in three segments: introduction, deep dive, and community questions and answers.
Segment 1: Introduction to THORWallet
Q – Tell us, how was the concept of THORWallet Created?
THORWallet DEX idea came to me early on a few weeks after THORChain launched. We identified there was a need for a wallet that was native to the ecosystem. We worked on the idea and gathered support from the community and won important backers like the THORChain treasury that allowed us to kick-start the project.
Q – Tell us a bit about yourself and your team. Where is the team based?
I am Pedro Lopez, Chief Growth Officer at THORWallet DEX. I am an industrial engineer with an MBA focus in Finance, a self-taught Python programmer, and an entrepreneur. Besides, I am an experienced start-up builder and have been in crypto since late 2017. Also, I have worked on several blockchain/crypto projects since 2018.
The team is based in Switzerland. We are a small but diverse and capable team with a breadth of experience in crypto and start-up scaling.
Segment 2: Deep Dive
More Information About THORWallet
Q – Give us an overview of the various features of THORWallet. What differentiates it?
THORWallet DEX is the only mobile non-custodial app that enables cross-chain swaps of native assets. We aim to become the Robinhood app for cross-chain DeFi. A native one-stop-shop DeFi app.
We’re a non-custodial mobile wallet that offers much more than the wallets you’ve been using so far. Since we integrate all the functionalities THORChain offers, our users can swap native coins like Bitcoin or Ethereum fully decentralized, earn passive income by providing liquidity on THORChain, tap into borrowing/lending facilities, or trade THORChain-based synthetics that can even be locked in a cross-chain savings account, all directly from out of the wallet.
THORWallet development is running ahead of schedule, we aim to be the leading wallet on THORChain, and one of the biggest wallets in DeFi 2.0.
🚨 New Android and iOS Testflight Update
✅ various bug fixes
— THORWallet DEX⚡️ (@THORWalletDEX) April 16, 2022
Q – So all these tokens are in their chains, with their different addresses. And the cross-chain transfer is entirely decentralized between these chains?
Yes, that is the innovation that THORChain introduced. Before trading two trade assets in different chains you had to go through a CEX or used wrapped assets. Now if you swap in THORWallet DEX you are trading the native asset.
Q – Is it correct that we can get 18% APY in BTC. That’s huge. Is this time-limited? How much time does this promotion run?
Yes, this is true. App users can get yield on their native BTC without wrapping it directly in-app. It is not time-limited and not BTC-specific. Users can access APY on different assets like BTC, and ETH but also stable coins like USDT or BUSD. There are many more pools available and some like LUNA and UST are coming live soon.
Q – I know the cross-chain swaps give you great technological advancement. When I look into the broader market, the wallet space is pretty competitive. How do you plan on keeping up the competition from other DeFi Wallets such as Trust Wallet, Coin98, Phantom, etc.?
First of all, we believe the market is big enough for four and perhaps even more wallet players. The market is still growing rapidly and there are many chain-specific wallets so this counts also for the future. Importantly though, our focus has been from the beginning to become the Robinhood app of DeFi. We have a heavy focus on usability and simplicity which is reflected in the app’s minimalistic and easy-to-use design. We believe this will continue to be a core strength in the future.
Furthermore, as I mentioned earlier, we are currently the only DeFi wallet offering cross-chain swaps. We have a very competent developer team that has worked in close cooperation with THORChain. This has allowed us to gather specific knowledge so we are well-positioned to quickly bring to the market new features that will bring DeFi to a new level.
A good example would be the upcoming ThorFi which will enable lending and saving. The competition will need to go through their hard learning phase to implement that. We have many things in our pipeline and I am confident that we have the right team to deliver on these ambitious goals.
Q – Is every wallet in your app decentralized or there is a KYC component to it? What about Fiat on and Off-Ramp?
We are a non-custodial mobile wallet. That means we don’t store any user’s private keys, so yes all wallets (private keys) are decentralized. You can think of THORWallet DEX as the interface to THORChain.
Recently, we announced that the team is working on providing an on/fiat on-ramp. This is because we want to bring THORWallet DEX to the masses so allowing fiat in and out is a key component.
We will request KYC for users only if they cross certain limits. If not, the experience will remain 100% decentralized and with no KYC needed.
Q – Tell us about $TGT staking? What all pools and rewards are there for the community?
TGT is a multi-utility token that can be staked to enjoy premium benefits within the THORWallet DEX ecosystem. It will also serve as a governance token and is at the heart of our gamified community and premium features. We have a single-sided TGT pool with ETH. Currently, the APY is approximately 13%.
Additionally, through the app users can access all THORChain pools including TGT-RUNE, BTC-RUNE, ETH-RUNE, and many more. APRs in THOR pools are generally very attractive and more importantly, users can get yield with their native crypto, which means no wrapped BTC or ETH. But also the possibility to bring coins like LTC or DOGE into DeFi is certainly interesting.
In terms of rewards, missions are our reward program, with them, we want to help users to know every detail of the app so that they can take full advantage of all the features THORWallet DEX has to offer.
Q – What are the premium features that the community has access to after staking a certain amount of $TGT?
We have a three-tier system for staking. If you stake TGT, the in-app fees for swapping or pooling decrease.
We have some nice infographics regarding the premium features, let me post them here.
Q – THORWallet DEX integrated Moonriver & Moonbeam in its non-custodial wallet. Can you share more about this? What can the community expect from this integration?
We are working intensively to expand our offering towards networks outside the THORChain-supported blockchains. Our initial focus will be EVM-compatible chains and we are happy to have the first integration of this kind with the support of Moonriver & Moonbeam.
Moonriver and Moonbeam are EVM-compatible networks based on Polkadot and Kusama allowing developers to easily port their applications from Ethereum to the Polkadot ecosystem. The integration will enable secure holding of both $GLMR and $MOVR in a non-custodial way. Furthermore, it will also allow users to manage their Moonriver & Moonbeam-based NFTs within the app.
The process of integrating Moonriver & Moonbeam into the THORWallet DEX app is ongoing and the integration is planned to be online in Q2.
Segment 3: Community Questions and Answers
For this segment, the three best questions shared $300 $USDC. One of the questions is as follows:
Q.Twitter – I saw on your website that you have three types of NFTs, Commander, General, and Soldier. Could you please tell us more about the features, and functions of these NFTs and what advantages we would have if we had them?
THORWallet army NFTs is a collection that consists of 20 Commanders, 200 Generals, and 2000 Soldiers that unlock unique premium features in the THORWallet DEX app and the upcoming Webapp. The different NTFs unlock features as shown in this infographic:
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