Thorwallet Saver Vaults

THORWallet is a non-custodial wallet in the THORChain ecosystem. Non-custodial wallets are taking the spotlight right now after the FTX collapse. With their new Savers Vaults, THORWallet gives you even more reasons to use them.

For the first time, you can invest on a single-sided basis with no risk of impermanent loss thanks to this new Savers Vault program. More on that coming below.

So, let’s find out about THORWallet and their new Savers Vaults.

What Is THORWallet?

THORWallet DEX is a non-custodial wallet. As we know by now, non-custodial means that you are in control of the private keys. In other words, there is no third party or KYC involved. Your keys, your money. 

THORWallet is part of the THORChain. So, it is THORChain who powers it. In turn, they are also part of the Cosmos ecosystem. What makes them unique is that they are the only chain that offers swaps with native coins. For example, you can swap BTC for ETH. That’s with no bridging or wrapping.

The wallet is available for iOS, Android, and as a web version. We wrote a few articles about THORWallet already, you can find them here.

Last month saw some important updates for THORWallet. They saw three new partnerships. One with the BNB chain, another one with Rango Exchange, and also with the Maya Protocol. But now their long-awaited Savers Vaults arrived. So, let’s have a look at them.

THORWallet New Savers Vaults

During the latest THORNode update, they introduced the Savers Vaults. For the first time, you can now take part in single-sided staking. It goes without saying that this is for your native coins. For example, BTC, ETH, or AVAX. 

Until the Savers Vaults introduction, you had to supply two coins per pool. For instance, ETH and RUNE. All pools are set up with a 50:50 ratio. Pools always have the risk of Impermanent Loss. Nonetheless, THORWallet offers Impermanent Loss Protection. However, at 1% per day, it takes a year to reach full protection.

With the Savers Vaults, there’s no chance of impermanent loss anymore. It’s straightforward, you deposit a coin like BTC or ETH in the vault. You receive BTC or ETH as a reward. 

How Do Savers Vaults Work?

The Savers Vaults will integrate with all mobile and web apps. Currently, only the mobile app is live. They will release the web app soon. So, here are the steps to follow, for adding assets to the Savers Vaults. For example, you like to add 1 ETH to the Savers Vault.

  • THORWallet swaps your native ETH for the equivalent of native RUNE.
  • Now they use the native RUNE to mint an equal amount of Synth ETH.
  • The protocol locks the Synth ETH in the Vault, and it starts earning yield.

Once you want to have your ETH back, this happens.

  • The protocol removes the Synth ETH from the Savers Vault.
  • The native ETH redeems for native RUNE.
  • The native RUNE swaps to native ETH and you have your ETH back, including the yield.

That’s how easy the process works. Using the Savers Vaults is low risk, but there are some risks. They are different risks compared to a CeFi risk. However, some rather typical DeFi risks are possible. For example, some common ones are bugs, governance, or exploits.

THORWallet

Source: THORWallet Medium

Conclusion

THORWallet introduced the long-awaited Savers Vaults. With these vaults, they add another passive income option to their protocol. Single-sided staking is now available due to the Savers Vaults.

The current price of the TGT token is  $0.00792153 with a market cap of $2.2 million. The max supply of TGT tokens is 1 billion tokens, out of which 274.8 million already circulate. TGT ranks as #1445 by market cap. You can get this token at MEXC Global, SuhsiSwap and of course at THORSwap and THORWallet DEX.

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