4. THORWallet Weekly AMA 2022–01–04

Dear THORWallet community,

Please find here the recording and summary of our fourth Weekly THORWallet AMA episode with the THORWallet Founder Marcel Harmann and hosted by Archon which took place live in Discord on the 4th of January.

These Weekly AMAs are a crucial instrument to keep users and community members up to date about recent developments and important news. We will talk about recent events, product development, introduce individual team members, discuss roadmap items, and more.

Summary of the Weekly AMA

If you just want to get the most important insights from the AMA, you can read the below summary.

A lot has happened during the last few weeks and we, therefore, want to do a short retrospective on the most important events.

Successful Public Sale on Miso

About $1M USDC was raised during the public sale on Miso and all tokens have been sold out after 30 hours with a closing price of $0.098.

Unfortunately, we identified two issues on Miso that we also shared with the SushiSwap team:

  1. For some users, it displayed a wrong amount of tokens for them to claim. The math behind the tokens they eventually were able to claim is correct, but it gave a bad feeling nevertheless.
  2. The Miso auction showed 20min remaining at a price of $0.12, when the auction abruptly ended. This is apparently a known Sushi glitch where UI is not correctly synced with the smart contracts. This is sad because we probably would have sold out at $0.12, as there were many visible +50k transactions eventually refunded by the smart contract.

Launch of the SushiSwap TGT/ETH Pool

We bootstrapped the TGT/ETH liquidity on SushiSwap with 500,000 USD in liquidity which is also the approximate depth of the pool right now. There is a significant number of trades happening in the pool, accounting for about 150,000 USD of daily trading volume.

Currently, there is no liquidity mining program in place for this pool but this will change soon. Those future incentives will also lead to a deeper pool. We will provide more information soon — stay tuned.

Launch of the THORChain TGT/RUNE pool

TGT is now also live on THORChain itself based on a TGT/RUNE pool and liquidity can be provided directly from the ThorWallet app. In this case, the starting liquidity has been 250,000 USD, which has by today increased to about 950,000 USD based on various THORChads providing additional liquidity.

Right now, the pool accounts for about 70% “organic” APY only based on the trading fees but also here, liquidity rewards will go live soon, additionally boosting the yields for liquidity providers.

Launch of iOS App in the US

The ThorWallet app is now also available for users in the US for download in the Apple App Store!

Launch of the ThorWallet Android App

Meanwhile, our app is also available on the Google Play Store for all Android users after it was beta tested by about 100 early users.

First bugs have been fixed and you can now use the app for holding, staking, and trading.

In total, we counted now 3,500 iOS and 1,200 Android downloads, so a total of 4700 downloads, without any additional marketing efforts.

200 NFT ThorWallet Army Generals Minted

Within the first 48 hours after launch, all 200 ThorWallet Army Generals have been minted, with some of them trading now on OpenSea for 0.75 ETH.

https://twitter.com/ThorWallet/status/1476069894752030721?s=20

Here is a short reminder on the NFT utility:

Link to the ThorWallet Army on OpenSea: https://opensea.io/collection/thorwallet-army

50% of the revenues from secondary sales of all NFTs will flow back into the $TGT “buy back & burn” model, which is explained below. If the revenue from second sales increases in the future, we may also think of shifting those revenues to only the NFT holders.

Website Update — ThorWallet.org

The new website update came just in time for Miso Auction but we are not finished yet, as we will release many subsites with more content in the coming weeks.

ThorWallet’s Own THORChain Node

As described in our original roadmap, we plan to run our own THORChain node. Right now we have one running to gain experience but we have not bonded $RUNE yet to have it compete with other nodes but this will be enabled soon. Also here, 50% of the revenues will go into “buy back & burn”.

Single-Side Staking and LP Rewards

The current promotion for early single-side stakers providing 800%+ APY will end on January 21st. Our current plans are to reduce the APY to a more sustainable number in the area of 80–100% APY plus introduce incentives to liquidity providers on both THORChain and SushiSwap. The concrete numbers will be announced soon!

$TGT Buy Back & Burn

50% of all revenues m in-app transactions, NFT sales and future node rewards will be used to buy back $TGT on a quarterly basis and burn it. This will lead to buying pressure for $TGT and will also subsequently reduce the total token supply.

The first buy back and burn happened already on the 5th of January, burning more than 175,000 $TGT tokens that have been purchased through the respective THORChain pool.

More Questions

We answered many more questions from the community in the AMA, so if you want to get all the updates, make sure to check out the recording above.

Join us here:

Official Website: https://thorwallet.org/

Twitter: https://twitter.com/thorwallet

Telegram Group: https://t.me/THORWalletOfficial

Telegram Ann: https://t.me/THORWalletOfficial_Ann

Discord Channel: http://discord.gg/TArAZHDjCr

Official Opensesa Collection: https://opensea.io/collection/thorwallet-army

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The THORChain community wallet

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