THORWallet IDO Phase 2 Details

Dear Community Members,

Phase 2 of the THORWallet IDO will start at 13:00GMT on 20 December on Miso. Originally the Phase 2 launch was meant to be held on THORChain, but due to further changes that are outside of our control, we are going to have to press ahead with our contingency plans. THORWallet development is running ahead of schedule, the wallet will be the leading wallet on THORChain, and one of the biggest wallets in DeFi. We don’t want to delay the project any further.

We are OG THORChads and love THORChain. We’re building this project because of that. THORChain will be unstoppable when it gets to Mainnet but the project has suffered set backs in the last four months that have drastically affected our launch and caused multiple last minute changes. Again, we are very grateful to our community for being so supportive and understanding. When you are as early as we are, there are always going to be hiccups.

Up until only a few days ago, THORChain had confirmed that our Phase 2 launch could proceed as agreed but community push back in the TC community has seen that change. TC has decided to suspend all IDOs for the immediate future so that they can concentrate on their core development to add additional chains and get back on track for delivering Mainnet. Whilst this is frustrating for us and our community, it is best for TC and so we support that. As a result, we’re rolling out our contingency plan so that we can still deliver on our promise to deliver a fair IDO for our community that is good for the long-term goals of the project.

Updated IDO Roadmap

  1. MISO Dutch Auction
  2. TGT-ETH Pool on Sushi
  3. CEX listing/s
  4. TGT-RUNE Pool on THORchain
Executing on existing contingency plan.

1. MISO Dutch Auction

Where: Sushi MISO

Auction Start: 13:00 GMT 20 December 2021

Auction Ending: 19:00 GMT 21 December 2021 (30h Duration)

Starting Price: $1.5/TGT (this price is not yet final and may be adjusted)

Reserve Price: $0.075/TGT

Allocation: 10-20m TGT (this allocation is not yet final and may be adjusted)

Payment currency: USDC

MISO x THORWallet (Screenshot from test setup)

Dutch Auctions are a unique way to launch a token and we think will become increasingly popular because they ensure fair and market driven price discovery. Dutch Auctions are resistant to manipulation by whales and can’t be front-run by bots ensuring the best outcome for the wider community.

Participants individually decide at which point they’re happy with a token price and commit their funds — yet the auction continues until everyone is happy with the token price. At the end everyone buying will be getting the cheapest possible token.

(UPDATED) Example:

If your fair TGT price is $1.3, you execute the transaction when the auction hits that price. The auction will continue to run until all 20m TGT are used up. Then the final auction price will be determined based on the cumulative bids from participants. In other words, the token price will continue to decrease, and the final auction price is lower than the token price when you placed your original bid, at the end of the sale you will simply receive a greater amount of tokens for the same amount of USDC that you committed to pay. That’s why it is important to make the transaction at the price you think is the fair market value.

For more information about Dutch Auctions have a look here: How To Video of Sushi MISO.

With the updated procedure of phase 2 we have a battle tested plan in place. We want to have a fair price discovery for early stakeholders and believe that a Dutch auction on MISO is the right way to do so. Furthermore, we didn't want phase 1 participants to wait any longer to unlock their $TGT, especially since the app is production ready and deserves to have a working token as a crucial puzzle-piece in its utility.

2. SUSHI TGT-ETH Pool

Pool details:

Pool commencement: 21 December 2021 (shortly after the Dutch Auction)

Staking rewards: Start at 1,200 % APY (claimed in TGT)

The Sushi pool will open shortly after the conclusion of the auction. Phase 1 $TGT will be claimable at this stage. The pool will offer very lucrative rewards as a bonus for our early TGT holders and will be the one of many rewards to come for our community.

3. CEX Listing

No crypto project will ever reach its full potential without a CEX listing and to be among the first THORchain ecosystem projects on a CEX is a huge step forward. Although many of us DeFi degens have a love-hate relationship with our CEXs, a CEX listing is crucial to ensure wider access to the token. As we will eventually deploy a ‘Normie’ friendly version of the wallet and because we are working hard to make DeFi accessible to as many people as we can, the CEX listing will be a gateway for newer members of the crypto community to come to our wallet and dip their toe into DeFi .

4. TGT-RUNE Pool on THORChain

We will launch a pool on THORChain as soon as we can, but as the attention of the TC team has refocused on their core product, this will have to be delayed for now. Whilst the last minute cancellation of TC IDOs has been frustrating for us, it is ultimately the best decision for the TC ecosystem and we want to see TC succeed. We are happy to wait patiently on the sidelines and the second we can, you’ll see TGT on TC.

Project updates

Development of the project is going very well and we will have some exciting news over the coming weeks. $TGT will be a valuable asset that delivers returns beyond the trading discounts it unlocks.

As app development continues we are going to turn our focus to attracting normies to the wallet. We want our wallet to cross the bridge between newbie ease of use and expert functionality but it will do this without compromise to either. THORWallet is going to be the wallet of choice for new DeFi users and the go-to for the degens who require all the advanced functions they can get.

Keep an eye on our Twitter and jump into the discord to chat with the community.

More to come 🚀

Thank you

Once again, a huge thank you to our community. As we have covered, unfortunately a few times now, an IDO is a moving target with many stake holders. We are as frustrated as you are about the changes that have been foisted on us, but ultimately, they don’t have any bearing on the quality of the product. Unless people stop eating Sushi, Phase 2 will be on 20 December!

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

📱iOS THORWallet: http://apple.co/3pdDvJM

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The THORChain community wallet

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