THORWallet Weekly AMA 2021–11–26

Dear THORWallet community,

We are happy to present you our first Weekly THORWallet AMA episode with the THORWallet Founder Marcel Harmann and hosted by by Archon.

This first edition has been pre-recorded but in the future, we will also do live AMAs on our Discord or Twitter Spaces.

Listen to the THORWallet Weekly AMA

These Weekly AMAs respectively update sessions will always be available on-demand. They are a crucial instrument to keep users and community members up to date about recent developments and important news. We will talk about product development, introduce individual team members, discuss roadmap items, and much more.

For today we collected many of the obvious questions around the IDO but from next time onwards we will collect them beforehand from the community channels or if done live, you can of course just jump in and ask.

Summary of the Weekly AMA

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

Summary of the Thorstarter IDO

Everyone at THORWallet is very satisfied with the Thorstarter IDO as it showed there is a clear interest in the value proposition of the product and the token. Some hard facts on the IDO itself:

⚡️$500k total committed

⚡️> 5700 total allocations

⚡️FCFS allocation sold out in 1min 36 seconds

Postponement of Phase 2

Phase 2 of the $TGT public sale had to be postponed for multiple reasons in order to prioritize security and smooth execution.

  • Reason 1: A churn will happen on THORChain on 29.11.21, freeing space for a more significant “raise the caps” for our IDO. Without this, there would only be around 15m of liquidity depth in the RUNE-TGT pool instead of +50m.
  • Reason 2: An issue has been found with THORChain where impermanent loss protection is paid to early joiners of a staged pool. Bots would also benefit from that. The problem is currently being fixed. The team doesn’t want bots to get significant funds from the community-owned Thorchain treasury.
  • Router 3: The ETH router upgrade and sharding of vaults are essential steps for THORChain and are planned for the next two weeks. While the above two points are reason enough to postpone, it now makes sense to have them implemented first.

The THORWallet team has obviously not been happy about these unexpected challenges but decided that security and a smooth execution of the public sale are more important than to hurry things. Also the developers have been busy in the meantime improving the app in, which we will cover later in this AMA.

We also wanted to highlight that we are cooperating closely with the THORChain core team and that we share the same objectives, namely highest possible security and a long-term success of the project.

New dates for phase 2 & 3 will be communicated through our channels as soon as they are set by the team.

Changes in Public Sale Valuation and Allocations

We have decided to set the starting price at $0.075 per $TGT for the THORChain launch (Phase 2) which is the same price our strategic investors paid in the 3rd and final round. Again, we do not believe in starting at a premium because we want to see a genuinely fair launch for all our stakeholders.

The total allocation for phase 2 based on the fully diluted supply will be between 2% and 3% depending on the actual demand.

The initial free floating supply will therefore be between 12% and 13% consisting of some unlocked private sale allocations (vesting applies here) as well as allocations from phase 1 and phase 2 of the public sale. We think that this strikes the right balance between price discovery and depth of liquidity.

Read more about it here

How to Prepare for the THORChain Public Sale

The time until the start of phase 2 can again be used to prepare for the THORChain public sale.

Be aware that you need to following to participate:

  • At least 1 TGT token* either from Airdrop or from faucet contract (faucet not live yet).
  • Native RUNE tokens, which you will pool to the RUNE/TGT pool
  • Enough ETH on your wallet to pay for gas fees

Get 1 TGT with our airdrop (we will send the 1 TGT 12–24h ahead of the launch, so it is normal that you don’t receive it straight away).

We recommend XDEFI wallet to participate in phase 2 but you can also use TrustWallet, Ledger or work with the keystore file. In any case, be aware that you have to use a wallet that supports native RUNE (MetaMask does not).

Be sure to read the detailed guide here.

What the Team Has Been Working On

We made the best use of the waiting time until phase 2 and made sure that the THORWallet iOS app is as stable as possible. We also sent it already to the Apple AppStore for approval — this means you will soon be able to download it directly and use the final version without using Testflight.

We also introduced “Mission Rewards” which will incentivise users of the app based on their usage.

  • Users earn $TGT rewards through missions
  • Community Plus members get double the rewards
  • Rewards are claimable when you have accumulated enough to save fees

It’s also important to highlight that those mission rewards can be leveraged by other projects/tokens to gain first class exposure within THORWallet.

Example of THORWallet’s Missions (amounts not final)

You can read more about Mission Rewards here: https://twitter.com/ThorWallet/status/1462473672153870342?s=20

On top of that all $TGT-related smart contracts passed an external audit successfully which means that staking options will go live soon after the final phase of the public sale.

Last but not least we started to work on the Android app and want to make it available as soon as possible.

How to Spend Time Until Phase 2

  • Download and use the iOS version as soon as it is available in the Apple AppStore
  • Join the community on Discord and Telegram
  • Get a THORWallet Army NFT on OpenSea if you haven’t

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 Testflight: http://testflight.apple.com/join/f5LW68I8

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The THORChain community wallet

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