Project Summary

Project Name

THORCHAIN

Link to your asset page on Binance Chain

A one-sentence pitch about your Project

THORChain is a decentralised liquidity network allowing permissionless and instant cross-network asset swaps and cross-currency decentralised finance.

What are you planning to achieve with your project?

THORChain is building a chain-agnostic bridging protocol that will allow trustless and secure value-transfer connections with most other chains (such as Bitcoin, Ethereum, Monero and all of Binance Chain). Users will be able to instantly swap any asset at fair market prices and deep liquidity. Token holders will be able to stake any asset and earn on liquidity fees. Projects will be able to access manipulation resistant price feeds and accept payments in any currencies, no matter the type or liquidity.

Project Website

Share a link to your project’s whitepaper

Overview

https://github.com/thorchain/Resources/blob/master/Whitepapers/THORChain/whitepaper-en.md

Continuous Liquidity

https://github.com/thorchain/Resources/blob/master/Whitepapers/ASGARDEX/clp-implementation.md

Bifröst Protocol - Secure and fast cross-chain bridges for THORChain.

https://github.com/thorchain/Resources/tree/master/Whitepapers/Bifrost-Protocol/whitepaper-en.md

Flash Network - A layer 2 Network for instant asset exchange on THORChain.

https://github.com/thorchain/Resources/tree/master/Whitepapers/Flash-Network/whitepaper-en.md

Share a link or image of your roadmap

Where are you right now in your roadmap?

The testnet was deployed Q4 2018, and the Ethereum Bridge was shipped Q2 2019 after securing a grant from the Interchain Foundation.

BEPSwap has been announced and is scheduled for public beta in August 2019.



https://medium.com/thorchain/announcing-bepswap-defi-on-binance-chain-ddc0822889a6

Work is undergoing to build the Bitcoin and Binance Chain bridge and the first user interface in time for a Mainnet launch in 2020.

What is the potential user base and market opportunity?

Anyone with digital assets held in hot and cold wallets can elect to stake them in liquidity pools to provide liquidity to the ecosystem, as well as earning on fees. Anyone who wishes to swap digital assets can use the network. The size of the user base will grow with the size of the cryptocurrency community.

Token Information & Economics

Token Name and Symbol

Rune, RUNE, 500,000,000 (fixed)

What is the primary use case of your token?

Security

THORChain Validators bond Rune to earn block rewards (Proof-of-Stake). Liquidity

Rune holders stake assets to earn liquidity fees in both Layer 1 liquidity pools and Layer 2 liquidity hubs.

Where else can your token be used?

The RUNE token is not designed to be a payment token - it is the liquidity bridge that links all liquidity pools together. It is the base asset of each pool so that two pools can be chained together to allow cross-token swaps.

Please provide a breakdown of current token allocation.

Allocation Rune Percent Notes LIQUIDITY EMISSION 220,447,472 44% Continuously post Mainnet Launch (2020) as part of validator rewards and liquidity emissions. OPERATIONAL RESERVE 65,000,000 13% Emitted over 3 years. (Staff incentives, other sales, liquidity bootstrapping) COMMUNITY 60,000,000 12% Over 5 years (RUNEVault, Airdrops) TEAM 50,000,000 10% Locked until mainnet , then 20% each 3 months for 12 months. SEED 30,000,000 6% 4m, then locked until mainnet, then 20% each 3 months for 12 months. PRESALE 70,000,000 14% 50% (1 week) PUBLIC TOKEN LAUNCH 20,000,000 4% NONE TOTAL 500,000,000 100%

Please provide a list of team wallets that hold your token.

ALLOCATION AMOUNT (RUNE) BNB Address LIQUIDITY EMISSION 220,447,472 bnb1qdf8x6ey3097jze4puv2s78f9hg2esnr7rasuu OPERATIONAL RESERVE 65,000,000 bnb13a7gyv5zl57c0rzeu0henx6d0tzspvrrakxxtv MARKETING 60,000,000 bnb1axqc2gan462z6npw3c33srp4950mr5x28uc6wu bnb15rze0zeac64jee4s0ry2zxgz8efsrrackyu3j5 TEAM 50,000,000 bnb1vgmhv2ry9p5lj7t08lyfa72qtmp6ngjjnvkn6v SEED 26,000,000 bnb13ug5mpgs4zjpw7n46h9u45adsxsw0ch73q2fdp PRESALE 70,000,000 bnb1dh377q22udumm5ta3nh4flwf8wfadsne95rxml bnb17mrw8hr9u5ps4eevwgygceng0h93642uyru4pd TOKEN LAUNCH 20,000,000 bnb1e4q8whcufp6d72w8nwmpuhxd96r4n0fstegyuy TOTAL 500,000,000

Please provide all lockups in place for any holders of the token.

IDO is available immediately.

Presale is 50% vested after 7 days

Seed: 4m immediate, then locked over 12 months from mainnet (20% every 3 months, starting after 3 months).

Team is locked over 12 months from mainnet (20% every 3 months, starting after 3 months).

Community as required with a slow unlock over 5 years.

Operational Reserved is unlocked over 3 years.

Protocol reserve will be emitted by the protocol on mainnet launch over 10+ years.

Circulating Supply

What is the emission of the token

On mainnet launch there will be around 140m circulating.

220m will be stored at the protocol level in order to emit to validators and stakers. The emission will follow this equation:

maxSupply = 500,000,000 Block_Rewards_Per_Month = (maxSupply - circSupply) / (6 * 12)

This will ensure that token holders do not get diluted, since the supply is always capped. Validators will continually get paid from the remaining amount to be emitted, which asymptotes to 500m.

Funds

Did you conduct an ICO or any type of fundraising? When was it?

Private sales and founder investment over the last 12 months.

Lowest discounts in private sales:

SEED: 1c

PRESALE: 2-2.6c

How much in total did you raise?

$1.8m USD

Development

What are the technological innovations of the project, if there are any?

THORChain debuts the following technologies:

1- Bifröst Protocol: Bridges other chains in a secure and agnostic way by continually rotating opt-in validators and incentivising security with exit fees. Permissionless and trustless.

2- Continuous Liquidity Pools: Incentivises users to stake assets in liquidity pools and uses token bonding curves to ensure always-on-liquidity.

3- Yggdrasil Protocol: Dynamic multi-set sharding for multi-chains. Rotates the validator set in a continuous and overlapping way for shards without loss of security and liveness.

4. Flash Network: Incentivised Layer 2 liquidity hubs allow instant asset conversion via payment channels that can bridge other networks (like Lightning and Raiden).

Where are your code repositories located?

Do you have any products or UI demos can you share publicly? Are any built by your community, as opposed to being in-house demos?

https://testnet.bepswap.com

Do you plan to release weekly progress updates in this forum?

Yes - in order to build the community.

Do you plan to host monthly or bi-monthly video AMAs?

We think that this is a great idea.

Competitors

Who do you view as your current competitors/peers?

Shapeshift - however permissioned with KYC.

Uniswap - however constrained to only Ethereum.

THORChain does not compete with decentralised exchanges since it does not support limit orders or trading. It allows staking of liquidity and swapping between assets. Thus it is better suited for arbitragers and liquidity providers, or users simply wishing to swap assets at a fair market price.

What is your project’s competitive advantage over existing or potential future solutions?

THORChain is permissionless and trustless. It will be far superior to Shapeshift or any centralised liquidity service because it can be completely anonymous.

THORChain is built to bridge other chains and assets without requiring a single point of custodian. Thus it is superior to Bancor, Uniswap or Gnosis DutchX. Since it can be connected to any Cosmos-chain, it will be the point of trustless liquidity for the Cosmos/Binance Chain ecosystem. Thus it will likely be a very liquid permissionless redemption ecosystem for privacy coins.

Summary

The THORChain team look forward to building common tooling alongside the Binance Chain community in the way of trustless bridges, liquidity pools and other infrastructure. THORChain will bring liquidity and interest to Binance Chain which it will anchor to for Mainnet Launch.

THORChain will be the first project to bootstrap off the Binance Chain ecosystem in a mutually beneficial way and is an example to the community.

Updates:

09 July: Update to lockups and allocations. Addition of the Token Release graphic.

10 July: Update to wallets and vesting.

13 July: Update to team and Token Release

17 Nov: Removal of outdated information, and updates to token distribution IAW:

https://medium.com/thorchain/reduction-in-rune-total-supply-a8913adace82