Recap of the THORWallet AMA with Blockchain Space

On Monday, November 15th, we had the pleasure to welcome to our Telegram chat:

Marcel, The CEO of THORWallet.

We asked him questions about the development of THORWallet.

INTRODUCTION

Q~ Thanks for joining us today. Could you introduce yourself and the team background to the Blockchain Space community firstly ?

A~ My name is Marcel and I’m the CEO of THORWallet.

Im a seasoned entrepreneur with a background in Banking & Finance from the University of Zurich.

I also started a PhD in IT (Blockchain). Im currently also a course director at the University of Applied Sciences Lucerne for two further education courses, the CAS (Certificate of Advaned Studies) Blockchain and another one in Crypto Finance and Cryptocurrencies.

Those are 3–4 months deep dive courses in the said topics. Im further a Co-Founder & Board member of the DEC Institute, which is an online examination and certification platform for digital assets specialists, backed by leading blockchain univerisities.

They do like the internationally acknowledged Chartered Digital Asset Analyst Exam. maybe you have heard of them.

I recently also joined the board of the Crypto Valley Association in Switzerland. One of the biggest crypto communities worldwide.

In a previous role I was also head of SEBAversity of Swiss crypto bank SEBA one of the first fully licensed crypto banks fully concentrating on digital assets.

Before that I acted in award winning tech startups in various roles from founder, early management member or angel investor.

Q~ Could you explain a little about THORWallet? We would like to know more about it and how it works ?

A~ THORWallet is the official native iOS & Android wallet for the THORChain community. We aim to become the Robinhood app for cross-chain DeFi. A native one-stop shop DeFi app.

We are a non-custodial mobile wallet that offers much more than the wallets you’ve been using so far. Since we integerate all the functionalities THORChain offers. Our users will be able to sawp *native* coins like Bitcoin vs Ethereum in a full decentralized way, earn passive income by providing liquidity, tap into lending & borrowing or soon trade synthetic assets that can even be locked in a cross chain savings account.

All directly from your wallet.

The easiest way is actually to test it out yourself. The public beta for iOS is already out:

Have a look and give us feedback 🙏

The Android version will follow shortly later this year.

I actually have a video how simple it is to exchange native BNB to native Rune in our wallet - completely decentralized.

We implement also tokens currently not traded on thorchain, but you can store them in our wallet.

Q~ Can you share with us detailed information on the $TGT tokenomics and it’s usecases ?

A~ TGT is a multi-utility token that can be staked in order to enjoy premium benefits within the THORWallet ecosystem. It will also serve as a governance token and is at the heart of our gamified community features which in the form of missions allow users to earn TGT tokens.

TGT has a total supply of 1bn of which 40% will be given back to the community over time. 50% of the fees generated in the wallet, will also be used to buy back & burn TGT in order to accrue even more value to token holders.

We have some nice infographics regarding the utility as well as the premium features, let me quickly post them.

Here you see all the different utilities of our multi-utlitity $TGT token.

Xiaolin : We love the idea of governance, As token holders can get a say in the important decisions.

Mazze : Exactly. At the early stage, decisions are still made centralized as we want to move quick and fast. But just the other day we had our first vote (not on the blockchain but on twitter) on an important decision regarding the IDO.

We recently announced our THORWallet Incentive program for $TGT and our NFT holders, you can check out the details here

But there are some juicy perks like single sided staking opportunites, referral program for friends, mission rewards and much more 🙂

Q~ What is the THORWallet team’s $TGT token sale plan? I know the IDO is happening today, could you please share how to participate ?

A~ Yes we actually have our TGT launch just around the corner !

The launch starts in 3 phases so we get a fair distribution.

Phase 1 just happened today on Thorstarter. We had over 5700 allocations and had to increase the allocation twice as demand was overwhelming.

We will post a medium article soon about phase 1.

Phase 2 will be the launch of the trading pool on Thorchain. This is planned to happen on Wednesday 17.11.

We provided a “how to” on medium, best to follow our socials to make sure you dont miss any information on it 🙂

Phase 3 will follow shortly after phase 2 and is the ETH-TGT pool on Sushiswap.

Q~ Can you give us an update on what the team at THORWallet has accomplished till date and your future plans for THORWallet ?

A~ Yes !

I think we have some important milestones to celebrate.

  • The community grant we received from the official THORChain treasury a while ago and kickstarted everything.

Successful raise at 25m, at 40m and at 75m valuation with some great VCs as well as the THORChain treasury.

Actually, lets share the VCs here out of appreciation

  • The successful launch of our wallet with over 500 beta testers.
  • Annoucemenet of tiers for premium features.
  • Limited THORWallet Army NFT series with access to premium features in the wallet and the “Soldier” is sold out and currently trades at 0.3 ETH on Open-sea.

You can have a look here:

thorwallet.org/nft

Upcoming:

  • Of course our IDO (dont miss 😉 )
  • Setting the iOS app in the app store to “live”
  • Android app later this year
  • Web based trading interface
  • Several premium features for the app
  • And of course our $TGT Incentive Program.

QUESTIONS FROM TELEGRAM

Q~ For lending and borrowing will there be any need for KYC and concerning liquidity providers, what will be my reward for providing liquidity?

A~ Lending and Borrowing, will there be KYC, no, for lending & borrowing you dont to do KYC, also for our wallet no KYC. pure DeFi.

Liquidity providers on THORchain get 50% of the trading revenue from the pool as reward. This means for the first time you get really nice rewards for Bitcoin, Litecoin etc. up to 20%.

Non-wrapped, Decentralized, it makes all PoW coins DeFi-ready, which wasnt possible before.

Q~ This is quite an innovative project…. Please could you give a little insight into the Burning mechanism of $TGT like the Burning interval and percentage decrease per Burning routine?

A~ How does the burn of $TGT work, so if you trade through our wallet we will generate some trading (affiliate) fees.

50% of those fees we will buy back TGT back on the open market on a quarterly basis and burn those token. Which means we decrease supply which increases the price.

The rest of the 50% goes into treasury for DEV.

Q~ How do you plan to onboard users to use your Crosschain DeFi wallet, do you have any incentives available?

A~ Once you use our smooth UI/UX, you dont want to go back 😉

But to onboard you, we will have a 10m $TGT referral program where you and your friend will receive some TGT.

Q~ I see that your platform include Native Multichain Swap, can you give us an overview about the fees for using it?

A~ Fees for swapping as a question, so our fees are between 0% and 1% depending on how much $TGT you stake.

The gas fees however you need to pay regardless and they are dependent on which token you swap. BNB and Rune have very cheap transactions. (everything is on chain)

But if you want to swap ETH then Gas is more expensive, but those are not fees, but gas costs 🙂

BTW, you can also be a NFT holder and get reduced trading fees!

Q~ What would be the main objective of ThorWallet as a whole and what is the project working on to position itself on a large scale in the market?

A~ Our Aim is to become the Robinhood app of DeFi. A one stop solution for everyone including Fiat onramp as well.

Accessible finance for everyone. Fair, transparent, open.

No one should be excluded from finance and with our app we make it possible 🙂

CONCLUSION

It was my pleasure to be here. Please come over to our TG or discord, give us your feedback. we are here to listen and take all your comments seriously.

It’s really nice having the THORWallet project in here!!!

You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to THORWallet.

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