Kylin Goes THORChain: A Handy Guide to the THORChain Integration
Dear Kylians,
Almost two and a half months into trading KYL, and we already have a healthy track record with solid volumes on Uniswap.
Nonetheless, we are always exploring new ways to give further access and incentives through new marketplaces: as we are huge fans of THORChain and their native asset cross-chain DEX (most recently, we are closely following the recent launch of their multi-chain chaosnet (MCCN)), we decided that it would be a tremendous vehicle to open further marketplace opportunities for $KYL.
So, we are excited to announce that KYL is now LIVE for trading on THORSwap!
This way our community will be enabled to earn further passive income on their KYL-holdings by providing liquidity to the KYL/RUNE asset pool and to swap easily towards other native assets like BTC, BCH or BNB through one and the same decentralized marketplace.
Trading on THORSwap
For trading KYL on THORSwap, or if you want to dip your toes into the KYL/RUNE pool by adding your own liquidity, just follow the instructions:
- Got to https://app.thorswap.finance/
- Click on “Connect” in the upper right corner
- Click on “Create Keystore”
- Chose a safe (!) password and click on “create”
- Save the Keystore file
- When you come back: click on “Connect” and “Connect Keystore”
- Upload your Keystore file, enter the password and click “unlock”
- Click on “View Wallet” to see your asset addresses
- Click on the ETH-address to copy/paste it in order to send your KYL there from MyEtherWallet, MetaMask, etc.
‼️Make sure to NOT lose the password or accidentally delete the Keystore file‼️
‼️Make sure to make a backup of your Keystore file‼️
Scroll down to the KYL Pool and click on either “Swap” or “Liquidity”.
For a more detailed guide, please check the following article:
https://thorswap.medium.com/how-to-use-thorswap-e13a2a4eafdd
A handy video that one of Thorchain community members made for our community explaining how to swap native BTC for KYL:
More convenient wallet solutions are on the way. THORChain will implement support for Ledger, Trust Wallet and more.
Traders can easily check for arbitrage opportunities on KYL and other coins here:
Providing Liquidity on THORChain
KYL/RUNE Liquidity providers can earn transaction fees in RUNE and yield in KYL according to the individual size of the pool share. Simply click on “Liquidity” and choose either KYL, KYL+RUNE or RUNE to add to the pool.
If you chose to stake only your KYL, a part of it will be automatically swapped into RUNE to balance the pool.The same vice versa.
For a detailed guide about liquidity providing on ThorSwap chere here:
https://rebase.foundation/network/thorchain/system-component/providing-liquidity
To check your Pool earnings you can simply go to: https://www.runeyield.info/ and enter your pooling address.
Liquidity Providers who pool their KYL/RUNE at least for 100 successive days without withdrawal will be protected by THORChain’s impermanent loss insurance.
About THORChain
THORChain is a decentralised cross-chain liquidity protocol based on Tendermint & Cosmos-SDK, utilising Threshold Signature Schemes (TSS). It does not peg or wrap assets. Instead it simply determines how to move them in response to user-actions.THORChain is primarily a leaderless vault manager, ensuring that every stage of the process is byzantine-fault-tolerant. THORChain’s primary objective is to be resistant to centralisation and capture whilst facilitating cross-chain liquidity. THORChain only secures the assets in its vaults, and has economic guarantees that those assets are safe.THORSwap is the MCCN interface that allows users to seamlessly access decentralised native cross-chain liquidity.
Contact THORChain
- Website: https://thorswap.finance/
- Community Website: https://thorchain.org/
- Telegram: https://t.me/thorchain_org
- Twitter: https://twitter.com/THORChain
- Discord: https://discord.com/invite/FRE3BytkCp
- Medium: https://thorchain.medium.com/
About Kylin
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network will provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.
Contact Kylin Network
- Telegram: https://t.me/KylinOfficial
- Twitter: https://twitter.com/Kylin_Network
- Discord: https://discord.gg/PwYCssr
- Medium: https://kylinnetwork.medium.com/
- Linkedin: https://www.linkedin.com/company/kylinnetwork
- Official website: https://kylin.network/
