I finally set up my Thorchain wallet and also upgraded my BEP20 Rune to native Rune in anticipation of the #RAISETHECAPS date time. It wasn't quite as hard as I thought or as it looked from the surface based on the fact that there aren't much resources out there explaining in steps how to create a Rune wallet.
Just incase you're like me and likes to waste all the time till the last minute, here's how to set up a wallet, quick and easy.
1 - Set up your trust wallet(it’s what I use)
2 - Copy out your wallet seed phrase
3 - Go to app.thorswap.finance
Recently the XDEFi option was added, it functions like Metamask or Hivesigner(I prefer hivesigner), it is like a browser extension, if youre familiar with metamask, check it out you might just like it.
So back to it....
4 - Click on import phrase as shown in the image on the left, paste your trust wallet phrase in it...
5 - Input a password and click on "Backup keystore"......a text file will be downloaded to your device. Note it.
If you already have a keystore, all you have to do is click on connect keystore and input your pass word. Both the password and trust wallet key phrase should never be shared anywhere and must be stored away somewhere safe.
Once you're done loading your keystore and password, clicking unlock takes you inside the Thorchain wallet. If you have any Rune in your wallet then it will reflect within the Thorchain wallet.
Most likely your Rune will be BEP20 Rune, there's the option to upgrade it to Thor Rune but you'd need a little bnb for transaction fees, so do well to add that. Its optional for now though, take your time.
The next step for me will be to provide liquidity.....but you know.... #RAISETHECAPS is what a lot of us are waiting for, couple of hours ago into the night, the caps were raised and in 5mins, 7million$ worth of tokens were pooled and another cap was reached before I woke up! Crazy isn’t it?
So all we have to do is sit and wait for another announcement.
What I really like about the Thorchain pooling is that one can pool assymetrically and symmetrically, meaning, I can pool only Rune, only BTC or both Rune and BTC in 50:50, unlike other platforms where you need to combine 50% of the native asset with another asset to provide liquidity.
This way, I don’t have to sell half my Rune into another asset to provide liquidity, I can just pool with my Rune and come back 1 year after hehe, kidding, but you know what I mean.
So I’ll be on the lookout for the next #Raisethecaps time to ape in.
Thanks for reading!
