As you may know, $RAZE was successfully listed on THORSwap through their #RAISETHECAPS movement — a community initiative launched by THORChain to slowly increase the liquidity cap on their Multichain Chaosnet.
For more details on this movement, please refer to our previous article below:
Raze Network Goes THORSwap
You may want to check out the #RAISETHECAPS movement on Twitter. It is spreading fast.
With our successful listing on THORSwap, we thought that we should bring to your attention to a few things that may be of interest to the Raze community:
- The average APY on assets listed on THORchain increases as more users adopt the protocol.
- The APY is expected to go even higher as THORchain is gearing up to release new features within their protocol like THORsave and THORsynths.
- Every week liquidity caps are being raised (#RAISETHECAPS) and more people are providing liquidity into the pools — ultimately meaning more rewards for you liquidity providers.
We believe that becoming a liquidity provider in the RAZE:RUNE pool is one of the best opportunities for our community to extract the maximum value out of their holdings — currently the APY offered is sitting at ~40%!
Be sure to be on the lookout for their next liquidity cap raise as raise on Friday, July 2nd was the biggest yet and was filled within a matter of hours. Follow @THORchain on twitter for announcement updates.
If our community of supporters are interested in adding liquidity to the RAZE:RUNE pool to earn rewards, please follow the instructions below:
- Got to https://app.thorswap.finance/
- Click on “Connect” in the upper right corner
- Click on “Connect” and connect your wallet holding $RAZE in it. Options include Metamask, Trust Wallet, XDEFI, etc.
- When the caps are raised, scroll down and find the $RAZE pool, and click the “Liquidity” button
- Select if you want to deposit only $RAZE, equal parts $RAZE and $RUNE, or only $RUNE to the pool
- Initiate transaction and pay the gas fees associated with the transaction (in the screenshotted example, adding only $RAZE will require ETH gas as $RAZE is an ERC-20 token)
Please note that Liquidity Providers “stake” their assets into pools to collect fees from the trades made by other users in the network.
As well, please be aware that THORChain is not a magic money tree. A liquidity pool is essentially an auto-balancing portfolio, meaning if you are providing single-sided liquidity (i.e. only $RAZE), the protocol will market buy 50% of your $RAZE for $RUNE (the settlement asset of the THORchain protocol). While this opens the door for impermanent loss (IL), the talented core developers at THORchain have implemented IL protection for those LPing for over 100 days — meaning you have nothing to lose if you are committed to LPing for at least a calendar quarter.
If you are new to THORSwap we advise you to get familiar with the platform and understand how their application works before staking any coins.
For more information about THORSwap, please take a look at the links below.
How to use THORSwap:
How to use THORSwap?
Step by Step Guide how to use THORSwap and how to migrate from BEPSwap.
How to provide liquidity on THORSwap:
About Raze Network
Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zkSNARKs to the Zether framework to build a second-layer decentralized anonymous module. It will then be imported as a substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems while protecting the transparency of your assets and behaviors from surveillance.