THORWallet, The NEXT Generation of DeFi Wallets

We saw what happened to Celsius users.  On June 12th, Celsius paused all the withdrawals, and finally, on July 13th, it filed bankruptcy, and now over $9B Celsius, crypto assets are locked in for a long long time.

This means that to own your crypto you should be in charge of the keys to your wallet. With THORWallet DEX, you’re on the right track. It is a noncustodial wallet where you can earn passive income on your assets without ever giving up control of your crypto. 

How does Thorwallet function? What kind of passive income can you make? Let’s find answers to all these questions.

What is THORWallet?

THORWallet DEX is part of the THORChain ecosystem. Their suite of products consists of a mobile app available for Android and iOS that has 30k downloads until now, and a Webapp where you can easily swap assets and earn via liquidity pooling.

Also, you can seamlessly switch between products. Their team is busy, and they regularly release new features and updates. Moreover, they are also the only noncustodial wallet where you can swap native tokens across chains.

What is cool, is that you can earn passive income on your assets. For example, on your native BTC, they currently offer 18%. You can also stake their native TGT token and earn a 12.61% APY. 

The coolest feature THORWallet DEX has is that it is powered by THORChain, the only chain where you can swap native coins across chains. For example, BTC to ETH. However, there’s lots more where that came from. Want to know more about Thorchain? Check out my Thorchain deep dive video. 

The team is on a constant search to add value to their TGT token. They build for mass adoption. It appears that they’re doing a good job. In a short time, they covered a lot of ground. So, let’s see which aces they have up their sleeve.

In addition, in mid-June, their web app came out of Beta. Now they run the V1 version. Among others, this offers:

• Swapping and liquidity pooling.
• xDeFi and Metamask integration. This allows you to use hard wallet options.

More About THORWallet

Then, Fiat on-off ramp in both mobile and web app with no-KYC up to certain limits. The limits are in Swiss Francs, it’s a Swiss company after all. It has the following limits:

1. CHF 1,000 / $1,027 per day 
2. CHF 15,000 / $15,400 per month
3. CHF 100,000 / $102,800 per year

? Fiat on-off ramp in mobile app @mtpelerin @THORChain

✅Card & bank transfer
✅no KYC up to 100k a year
✅172 countries
??Swiss based

?for a limited-time accessible for all community tiers

Download here?https://t.co/SoRLty8m59https://t.co/bcq9ENRYu6 pic.twitter.com/NZN5wbGGmO

— THORWallet DEX⚡️ (@THORWalletDEX) July 15, 2022

Also, the ATOM token is available in both the mobile app and webapp in alignment with the ATOM launch in THORChain. Welcome to the Cosmos ecosystem. This opens plenty of new opportunities. For instance, swap your ATOM for BTC or ETH. And, of course, the other way around.

In similar news, they recently announced the integration with the BNB Chain and Fantom to the mobile app. Thus, allowing users to interact with their favorite Dapps in those chains via WalletConnect. As a result, new pool analytics in their mobile and web app. This includes info on impermanent loss protection. You receive 1% ILP per day. In other words, it takes 100 days before you reach full coverage. This coverage is not in USD but in the provided crypto asset.

In addition, all top EVM chains are available in the mobile app. Plus, Walletconnect simplifies needs under one app. This includes:

• • Bitcoin
  • Litecoin
  • Bitcoin Cash
  • Ethereum
  • BNB (BEP2 and BEP20)
  • THORChain
  • Avalanche
  • Fantom

THORWallet Staking & NFT

Moreover, a simplified Swap page in the web app. This is fully automated and completely decentralized. Multi-wallet feature in mobile app available for community tiers. The community tiers require you to stake TGT. There are 3 tiers. One is without staking. If you stake 5,000 or 10,000 TGT, you receive reduced fees and premium features. The staking APY is currently 12.61% where users can stake TGT in one transaction for community tiers. 

About its NFT integration, the wallet offers one place to keep them, regardless of which chain they are in. Buying & selling in any currency is in the planning. An example is the THORWallet Army, which is an NFT collection of NFTs that unlocks unique wallet features for its holders.

Why hold THORWallet Army General NFT??

✅Affiliate trading & LP fees reduced to 0.1%
✅All premium features forever
✅Elite Generals chat

Get yours here and benefit from the special features?https://t.co/mrHZzpG2x5 pic.twitter.com/gMHWzkMmbM

— THORWallet DEX⚡️ (@THORWalletDEX) July 16, 2022

So, plenty of interesting features that you can easily check out by visiting the web app or downloading the app on your mobile. 

THORWallet Team

In contrast to THORChain’s anonymous team, the THORWallet DEX team has a face. They are not anon. We even caught their CEO in a YouTube interview. 

Marcel Robert Harmann is the Co-Founder and CEO. His background is in finance and IT. The perfect blockchain combination. In 2017, he got a Ph.D. in blockchain technology. Currently, in addition to THORWallet DEX, he is a University course director in blockchain & crypto finance.

Also, Harmann founded THORWallet DEX with Axelra. This is a Swiss Tech Venture Builder and they are co-owners behind THORWallet DEX. They are backed by some leading VCs’, for example:

• THORChain
• Contango
• Nine realms
• RBX
• ZBS Capital

THORWallet Tokenomics

TGT, their native token is a multi-utility token. This includes:

• Governance—Be a part of the platform’s future by taking part in votes. You need to hold GTG tokens before you can vote.
• Staking—As already explained, there is a community tier setup. This has a variety of rewards.
• Burn mechanism—A deflationary token.
• Node operation—Help to secure the network by running a node.
• Premium benefits—Stake GTG and enjoy their premium benefits.

?Third $TGT Burn Completed?

1.707m $TGT tokens have been purchased using https://t.co/rS8tsdQvgV

Generating revenue for $TGT holders since day 1⚡️

Now we’ve sent them to Valhalla? https://t.co/yqlFSTS9vH$RUNE @THORChain pic.twitter.com/qTSXf6ymFs

— THORWallet DEX⚡️ (@THORWalletDEX) July 15, 2022

Also, the community receives 40% of the tokens over time. This happens through an incentive mechanism in the wallet. For example, the ‘missions‘. These are available regularly. However, you can only complete them once. Completing a mission rewards you with some TGT as well. Current missions include:

• Single swap of $1,000
• Multiple swaps for $5,000
• Multiple swaps for $15,000

Moreover, the app has a missions tab where you can see an overview of all missions. It also allows you to see newly released missions and your active missions. The current price of the TGT  token is $0.008354. That’s almost 6% up during the last 24 hours. During the last two weeks, it’s 7.8% up. The market cap is $1.94 million. TGT’s ATH came in at $0.135185 on December 25, 2021. It’s down 94% from that, just like many other coins at the moment.

Then, the max supply of TGT tokens is 1 billion tokens. A total of 232.5 million are currently in circulation. The community will receive 40% of tokens over time. This will happen through an incentive mechanism in the wallet.

? Impermanent loss protection (ILP)

In all our products, you can enjoy 100% ILP after pooling for 100 days.

?Read more about it on our website! ?https://t.co/odLGxFnzde

— THORWallet DEX⚡️ (@THORWalletDEX) July 11, 2022

Competitors

On the other hand, the THORWallet DEX has a few competitors out there. The wallet market is big, and that includes noncustodial wallets. Then, the trust Wallet is one of many samples. They also have an AMM. But one thing that none of these competitors have, is native token cross-chain swaps.

That is the ultimate thing that makes THORWallet DEX stand out from the competition.

Conclusions

THORWallet DEX keeps building, and that’s good to see in the current market conditions. And they’re not done yet. For instance, expect a credit card service with KYC in Q1/Q2, 2023. Also in the works is an extended Swap functionality allowing swaps in +27 chains including all top EVMs. 

What makes them stand out is their unique native asset cross-chain swapping and their holistic approach. They want to offer all financial services like fiat on-off ramp, earning, borrowing, etc. Based on DeFi in a simple-to-use app. No other DEX in DeFi offers this.

Finally, they have a dedicated team that keeps hitting their roadmap marks. Hats off to them for achieving this

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