In this article, we’ll discuss information about the Thorstarter project and XRUNE token
Thorstarter is a decentralized launchpad created to bring cross-chain liquidity to long tail crypto assets. The project transforms the way that new crypto projects source liquidity by providing a launchpad that brings cross-chain liquidity to ensure that funds are fairly raised. It does this through issuing liquidity grants to early stage projects and helping them launch via initial DEX offerings (IDOs). Projects which IDO can then swap native, THORChain-pooled assets with their token.
This is attractive for new projects for a few reasons: 1) Users (holders, traders, supporters) of their project can access liquidity from other blockchains, without using synthetic or wrapped assets, 2) They get a sizable upfront grant and investment from Thorstarter; 3) They get the support of both THORChain and Thorstarter communities and marketing arms; 4) They are LPs with a token — XRUNE — that, like RUNE, is a hyperliquid settlement currency. This makes the XRUNE grant even more attractive, since its demand will grow alongside the growth of Thorstarter.
Launchpads play an important role to allow broader adoption and building early communities. Launchpad tokens work as access tokens to allow users to access new projects. The structure of this access depends on each specific launchpad with some requiring large amounts of locked tokens relative to allocation. We’ve built Thorstarter with two important design principles in mind.
First, flexible design. Thorstarter works like a swiss army knife for structuring distribution. Projects can use a combination of methods to divy up allocation to groups of users. Second, Thorstarter Grants. XRUNE is always paired with another asset to allow cross chain swapping using native RUNE-XRUNE on THORChain. This is similar to Uniswap Grants for new promising projects.
Projects selected for THORSTARTER approval will need to go through a grant process, which is governed by a community DAO and signed off on by a 9-member multisig. These 9 members will together form a Council, named The Council of Asgard.
Every new project will go through evaluation by the Council of Asgard, and approved projects will be seed funded by the THORSTARTER Ecosystem Liquidity Fund. A project will have to go through the following stages to be selected, and funded with liquidity for an ASSET-XRUNE pool in external AMMs.
Like with many other DeFi protocols, the way to participate in governance is by locking up the protocol’s token, XRUNE in this case, which in turn gives you the right to create proposals and vote on any active proposal or poll.
Locking up XRUNE for vXRUNE also comes with a claim on part of the fees that Thorchain would collect. This means that similar to xSUSHI, when the protocol makes money, vXRUNE holders get rewarded for their participation in the governance of the project. This is a great way to align incentives and make sure that participants vote with the best interest of the project in mind.
Another way to reward vXRUNE holders that is being considered is related to how profits from selling project tokens vested from liquidity bootstrapping grants. To avoid people profiting from those events without actually doing any work of having been there when the project launched, the DAO could distribute part of those profits proportionally to a snapshot of vXRUNE holders at the time that the project in question has completed its IDO. This would incentivize and reward members that participate in voting and holding vXRUNE for the long term.
Thorstarter’s governance token, vXRUNE, will be a fungible/tradable standard ERC20. You can easily mint new vXRUNE by locking up some XRUNE. Inversely, you can always convert back vXRUNE to XRUNE plus any fees collected.
In order to avoid people timing getting vXRUNE just before rewards/fee distribution, fees will be distributed in a streaming fashion over a period of time. This makes the process fairer and rewards genuine long term vXRUNE holders.
Let’s look at an example of how this would work:
The goal of vXRUNE is to give the community skin in the game and encourage active participation in the DAO.
The Council of Asgard will act as stewards of the DAO as we slowly transition. They are 9 elected members part of a 5/9 multi-sig. Their main function is to attract, vet and approve prospective IDO projects for Thorstarter.
The council will be familiar with the various crowdsale options that Thorstarter supports. They will be able to propose the best combination of mechanics that will help the project raise on the terms they want in a way.
The first 9 members will be chosen by the initial Thorstarter team from prominent Thorchain community members and one or two of its own team members. This is to ensure that the process of having a board of experts vetting prospective projects is in place as soon as possible before TS transitions entirely to a DAO.
Council members will get voted out/in on a regular schedule. As soon as the DAO is operational, on a quarterly schedule, there will be a forum post for people to indicate their desire to become part of the council (or desire to step down). Following that, an on-chain poll will have voters choose who should be added to the council.
Why Hold XRUNE?
Community members will need to hold XRUNE to be eligible to participate in IDO funding campaigns — ie, projects which launch on Thorstarter. The XRUNE token will also be a reward token for being an active member of the community. Further information about XRUNE’s utility for IDO participation and governance will be shared in subsequent posts, as will a guide to the XRUNE liquidity mining program.
Thorstarter has structured its own funding in a way that maximizes community engagement and ensures that the funding process is fair, transparent and open to all.
XRUNE token is now live on the Ethereum mainnet. The token address for XRUNE is 0x69fa0fee221ad11012bab0fdb45d444d3d2ce71c. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough ETH in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
You need a wallet address to Connect to Sushiswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
Transfer $ETH to your new Metamask wallet from your existing wallet
Connect Metamask wallet to Sushiswap Decentralized Exchange and Buy, Swap XRUNE token
The top exchange for trading in XRUNE token is currently Sushiswap
Find more information XRUNE
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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