Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has THORChain, and is trustworthy!
You can find our top 3 exchanges for buying THORChain here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy THORChain
And of course, the final step is to find THORChain on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy THORChain (RUNE)
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How to Sell THORChain
- Sign into the exchange
- Find where you stored your THORChain, either on a hardware wallet or on the exchange.
- Transfer your THORChain to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell THORChain.
Considerations when looking to buy THORChain.
THORCHain, a decentralized liquidity protocol, allows users to exchange cryptocurrency assets across multiple networks without having full custody.
THORChain allows users to swap assets in a permissionless environment. Users don't need to rely on order book liquidity to source liquidity. Market prices are maintained by the ratio of assets within a pool (see automatic market maker).
RUNE is the native utility token for the THORChain platform. This currency is the base currency of the THORChain ecosystem. It is also used to secure platform governance and security in THORChain’s Sybil resistance mechanisms. To participate in its rotating consensus process, THORChain members must contribute at least 1 million RUNE.
THORChain was initially funded by an initial DEX offering, (IDO), which was launched via the Binance DEX on July 2019. The mainnet was launched in January 2021. However, a multi-chain upgrade has been scheduled for 2021.
THORChain has a unique system that helps to mitigate "impermanent loss" -- the sometimes temporary losses that liquidity providers can suffer when contributing to liquidity pool pools. This is achieved by paying a slip-based fee that ensures liquidity remains where it is needed.
THORChain also combines a variety of new technologies such as state machines, state machines, and the Bifrost Signer Module. This allows for cross-chain token swaps to be seamlessly made. All this is done behind-the scenes making it accessible even to inexperienced traders.
Platform is not profit-oriented. The protocol generates fees directly for users. There are no provisions for the members of the team. Instead, the team is incentivized simply by holding RUNE -- like everyone else.
The RUNE token can be found on several blockchains including Binance Chain (as BEP-2 token), and Ethereum (as ERC-20 token).