Thorus is a cross-chain decentralized finance platform that was launched on January 5th, 2022. The team behind this exchange is anonymous. However, we know that the company employs full-time developers, UI designers, business development officers, a senior advisor, and a marketing officer.
Here are the main features of the platform:
- Cryptocurrencies supported
On this exchange, you can swap between tokens. Some of the supported cryptocurrencies include sTHO, STATIK, THO, MIM, USDC.e, WETH.e, WBTC.e, USDT.e, DAI.e, and WAVAX.
- Native token
The native token of this exchange is known as THO or Thorus Token. Each feature of this system is programmed to drive value to this token, thus benefiting stakers and holders.
- Funding methods
For conducting swaps on this exchange, you need an adequate number of tokens in your wallet. If there aren’t enough tokens, you need to purchase them first from another exchange.
- Wallets supported
Each user trading on this platform must connect their wallets. This system supports MetaMask as well as wallets compatible with WalletConnect.
How does Thorus work?
You can perform the following actions on this exchange:
- Buy THO and other tokens
This platform has a swap section where you can buy THO and other tokens by swapping them for another. To pay for the transaction fees, you need to own some native tokens of the selected network. In case you don’t own them, you can purchase them on an exchange or use the faucet functionality on the Discord channel.
- Stake THO
This DEX app has a stake section where you can stake your THO tokens. This will provide you with a receipt of sTHO tokens.
- Mint STATIK
The platform has a stablecoin section where you can mint STATIK tokens using USDC.e. Check the number of tokens you will receive and approve the transaction. After confirmation, you will get the new STATIK tokens.
- Build and farm LP
In the Farm section, you can add liquidity to a pool of your choice. Once you confirm the transaction, your LP position will be built and you will have tokens that you can farm. This section also has a staking functionality where you can stake your LP tokens. After that, you can start earning rewards in terms of THO tokens. These rewards can be claimed at any time.
What can you buy on Thorus?
This platform is built of the Moonbeam and Avalanche networks. You can use a multichain bridge to bridge your tokens from Moonbeam to Avalanche and vice versa. Some of the most popular tokens on this platform include WAVAX, DAI.e, USDT.e, WETH.e, WBTC.e, MIM, USDC.e, sTHO, STATIK, and THO.
Is Thorus safe?
The protocol’s contracts have been audited by Inspex. These include the bond contract, AutoStake, ThorusMaster & Token contract, and Thorus Moonbeam Rewards contract.
We were unable to find any customer reviews for this exchange on third-party websites. It is a newly launched protocol, and it seems not many people are currently signed up on it.
Thorus fees, compatible wallets, and transactions
To trade on this platform, you need to connect a Metamask or WalletConnect-compatible wallet. The WalletConnect desktop wallets include Ledger Live, Tokenary, Infinity Wallet, Wallet 3, Ambire Wallet. Swapping tokens on this exchange requires a small transaction fee of 0.1%. Half of this is used for bolstering the reserves of the treasury.
What are the ways to trade on Thorus?
To trade tokens, you need to navigate to the Swap section of the app. Then, you need to select the network you wish to use. Choose the token you wish to swap and the one you wish to receive. Enter the amount and click on Swap.
Like many DEX platforms, this one does not have a dedicated support team you can reach out to, in case you face any issues. There is an extensive docs section where you can find all the information on the exchange. Thorus also has an official discord channel, a Telegram channel, and social media handles on Reddit and Twitter.
Should you buy Thorus token?
Thorus summaryThorus summary
- Low transaction fee
- Lucrative rewards for token holders
- Supports multiple wallet applications
- Risk of impermanent loss
- No dedicated support team