What is $XRUNE?
THORSTARTER uses $XRUNE as a settlement currency between new projects (IDOs) and THORChain’s active pools. $XRUNE: $RUNE pool in THORChain acts as a “Liquidity relayer” between short-tail and long-tail assets.
What is the difference between $XRUNE and $RUNE?
$XRUNE has different tokenomics and governance structure, and $XRUNE price is not 1:1 to $RUNE.
Though both tokens act as settlement currencies.
What are the use cases of $XRUNE?
- $XRUNE will be paired with $RUNE in THORChain pools, to have a liquidity relayer pool out.
- $XRUNE will be paired with "Assets" on external AMMs, for these "Assets" to access THORChain's cross-chain liquidity.
- $XRUNE will be required for early access in THORSTARTER IDOs. External liquidity pools will be bootstrapped with $XRUNE liquidity.
- $XRUNE will also be used as a lockable DAO governance token that receives protocol revenue
What is the token release structure? Where can we find the tokenomics?
Why use $XRUNE as settlement currency, and not main chain assets like $ETH, $BNB etc?
Thorstarter is an IDO platform, first and foremost. Core to the launch model is provisioning new projects with an XRUNE grant.
XRUNE allows the Thorstarter network to coordinate around IDO launches, establish governance and voting, and enable network participants to gain access to vetted IDOs.
Why named $XRUNE? Won’t it create confusion with xAssets from Haven protocol?
The X in XRUNE signifies cross-chain liquidity relaying of RUNE, therefore: XRUNE.
To distinguish between Haven xASSETs, use capital X in XRUNE, and lowercase x in any Haven xASSET (xRUNE or otherwise).
Once THORChain pool becomes active, people can just buy $XRUNE from THORChain. Why a public round in Sushiswap then?
Two reasons: 1) XRUNE is starting as an ERC20 token, and 2) the design of the Thorstarter is to seed pools on external AMMs. We are starting with SushiSwap on Ethereum as the first AMM to pool on/with other new tokens.
Given the model of THORStarter, is $XRUNE also going to be deterministic in nature?
In part a lot of the value of the XRUNE token will come from being needed to participate in IDOs but some of that XRUNE will get sold by the project after the sale. The deterministic part is determined by the fact that XRUNE will be paired in a pool that aims to have deep liquidity on THORChain and in many smaller pools across many blockchains, if the value of this aggregate of tokens it's paired with trends upwards over time, XRUNE's price will naturally follow. On top of that it has other uses as a governance token that's also productive / entitles you to a share of revenue.
Can locked $XRUNE tokens be used in IDO participation, staking $XRUNE and for liquidity mining purposes?
Escrow locked XRUNE won't be usable for IDOs or liquidity mining / staking. If you lock in some XRUNE it would make sense that you actually want to use it for governance and earn protocol revenue with it. It will be easy to unlock a portion of it to use for IDOs at anything though, so that limitation shouldn't be an issue. As for liquidity mining, most of it will be happening before governance is fully in place which means locked XRUNE won't really be a concern as they don't overlap.
In what situations will XRUNE have lower slippage as an intermediary token than a deep/liquid token like ETH/BNB/Tether/etc?
In the short term, projects launching with Thorstarter and receiving a liquidity grant will have the least slippage and shortest route when using the XRUNE pool on Thorchain. Over time, the IDO projects will grow and gather increased liquidity in other pools / pairings and ETH might become a better route to purchasing the project's tokens but at that point, Thorstarter will have accomplished its goal of helping the project get started and gartner attention. In the medium term we also expect the XRUNE pool on Thorchain to be deep enough to support the stream of IDO with low enough slippage that other pools being deeper is an non issue, the thing to keep in mind is that we never needed to support low slippage on large 1M+ trades only enough for project investors to pay for allocation in an upcoming project's launch.
Are there mechanisms to prevent IDO projects from dumping their grant of XRUNE tokens? Because if i were an IDO project, i'd immediately dump to have working capital
Two different things are at play here, the "liquidity grants" themselves will be in a timelock to ensure they don't get sold. But as for the "funds'' a project raises during their crowsale it doesn't feel right to restrict projects from selling it, it's theirs and they'll need it to build their vision, if they want to have it all in stable coin in order to avoid price risk that should be their decision to make. That simply means that it will be doubly important for Thorstarter to keep a steady inflow of projects so that the demands for XRUNE flows from one project to the other. We might step in and instruct / help projects sell their XRUNE in a way to avoid a large price impact.
When the pool is added after 3 days, it will be able to withdraw 50/50 no ?
You can withdraw 50/50 immediately
What are long-tail and short-tail assets?
Short-tail assets are high volume/fee generating assets.
THORChain will support them, but only 100 slots will be available in THORChain.
THORSTARTER connects long-tail assets to THORChain.
What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
We are working with some of the original community team/members from Thorchain, which itself is very decentralized (and soon to be fully community owned). On top of that, we are launching with multi language support in several different languages. In the near term: Vietnamese, Russian, and Spanish.
What exactly is the difference between ThorStarter short and long tail entities?
Short vs long tail is not well defined. Think of "short tail" as any crypto coin/asset that is economically significant, i.e. one that you would see in the top 50 or 100 on CMC.
Currently in my opinion one of the ways to attract more users would be to collaborate with youtubers or influencers dedicated to the world of the game. Do you plan to develop this marketing strategy so that your project grows?
Many of the best and brightest minds are backing the projects, and these include influencers. We do not simply seek influencers who have large reach (we do), but people who are truly thought leaders in the Thorchain ecosystem and outside of it
What's stopping the council of 9 who decide the IDO projects from creating an unfair whale launch?
The main mechanisms to avoid that would be that the elected members of the council can be removed by the DAO so if they act in a way that is not in the best interest of Thorstarter they will get voted out. But my bigger concern here is projects pushing for an unfair launch and how good we will be at convincing them that it's for the worst or rejecting them outright.
What is an AMM?
Can THORStarter both act as an AMM as well as an exchange?
AMM means automated market maker.
Uniswap, Sushiswap, Pancakeswap (and Thorchain too!) are all AMMs.
It just means that, when you make a trade (swap one token for another) you’re trading against a pool of capital.
This is different from an exchange (DEX or CEX) where you trade against other people. ie, there is a “counterparty to each trade.”
“DEX” and “AMM” are often used interchangeably today. Some people call Uniswap a DEX though it’s actually an AMM.
Thorstarter itself is not building a new/unique AMM, but calling it a DEX (decentralized exchange) would be suitable, for sure.
A better way to think about us is: IDO platform+DEX
How does the Thorstarter DAO work? Will it change over time?
Definitely! I hope everyone is familiar with the basic concepts of a DAO (decentralized autonomous organization).
It basically just means a group of individuals governed by laws that are written in code (smart contracts).
Thorstarter will launch as a community-governed DAO, and will evolve through two distinct epochs:
1. The Age of Asgard
The initial period of stewardship will be conducted by 9 members elected by the DAO. This is called the Council of Asgard.
Confirmed members consist of Thorchain core team members, developers, Thornode operators and early supporters, institutional liquidity providers, and thought leaders in the Thorchain ecosystem.
Project Selection and Incubation The initial onboarding of any new project will be managed by the DAO and DAO fund. Each new project, after being selected, will pass through four stages:
Project vetting and negotiation
- The Council has the final say as to whether a project is approved or not.
Liquidity provision of ASSET
- If the project is approved, they receive a large grant of XRUNE tokens, - We call these 'liquidity grants'.
Liquidity provision of XRUNE/ASSET. This will be provided by the Treasury.
- The liquidity grant is used to pair with the project's TOKEN, to create a pool of TOKEN-XRUNE through which their supporters can buy the token (using XRUNE).
- IDO announcement and marketing
2. Valhalla DAO
The final goal of the Thorstarter DAO is to evolve into an on-chain governance structure called the Valhalla DAO. In this later phase, Valhalla DAO members will identify and recommend projects, provide opportunities for liquidity pools, and adjust incentives for liquidity providers. Members of the DAO will be able to pool capital and decide which projects to support.
On-chain governance will allow XRUNE holders to propose and vote on a number of strategies via the DAO. Execution of these strategies will then be provided by Council members.
Valhalla DAO will allow democratic voting for protocol upgrades and new features, as well as treasury allocation. Decisions will be made via Discord discussions, community calls, forum discussions, and ultimately Snapshot votes.
One thing that might be interesting to Raccoons here, is that users will have the option to lock their XRUNE into a voting escrow version called vXRUNE. This will grant them voting rights in the DAO, i.e. they can have a say in which projects launch!
Over time, fees and funds from these LP shares in the pool will accrue to the DAO, and people who stake and lock their XRUNE will earn these fees.
This voting model will be similar to other well known voting escrow primitives in DeFi. We will be sharing a lot more info on it soon, but in summary it will allow XRUNE users to help incubate the projects they truly believe in over the long run.
We're really excited about our DAO and gov structures, and look forward to sharing more on this very soon.
What is xIDO Model?
Projects launching on Thorstarter will have the flexibility to choose from several different launch models. This will allow them to optimize for a token distribution that is most suitable for their project and community. This will be referred to as xIDO, reflecting the flexibility available when using XRUNE as part of project launches.
Distinct xIDO features include Fixed Price Crowdsale, Dynamic Price Auction, Pool Share, Limited Supply vs. Elastic Supply, Minimum Purchase vs. Max Purchase, Open vs. Gated Tiers, Overflow Sale Method, Multiple Sales, Lock Ups and Vesting.
Will any IL protection be given to the investors?
Thorchain’s standard IL protection applies to the XRUNE-RUNE pools, which goes into effect after 100 days in the pool.
What criteria will THORStarter set to qualify or disqualify projects for IDO on the platform?
Each project will need to fill out an application form with a set of 20+ questions ranging from product Q/A, token function, future plans and state of development. These questions are reviewed by the Council to decide if they can launch with TS.
Big areas of focus are working product, proficient team and clearly well understood problem/solution.
Projects that can benefit the TC ecosystem are given special consideration.
Does THORStarter plan to impose any kind of limitations of projects, hard cap like in THORChain? (100)
No we do not, but projects raising rounds beyond 5m will likely be excluded.
What added value is THORStarter going to “sell” to projects to differentiate THORStarter from other IDO’s?
TS offers grants to projects launching with us, similar to Uniswap grants. No other platforms offer this. Additionally users can invest with a variety of assets.
How big is the team and who are these people behind THORStarter?
Four team members. Two developers, one community/comms person and one person in charge of business development.
Is there any platform risks involved for project IDOs and also for IDO participants, (if any)?
Since Thorstarter just helps in assisting source initial liquidity for project launches there is a very low associated risk on the Thorstarter platform side. There might be some risk related to a sale's smart contract malfunctioning but after testing and the first few sales running smoothly there should be very low risk on that end. To that end we will mostly have a way to recover funds for the first few sales in case something goes wrong so that at least no money is at risk.
Does THORStarter have any security guard rails in place for flash loan attacks?
THORStarter shouldn't be open to any flash loan attacks with the currently planned crowsale models/contracts. Because of the nature of a crowdsale where you pay for an allocation upfront but don't receive any tokens until the sale is done, flash loan users wouldn't be able to repay their loan in the same transaction, which means their transaction would fail.
What is the process for founders and investors to propose projects?
We will have a form on thorstarter.org that anybody, including investors can fill up with the details of their project and crowdsale. Those project applications will then get vetted / reviewed by the council of asgard and possibly discussed by the dao in the governance forum after initial review.
What does success mean for your company? Both short term and long term.
Long term success for THORstarter means a steady inflow of quality projects will be the real tell that THORStarter has succeeded at becoming a great place to launch, that offers more value and guidance than any other launchpad out there. In the short term I would like to see it offer a great and fair IDO experience for investors and projects, on top of that I'd like to see the governance and council to be deployed and put into action.
What are the biggest risks to your growth?
Attracting a steady pipeline of quality projects will be the biggest hurdle to surmount. There are already an abundance of launchpads native to blockchains out there. To win in that environment Thorstarter will have to differentiate itself.
What are your plans/strategy on beating the competition?
The fact that it offers to bring liquidity from any other L1 to projects, offers flexible crowsale formats, has the backing of the THORChain community for marketing and offers liquidity bootstrapping grants are all part of what makes Thorstarter a more attractive option than others for the right projects
Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to the crypto industry that will bring greater abundance to the industry?
One way you can know that we are strategically aligned with investors is that we technically have ZERO runway. 100% of our raise is going into the pools themselves. We have no funds whatsoever to build the project, it's all out of pocket. Like early investors, we are just LPs in the pools.
"Staking" is one of the strategies to attract users and hold users. Does your platform have Staking?
Staking,and LPing, is not only a core feature of Thorstarter, it *is* the project. Users in the XRUNE pools will earn very high APY rewards for providing liquidity.
Besides helping new projects to launch safely what other benefits do you offer them? Do you invest in them also or what will they stand to gain from joining your platform from launching?
The main benefits to projects, additional to safe/fair launches, is three-fold: 1) a sizable grant in the form of XRUNE (this amount is TBD, but it will be a lot), 2) full marketing support from both the Thorstarter and Thorchain armies, and 3) expert help in designing and refining their products and token models.
The current DEX Swap model is not new, but there are still many platforms being launched every day, so why are you determined to enter this crowded market? In this market, what is your chance to win your users, what special thing can be considered as an advantage for you?
Indeed, as mentioned, cross chain has become a bit of a meme at this point. One which is rarely implemented well.
But using the Thorchain protocol itself as the underlying payment rail for our token swaps, combined with the xIDO model, Thorstarter sets itself apart.
How do projects apply to Thorstarter and why would they want to work with you?
Out of the gate, we will be selective with the projects we launch on TS.
Thorstarter will prioritize projects which:
- take a stand for building and innovating in the Thorchain ecosystem, above all. The structure of our launches is such that we will grow alongside the projects we support;
- Implement a fair launch token model, and
- are using Thorchain itself (even if they are not building a Thorchain project per se).
So, those projects which share our belief in a long term, multichain universe (particularly with RUNE at the center) will be prioritized.
Over time, we aim to help more and more projects learn how to integrate with Thorchain, incubate them, and make sure they are a huge success both short and long term.
Share with us about your plans for 2021. What are you currently focused on and are you going to expand the list of major exchanges?
Our major focus in the short term is helping the best and most innovative projects in the Thorchain ecosystem launch in the fairest way possible.
Beyond that, exchange listings are on the roadmap. Being fully decentralized, exchanges are not necessary but we recognize the value they bring for early investors and project liquidity.
For more, check out our official roadmap here
Strategic partnerships help projects in many ways.
Do you guys have any partners? How do you benefit from them?
We've made it a focus to partner with the best and brightest in the ecosystem.
We are partnered with Thorchain itself, and they are helping us structure the sale, assist with marketing, and advise us pretty much every step of the way.
Beyond the TC team, we are partnering with other key members of the Thorchain ecosystem, for example, several large institutional liquidity providers for THORChain: True Ventures and Nine Realms.
XDEFI and other native Thorchain wallets → helping our users integrate multichain wallets and learn how to use native RUNE.
Several of our backers and advisors are building their own dapps and projects in the Thorchain ecosystem as well, and providing feedback on the protocol design, contracts, and security.
Altogether this gives us a crystal clear outlook as to what's happening in the TC ecosystem, where we need to innovate, and how to stay ahead of the curve as to what's coming next.
Looking down your Roadmap, I see that you have some interesting stuff for the year.
Can you give some more info about these?
Are you still on schedule for these updates to go live, as COVID -19 has hampered many projects?
COVID-19 hasn’t slowed us down one bit. If anything it’s allowed us to stay inside and build. 🙂
Yes for sure!
Thorstarter is approaching development using a lean model of building what we need. Development can be broken down into three distinct phases:
Phase 1: Network Bootstrapping, dApp Build and Launch DAO
(we are currently here)
The first phase of Thorstarter development is currently underway. The project will entail a forked version of ASGARDEX with specific features kept in tact, and others omitted. The end user will arrive at the Thorstarter website and be able to choose from the app (UI to swap between assets), available IDO projects, token farms, governance, FAQs, and other pertinent information. Thorstarter’s Aragon Company DAO contracts will be launched, and the Council of Asgard will be elected by the DAO (as discussed).
Phase 2: IDOs and DEX Improvements
The second phase of Thorstarter development will include upgrades to the Thorstarter swapping functionality and UI, integrating with XDEFI and other chains, and launching IDOs. The IDO launch contracts will be able to be upgraded and modified over time, as the feature suite is rolled out. Thorstarter will launch with a plan to IDO 1–2 projects per month for the first several months.
Phase 3: Ongoing IDOs and Protocol Work
The third phase of Thorstarter development will refine the cross-chain IDO model. Further, protocol work will focus on partnering with existing projects to tap into XRUNE-RUNE liquidity regardless of whether or not they IDO on Thorstarter. This has the added benefit of bringing additional buying power to XRUNE as a means to tap into RUNE cross-chain liquidity. Projects which may wish to access Throchain liquidity but not IDO will be able to do so based on integrations during this phase.
Phase 3 will be an ongoing development phase, in perpetuity.
How many of you are working on Thorstarter, how big is your dev team at the moment?
I’m compound22 but go by my initials AM. I’m one of three co-founders of the Thorstarter network.
I’ve been personally active in the crypto space since 2016, investing and advising various projects, several of which are now DeFi blue chip projects. I was an early investor in Thorchain, participating in their IDO on Binance Chain.
One of the earliest projects I worked with was Bancor, which is one of the first if not the first protocols to use and implement the AMM (automated market maker model), which is now a core feature of many great projects like Uniswap, Sushiswap, and Thorchain.
Now, regarding the team.
The marketing and operations team working on Thorstarter has likewise been involved in crypto for some 6+ years, and worked with several of the more well known projects in the DeFi space.
Our developer team includes 4 devs, two of which are full time. Our lead developer is working on smart contracts and core features of the Thorstarter protocol, and the others are taking a supporting role working on front- and back-end.
We have a large team of full- and part-timer contracts taking on various supporting tasks as needed.
You mentioned about 3 founders. Who are the other 2?
Our lead developer is a co-founder. The other co-founder is situated in an operations and management role, with some support on marketing, business development and network security design.