How to switch to Native RUNE using Ledger (2 ways)

5 min readDec 24, 2021

There are 2 ways a user can switch his BEP-2 or ERC-20 RUNE to Native RUNE:

Switch directly in 1:1 ratio (Easy).
Arbitrage BEP2/ERC20 RUNE for cheaper Native RUNE (Profitable. But only when BEP2/ERC20 RUNE price is higher than Native RUNE)

Below are 2 step-by-step guides on how to switch BEP2 RUNE on Native RUNE using Ledger.

For those who prefer video tutorials, here is one from us: https://www.youtube.com/watch?v=Hob022MIims

Notes:
- ERC20 RUNE switch process is same.
- We used Ledger for this guide. But switch can be done using other wallets like Trust Wallet, Keystore file, XDEFI Wallet, THORWallet, Metamask(for ERC20 RUNE) and so on.

Pre-requirements for these guides:

1. A Ledger device and the Ledger Live App installed on desktop.
2. An interface to connect to THORChain pools. For below guides we will use THORSwap interface (THORSwap).

Step 1: Update Ledger Live to Latest Version.

Make sure you have the latest Ledger Live app version in your desktop. If not, install it.

Step 2: Connect Ledger Device to Ledger Live App.

Connect your Ledger Device to the laptop and enter your “PIN” to connect to Ledger Live App. Then push both buttons on Ledger device to allow the connection.

Step 3: Install THORChain App

Go to “Manager” section in Ledger Live and search for “THORChain” in the search bar. Then install the THORChain App.

Note: If you don’t have space in your Ledger Device, you can just uninstall some apps and then install THORChain app. Your funds won’t be lost. Re-install those apps to access your funds.

Step 4: Connect Ledger to THORSwap

A) Go to THORSwap app and click on “Connect” option on the top right.

B) Click on Ledger and connect THORChain first. Make sure to open “THORChain” app in Ledger Device.

C) Connect Binance Chain Next. Make sure you connect the Binance Chain at the end, otherwise you will face error.

Once all above steps are done, The user can check the two guides below and decide which one to go for in order to get Native RUNE.

Way 1: Direct Switch Process

Step 1: Click on “Switch” Icon in wallets sideview.

Clicking on the icon will take you to the upgrade page.

Step 2: Enter the Amount

Enter the amount you will like to upgrade to Native RUNE

Step 3: Confirm the Transaction

Confirm the transaction on the ledger device. And Done!
Wait few minutes for the transaction to be approved.

Note: Make sure you connected the Binance Chain Ledger address at the end, as you are approving a BEP2 asset transaction. Otherwise you will face error.

Way 2: Arbitrage BEP2 RUNE

Note: This process only works when price of BEP2/ERC20 RUNE is greater than Native RUNE.

Step 1: Sell BEP2 RUNE for THORChain-supported asset

In this example, we are selling 2000 BEP2 RUNE for 0.307 BTC on Binance Cex.

Reason: BTC has cheap transaction fees and deepest liquidity (which means lower slip fees too).

Step 2: Send Bought asset to your Wallet

Note that Ledger doesn’t support BTC chain connection yet. So the user will have to use a wallet which supports BTC deposits and also connects to THORSwap. We used XDEFI Wallet here and connected it to THORSwap.

Step 3: Swap BTC for Native RUNE

Go to the swap page and choose the assets. Then click on “Swap” and confirm the transaction.

As you can notice above. Our 2000 BEP2 RUNE is being sold for 2401 Native RUNE in THORSwap. This is a straight 20% increase in your RUNE amount.

Troubleshooting Steps:

For Ledger:

Make sure your Ledger and Ledger Live are up to date.
Open “THORChain” or “Binance Chain” app on ledger before connecting to THORChain
Last Ledger app connection to THORChain must be of the chain for which the asset transaction-signing is required (for example, Binance Chain for BEP2 RUNE upgrade signing).

With Funds:

Don’t click the “max” button. Manually insert a little less amount.
Make sure you have enough gas tokens in the wallet (for example, BEP-2 BNB for BEP-2 assets, ETH for ERC-20 assets).
[ Note: BEP-2 BNB and BEP-20 BNB are different. THORChain doesn’t support Binance Smart Chain assets yet ]
If you see errors like “No UTXOs to send” or “Need to wait for more UTXO confirmation”; likely you are trying to spend UTXO assets (BTC, LTC, BCH) that you have just transferred into your wallet. Please wait for more blockchain confirmations, and try again later.