ThorWallet — Telegram AMA — November 11
On Monday, November 11, we had the pleasure to welcome to our Telegram chat:
Marcel Harmann, CEO and Founder
We asked him questions about the development of ThorWallet
Some sentences have been slightly edited for readability but the meaning has been conserved.
THORWallet is a non-custodial wallet that gives you full control over your keys. Swap coins across different native blockchains with no intermediary. Earn yield through providing liquidity or investing in the multi-chain savings account.
THORWallet is the official native iOS and Android wallet for the THORChain Community. They aim to become the Robinhood app for cross-chain DeFi. A native one-stop-shop DeFi app
TGT is a multi-utility token that can be staked in order to enjoy premium benefits within the THORWallet Ecosystem. It will also serve as a governance token and is at the heart of our gamified community features, which allow users to earn TGT tokens in the form of missions. TGT has a total supply of one billion, of which 40% will be given back to the community over time. Part of the fees generated in the wallet will also be used to buy back & burn TGT in order to accrue even more value to the token holders
Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?
A — Marcel from ThorWallet: Sure, My name is Marcel. I’m a seasoned entrepreneur with a background in Banking and Finance from the University of Zurich. I also started a Ph.D. In IT. I’m currently also a course director at the University of Applied Sciences Lucerne for two further education courses, the CAS (Certificate of Advanced Studies) in Blockchain and the other one in Crypto Finance and Cryptocurrencies.
Those are 3–4 months deep-dive courses in the said topics.
I’m further a co-founder and board member of the DEC Institute, which is an online examination and certification platform for digital assets specialists, backed by leading universities.
I also recently had the chance to join the Crypto Valley Association as a board member — one of the biggest blockchain-related associations worldwide. In a previous role, I was also Head of SEBAversity of Swiss crypto bank SEBA, one of the first (if not the first) fully licensed banks just concentrating on digital assets
Before that, I acted in award-winning tech startups in various roles from the founder, early management member, or angel investor.
Q — Ayeley from GAINS: What is the ThORWallet project about in a few simple sentences?
A — Marcel from ThorWallet: THORWallet is the official native iOS and Android wallet for the THORChain Community. We aim to become the Robinhood app for cross-chain Defi. A native one-stop-shop DeFi app.
Obviously overreaching the Thorchain community as we are cross-chain we deal with all kinds of blockchains and communities 😉. We are a non-custodial mobile wallet that offers much more than the wallets you’ve been using so far
Since we integrate all functionalities THORCHain offers, our users will be able to swap native coins like Bitcoin or Ethereum fully decentralized
Earn passive income by providing liquidity, tap into borrowing/lending facilities, or trade Thorchain based synthetic assets that can even be locked in a cross-chain savings account, all directly from your wallet. The easiest way is actually to test it out yourself. The public beta for iOS is already out. For the android users, don’t worry, it will follow shortly 😉
Q — Ayeley from GAINS: Will you eventually have a web extension wallet like MetaMask? or you will stick with mobile
A — Marcel from ThorWallet: We do not have on the roadmap to build a browser extension like Metamask, but we do plan to have a web-based version so you can trade on a web interface (like Uniswap). However, we go mobile-first, as we believe that’s the trend
Q — Telegram user Godpelpa: I have used several wallets and some requests in my opinion are too much information. So, can you explain if in Thorwallet they will start with native L1 exchange in a fully decentralized way, without AML/KYC? And if not, can you explain how much information they request from users?
A — Marcel from ThorWallet: We don’t request any information nor do we store any information, you are anon with us.
We are by the way regulated in Switzerland. a legal entity and all is according to the rules. We work closely with regulators and in Switzerland. They are very friendly.
Q — Telegram user Antonio González: One interesting thing I read about your wallet is that you have developed NFTs with access to premium features within the app. But, can you explain what are the premium features that exist in your app? And only with these NFTs can users get these benefits?
A — Marcel from ThorWallet: Currently the tiers and different NFTs give different trading fees, but we are developing premium features. such as multi-wallet functionality.Or a light version, currently only dark version available. there are literally so many ideas for premium features
I also play with the idea that an NFT is the only way to unlock a feature.
Imagine that there is an NFT that unlocks the features for the light/white version, and there are only 2000 available, if you really want that you can buy the NFT on Opensea. it gives the business side a whole new dimension to play with and to interact with the community.
btw, for our generals (200 only) and our commanders (20 only) NFT you get the highly limited THORWallet Cap for free, which is linked to your NFT !! with a QR code on the hat that you can scan, and your NFT pops up
No one has done that 😉
Q — Telegram user Bogota: How expensive is it to use the THORwallet service? And what kind of users are you targeting and how easy is it for newcomers?
A — Marcel from ThorWallet: If you trade BUSD against BNB as an example or against RUNE the trade is really cheap, below 3–4$. that's super cheap for decentralized trade
If you use BTC against ETH, then you would pay BTC mining fees and ETH gas which can at some time as we know be very high. so it depends on your use case
Right now, Thorchain makes around 50–100m trading revenue per day. very regularly, we want to attract most of them to trade through mobile instead of a web-based interface
Q — Telegram user ⚫⍟🟡✪ D̥ͦḁͦn̥ͦi̥ͦe̥ͦl̥ͦi̥ͦt̥ͦo̥ͦ ✪🟡⍟⚫: What benefits do you get from operating from Switzerland? Do you have a headquarters and professional team there? Also, how will you make the THORChain network more decentralized and secure for users running that node?
A — Marcel from ThorWallet: That’s right, THORWallets headquarter is in Switzerland in the Crypto Valley we plan to also run our own Thornode, which we actually spun up last week wend and no continue to set up
Running a Thornode is financially attractive and with the money we earn, we again buy back TGT & burn them, so through holding the TGT token you actually are also taking part as a node operator.
Q — Ayeley from GAINS: What role does the TGT token play in the ThorWallet ecosystem?
A — Marcel from ThorWallet: TGT is a multi-utility token that can be staked in order to enjoy premium benefits within the THORWallet ecosystem.
It will also serve as a governance token and is at the heart of our gamified community features which in the form of a mission allow users to earn TGT tokens. TGT has a total supply of 1bn, of which 40% will be given back to the community over time
Part of the fees generated in the wallet (through swaps) will be used to buy back & burn TGT, in order to accrue even more value to the token holders. We have some nice infographics regarding the utility as well as the premium features
That's our multi-utility token, and those are the community tiers you can unlock through staking TGT getting access to various premium features, lower trading fees, etc.
Q — Twitter user @DERRYN82: Thorchain offers to enable swapping native assets between different blockchains, I guess these are what every trader looks for. May we know how easy, how fast, how secure, and how much costs for the swap process?
A — Marcel from ThorWallet: We made it really super easy to swap between different assets. We have put a lot of effort into a sleek and fluid UX/UI. Actually, can I put a small video here? let me try
That’s how easy it is in the wallet to *decentrally* swap between assets. No long onboarding, no AML or KYC, etc. cross-chain 🙂
The swapping is very secure, also our wallet is non-custodial so you always hold your keys. we have audited our code, it was actually also used for key storage for a Swiss private bank
When you look at the costs of a swap it really depends on which tokens you are exchanging. Since everything is on-chain, if you do let’s say a BNB to RUNE swap, it is very fast and cheap.
If you swap ETH with another asset you also pay ETH gas fees. Soon synthetic assets will be added, so prices will be synthetically replicated on the Thorchain (rune) network, which will be a game-changer for swapping costs.
Then you can swap a synthetic BTC (100% backed with BTC) on the Thorchain as a fraction of the costs 🙂
Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Marcel from ThorWallet: yes, we had 3 private rounds so far. We are very pleased with the professionalism with which our investors support us and the calibers we have on board. Besides their feedback, they also give us access to their wider network around the world. Some of the round 1 investors also doubled down in rounds 2 and 3 s they see and feel our steady & fast progress
Besides the names you already see on our website we also have some individuals who prefer to stay anon but support us with highly valuable feedback. let me actually show you a screenshot from the website and YES, we actually have our TGT (our token) launch just around the corner.
Q — Telegram user Bryant Javier: I read on your blog that you would compare THORWallet with TrustWallet and Shapeshift, but I really didn’t understand very well why it compares with them, so could you explain the similarity and differences they have with those competitors? and why prefer your wallet?
A — Marcel from ThorWallet: So if you look within the THORChain ecosystem you find a few browser-based interfaces like THORSwap or Asgardex. But as just said they are browser-based and not native iOS and Android apps. THORWallet is the native mobile version and we believe that the trend is towards mobile usage.
If we look at native apps I would compare ourselves with TrustWallet and Shapeshift. TrustWallet started with the focus of a wallet and then added more features such as dAPP Browser and swapping Tokens.
They have a fully diluted market cap of around $1.1bn Shapeshift started early with a focus on trading/swapping functionality — at first even centralized. They are at around $500m FDV.
First of all, we believe the market is big enough for 3 and even more wallet players. The market is still growing rapidly, so this counts also for the future. Importantly though our focus is from the beginning to become the ‘Robinhood app of DeFi’ with our 2 app approach. We have a heavy focus on usability and simplicity, I think you already see that in our clean app screens we regularly post on our Twitter account.
Q — Ayeley from GAINS: With respect to your roadmap, what should we expect in the next weeks and months?
A — Marcel from ThorWallet: Here, I actually also like to highlight what we have achieved so far, so the participants of the AMA get a better feeling of how fast we are moving
because we have some important milestones to celebrate
- the Thorchain treasury, the official one, granted us a community grant as they believed in the setup of the project
- as mentioned we had 3 very successful private rounds
- we successfully launched our public beta version of the app already and over 500 users are on board giving us valuable feedback
- we launched a very limited THORWallet Army NFT series with access to premium features. The soldier tier gives even more allocation in phase 1 of our IDO.
Now, what is upcoming?
- setting the iOS to live in the app store 🙂
- the android version will follow later this year
- the web-based trading interface
- many premium features to come as well, such as multi-wallet functionality, etc.
Q — Twitter user @BaitulShuvo: Will ThorWallet really only focus on assets belonging to the ThorChain network? If so, wouldn’t it be a very short-range and very limited project? Or is ThorChain really part of the EVM so will they allow to manipulate the assets of BSC, ETH, and more?
A — Marcel from ThorWallet: Clearly, our wallet will be open to any assets to store.
Additionally, THORChain constantly adds a new chain to its liquidity layer. There are many on the way like Dodge, Dot, Luna, Monero, etc. If those are added, you can not only hold them in our wallet but same as explained before, do cross-chain swaps — fully decentralized
Clearly underpinning our aim to become the one-stop-shop app for DeFi. so you don’t need to run around with a billion apps 😉
Marcel, thanks for coming into our community, and taking the time to answer our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS