Introducing RUNEVault — stake and earn RUNE.
THORChain are launching RUNEVault — an interface to stake your RUNE and earn in preparation for BEPSwap.
RUNEVault
To prepare the community for the launch of BEPSwap.com, where users will be able to stake their assets in liquidity pools and earn at the same time, the THORChain development team are announcing today RUNEVault — stake and earn RUNE.
RUNEVault will allow the THORChain team to observe & learn from user interactions connecting to & staking on Binance Chain. These valuable insights will enable the team to refine the staking user experience (UX) in preparation for BEPSwap and eventually THORChain, which needs to be as frictionless as possible.
The team will also be conducting user research, seeking to understand the pain points & challenges associated with:
- Connecting keystore files
- Ledger & Wallet Connect integration
- Binance Chain integration within the browser
- Staking information needs
- General accessibility
As part of this, the code will be open-source to allow the community to inspect, fork it and build their own BEP2 staking interfaces.
**IMPORTANT**
RUNEVault uses a native Binance Chain feature that allows token holders to “freeze” their tokens on their wallets — keeping their tokens safe. This means that any staked RUNE is ALWAYS in the custody of the user. The tokens never leave your wallet.
The RUNEVault codebase can be found here:
Stake and Earn
To involve the community in this initiative, RUNEVault will pay out earnings to anyone who stakes RUNE in RuneVault and engages the team on their experiences with connecting their wallets, staking and being part of the campaign.
The campaign will run for 10 weeks, or the launch of BEPSwap, whichever is first.
The earnings will be compounded, in the same way that the earnings will be compounded in the upcoming BEPSwap platform. The rate will start at 0.2%, with 0.2% being added every week, increasing to 2% 10 weeks later.
Anyone who stakes the entire time will receive the final cumulative payout of 11.5% bonus (compounded) 10 weeks later.
The earnings are calculated based on the balance of staked RUNE per week, paid out every week, until the finish.
At any time you can add to your balance, but withdrawing any part of your balance or sending any RUNE from your wallet, will cause your holding time to be reset.
Thus, once you start staking, do not stop or send tokens out. You should only try and add to your balance and stake more to increase your earnings.
Get Involved
Setting up
Connect Your Wallet
You can connect using Ledger or a Keystore File.
Wallet Connect is coming soon.
Stake
You can review the staking transaction by clicking the pop-up message, or by clicking the large green address button on the page.
Finish
To finish, click the wallet button on the top right of the page and select “forget wallet”.
Withdrawing
You can withdraw (unfreeze) your staked assets any time, but your time will be reset if you withdraw prior to the finish of the campaign.
Withdraw by simply clicking the withdraw button provided in the interface.
Feedback
If you have any feedback about your experience please share it with the team on twitter, telegram or reddit.
The team will also release a Leaderboard to make it more fun and engaging with the community,
Just Build It!
Launching RUNEVault is an integral stepping stone to BEPSwap and demonstrates THORChain’s development philosophy of getting product in the hands of people early, an approach shared by the Tendermint team behind cosmos (video below). This embodies the agile & lean approaches we believe will lead to better product/market fit and the best of breed user experience for THORChain upon MainNet release in 2020.
If you do not build a culture of putting something out on a regular basis, you are not going to learn to put out stuff on a regular basis. You can generate all the phenomenal research papers in the world, but there will never be any engineering artefacts that people can use.
— Zaki Manian
The only way to build a network as ambitious as THORChain is to keep the users at the centre of all our thinking, being user-driven & product led rather than focusing on competitors, regulatory noise and crypto market movements. The team strives to be actively engaged in the community building an open source product, maximising value from rapid feedback cycles and shipping early & continuously.
RUNEVault will demonstrate this commitment with BEPSwap alpha to follow in just a matter of weeks.
#JustBuildIt
THORChain Update
THORChain is developing the BEPSwap infrastructure fast, with the statechain testnet complete, the user interface scaffolded out, and the threshold signature addresses now up to signing 8 of 11 parties.
BEPSwap is on track for a testnet demo in mid-August.
To keep up to date, please monitor community channels, particularly Telegram and Twitter:
- Twitter: https://twitter.com/thorchain_org
- Telegram Community: https://t.me/thorchain_org
- Telegram Announcements: https://t.me/thorchain
- Reddit: https://reddit.com/r/thorchain
- Github: https://github.com/thorchain
- Medium: https://medium.com/thorchain
