Step by step guide to adding to Thorchain LP's

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I've had a couple responses to recent posts about Rune and Thorchain for detailed guides to help people add in to the Thorchain liquidity pools. So here it is:

For this I'm going to add a small amount into the RUNE/AVA pool. I know a couple of my LeoFinance friends have recently added AVA to their portfolio's, so figured this may be topical for them. The same process applies for any of the available coins and tokens on BepSwap - the first front end for Thorchain.

bepswap logo.png

Firstly, I'll be using TrustWallet.

If you don't have trustwallet - it is a mobile app wallet which covers Binance chain assets, along with ERC20 and others (including BTC) and it's OK. It's owned by Binance and I think it is safe, as far as mobile wallets can be. If you don't have Trustwallet, here is a handy referral link for you.

Other connection options are:

  • Wallet Connect (Trustwallet uses this - I'm not sure what other services do to?) I have been finding "Wallet connect" to be quite a glitchy, pain in the neck, service and don't really like it. The linkage between the mobile wallet drops out and errors regularly, and I find I have to re-connect often. I'm planning to shift my assets somewhere else, to get away from wallet connect but haven't gotten around to it yet. I'll probably move stuff to my ledger - one day.

  • Ledger (I haven't used this for BepSwap)

  • Keystore File (I have not used this either)

The Process:

  • Go to Bepswap

  • Click "add Wallet" link in top right corner of the page.

  • Select from the options - I'm using Wallet Connect today. Click the next box to get a QR code.

  • Approve the link on your device (where your trust wallet is open).

  • Scroll down the next BepSwap page (the pools page) and find your chosen pool - I've picked AVA for this demo.

  • Click the "stake" button.

bepswap add ava.png

  • Slide the slider along to your chosen amount to add to the pool.

bepswap add ava2.png

  • When you are happy with the amounts, then slide the "drag to stake" thing from left to right.
    Note that you will need a small amount of BNB also in your wallet to cover fees - they are much cheaper than ETH gas, but do still exist.

  • Once you do this, confirm the transaction on your wallet connected device, and job done.

To check that everything worked, click your wallet up the top right, go to stakes and refresh. It may take a couple of minutes, but should appear there.

bepswap stakes..png

Keeping an eye on things

By far the easiest and best tool to use to monitor your LP positions for RUNE is RUNEStake.Info. This is a very straight forward community made tool to monitor your performance.

Very simply add your wallet address into the site and hit the search, and it will show your pool stakes and their performance. You can check in BUSD RUNE or the other pool asset.

runestakeinfo example.png

So there you have it, a step-by-step guide to adding Liquidity to a pool for RUNE on BepSwap. The chaosnet version of Thorchain is still scaling up, and it may be at its cap's and you may have to wait until there is a cap raise to get in. They are scaling up gradually, because unlike many "DeFi" projects, this one is not rushing to ramp up, their system is a bit more complex and needs to scale up gradually.

Coming soon from Thorchain - cross chain links with native BTC.

I Hope this guide was helpful, thanks for reading and have a great day,


Posted Using LeoFinance Beta