AMA With THORWallet|| Dec-10–2021

Marcel: CEO at THORWallet have taken AMA in Crypto Avengers TG Channel and helped to know about THORWallet in detail. You can check full session details below.

Crypto Avengers: Hi @mazzezh, Welcome to Crypto Avengers Community, how are you doing?

Marcel: Hi Tony, I’m doing fine thank you. How are you doing?

Crypto Avengers: Doing great Mazze thanks for asking

So our 1st question is please introduce yourselves, your role and your background? And how you discovered crypto?

Marcel: sure, let’s kick off

My name is Marcel, I’m a seasoned entrepreneur with a background in Banking & Finance from the University of Zurich.

I also started a PhD in IT / Block chain. I’m currently also a course director at the University of Applied Sciences Lucerne for two further education courses.

The Certificate of Advanced Studies in Block chain and one in Crypto Finance. Those are 3–4 months deep dive courses in the said topics.

Im further a Co-Founder and board member of the DEC Institute, whcih is an online examination platform for digital asset specialists, backed by leading Universities in the block chain space

They do like the Chartered Digital Asset Analyst (CDAA exam), maybe you’ve heard of them, they are scaling quite fast theses days.

I’m also a board member of the Crypto Valley Association, one of the biggest block chain related association worldwide.

In previous roles I was also Head of SEBAversity of Swiss Crypto Bank SEBA as one of their first employees, a fully licenced crypto bank

Before that I raced in award winning (tech) startups in various roles from founder, early management member or angel investor

A close friend of mine did a 20m ICO raise in 2017 in Switzerland and thats when I joined crypto full-time. Before just part time

Crypto Avengers: Wow mazze you have a very strong background in Crypto…👍🏻

Marcel: thank you 🙏

Crypto Avengers: Our next question is what is THORWallet? Can you explain THORWallet in layman terms?

Marcel: THORWallet is the official native iOS and Android Walelt for the THORChain community (and beyond).

We aim to become like to Robinhood app for cross-chain DeFi, or DeFi 2.0. A native one stop shop DeFi App

We’re a non-custodial mobile wallet taht offers much more than the walltes you’ve been using so far. Users will be able to swap native coins like Bitcoin vs. Ethereum fully decentralized.

Earn passive income by providing liquidity, tap into cross-chain lending and borrowing facilities or trade THORChain based synthetics that even can be locke in a cross-chain savings account.

All directly form a wallet

The easiest way is actually to test it yourself. The iOS version is already out:

http://(https://t.co/YxnIzZVM1L%22%20%5Ct%20%22_blank)apple.co/3pdDvJM (https://t.co/YxnIzZVM1L%22%20%5Ct%20%22_blank )

For the Android users, dont worry it will follow shortly 🙂

Here a video for you how simple it is to exchange native BNB to native Rune in our wallet — completly decentralized.

https://t.me/ImCryptoAvenger/32895

THORWallet development is running ahead of schedule, the wallet will be the leading wallet on THORChain, and one of the biggest wallets in DeFi 2.0.

Crypto Avengers: That’s awesome and unique one platform in this space 🔥 🔥

Marcel: yes, it is really unique at the moment.

Crypto Avengers: that’s great 😊

Let’s move to our next question

Our next question is what was the inspiration behind starting THORWallet?

Marcel: So in 2017 a lot of friends approached me asking where to buy crypto. I always had to say coinbase which was pretty dominant then but really would have liked to have my own application

Well this didnt happen as i then joined SEBA bank instead, but the idea never left me

In the meantime all my friends do have crypto, but I want them to earn APY in an easy way now

Easy meaning: simple, straight forward user interface; non-wrapping, acceptable gas/transaction costs & non-custodial, that they are their own bank

And then I did a deep dive into all different chains and solutions and started THORWallet

Crypto Avengers: Impressive 😊

Our next Question is can you talk about team behind THORWallet? What’s the team size and how many developers are involved?

Marcel: So the other co-founders are also very experienced, especially when it comes to venture building. All are also co-founders of axelra, which is a tech venture builder here in Switzerland.

Latest project are like Yallowsype.ch or FREYA Savings

We have like 9 people, 7 Devs, not counting our Mods (who do a fantastic job) in the different channels.

And several external partners, supporting us especially in PR in the coming months until we have built our own team

And yes, we are hiring. Send your CV ;)

Especially native react DEVs

Crypto Avengers: That’s great 😃

Moving to next question

Our next question is what are Current features of THORWallet?

Marcel: So I would say there are currently 3 main features:

- Native cross-chain swaps (e.g. BTC vs BNB)

- Earn (e.g. 18% on native BTC)

- Non-custodial wallet (be your own bank) with the smoothest UI / UX ever

And soon will follow:

- Mission Rewards (where you do missions and earn TGT)

- Cross-chain savings account

- Lending and borrowing

Big roadmap ahead too, to become the major DeFi 2.0 app out there.

Crypto Avengers: Sounds good 🔥

Let’s move to our next question

Our next Question is Do you have competitors building something similar to THORWallet?

Marcel: Yeah good question.

So if you look within the THORChain exosystem you find a few browser based interfaces. But as said browser based and not native iOS and Android apps.

Thorwalelt is the native mobile version and we believe that the trend is towards mobile usage.

Every now and then you see a new player announcing to build on THORChain but they all don’t have a working product yet and won’t have for some months to come.

If we look at native apps I would compare ourselfs with Trustwallet and Shapeshift

TW started with the focus of a wallet and then added more features such as dAPP browser along the way. They have a FDV of around 1.1bn and dont actually have cross-chain swaping integrated yet.

Shapeshift (FOX token) is another one. They started early with rocus on trading/swapping — at first even centralized

They are around 700–1000m FDV and they are the only mobile app right now offering cross chain swaps integration

I believe that the market is big enough for 3 or even more top wallet / cross-chain DeFi players.

The market is still growing rapidly, so this counds also for the future.

Importantly through our focus is from the beginning to become the DeFi 2.0 super app. We have a heavy focus on usability and simplicity, I think you alreay see that in our clean app screens we regulalry post on our Twitter account.

Crypto Avengers: It’s so easy to handle all thing in just one app 🔥

That’s really cool

Marcel: I hope the community likes it too 😉

Crypto Avengers: Yeah let’s move to our next question

Our next Question is Can you talk about COMMUNITY TIERS & NFT TIERS of THORWallet?

Marcel: sure.

Best to start with an info graphic here i think

We have 3 tiers. Standard, Community and Community Plus.

You need to stake TGt to get into a tier and will benefit from different rewards.

Next to the very juicy 800% APY at the beginning for staking, you also get lower trading fees in our app/ecosystem and unlock premium features like multiwallet options.

Pretty straight forward I think.

Next to that we also have an own NFT series. The THORWallet NFT Army

We have 20 Commanders, 200 Generals and 2000 Soldiers. So pretty limited. The soldiers are alrady sold out and trading on opensea

NFT holders also benefit from different rewards as you see in the infographic.

The minting itself is free, you only need to hold a certain amount of TGT in your wallet to be qualified to mint.

It is another great way to use NFTs besides the artwork — give them real world added value 🙂

Here the link to opensea. You need to be carefull, Ive already seen some fakes:

https://opensea.io/collection/thorwallet-army

Crypto Avengers: Sounds great 🔥

Moving to next question

Our next question is can you talk about what’s the current status of the THORWallet project? Any upcoming major milestones?

Marcel: sure

Let’s quickly take a second to highlight what we have accomplished in the past

Like the succesfull raise at 25m, 40m and then 75m valuation with some great VSs as well as the THORChain treasury itself

- The mentione limited NFT series launch, that were trading at 0.4 ETH

-launched on Thorstarter Launchpad and sold out in 1min 36 seconds

And of course launched the iOS app and had +1000 downloads within the first 3 days alone, already generating revenue for the $TGT holders from day one

When we move to the upcoming milestones:

- Our $TGT MISO Dutch auction on Monday 20. December 2021 (see Details here: https://thorwallet.medium.com/thorwallet-ido-phase-2-details-f4db4214300)

- Followed by our TGT-ETH pool on Sushi

- Activation of our Inventive programs (LP up to 1200% APY)

- Activation of our Community tiers to stake your TGT

- The release of the Android app very early in the New Year

- Reward Missions including Referral Program

- NFT Viewer in the app

- Web-based “Thorwallet Exchange”

- Cross-chain lending & borrowing

- Cross chain savings account

- Fiat on-off Ramp

And much more =)

Crypto Avengers: Wow interesting 😊

Our next Question is can you please talk about partners, investors and advisors of THORWallet?

Marcel: 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 round 2 and round 3 as they see and feel our steady & fast progress

Besides the names you already see on the website, we also have some high caliber individuals who prefer to stay anon but support us nevertheless

Also the THORChain treasury itself is on board.

In every round we were oversubscribed and had a huge demand, which we are very thank full for 🙏

Crypto Avengers: Nice mazze it’s amazing

Our next question is can you please talk about THORCHAIN?

Marcel: yes, so THORChain is the underlying blockchain enabling the cross-chain swaps, while we give you the best possible interface (native mobile) to interact with the thorchain.

It is like a network designed to provide liquidity for cross-chain swaps.

Thorchain is currently in the so called chaos net, which means it is not main net yet.

Imho the launch of the chaos net was one of the most crucial events that happened in 2021 and it will be one of the leading infrastructure that enable DeFi 2.0

Thorchain is currently supporting a couple of chains to do cross-chain swaps like BTC, LTC, BCH, BNB, ETH & erc20, soon enabling also Dodge, Luna, Monero, Cardano and much others.

Crypto Avengers: Wow interesting

Here is my last question, after that community round will be open

Our last Question is can you talk about THORWallet TOKEN and its utilities?

Marcel: yes

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 missions allow users to earn TGT

TGT has a total supply of 1bn of which 40% will be fiven back to the community over time

Part of the fees generated in the wallet will be used to buy back & burn TGT

50% of revenue to be exact!

We have some nice info graphics regarding the utility

As you see we will also run a node and part of that revenue will be used to buy back and burn TGT. TGT holders will be part of a profitable node operations as well.

And importantly

With every app download $TGT will go up!

Why does $TGT (https://twitter.com/search?q=%24TGT&src=cashtag_click) go up with each download?

Two forces in tokeneconomics:

1) The more downloads/user we have, the more trades we have, the more revenue we make to buy back & burn TGT.

2) The more downloads/user we have, more $TGT (https://twitter.com/search?q=%24TGT&src=cashtag_click) will be locked in staking to gain Community tier.

Both forces have a positive price impact 🙂

Crypto Avengers: Ok we are done.

Now let’s proceed with the community Questions Are you ready?

Marcel: absolutely

Crypto Avengers: we will unmute for Community Questions, you may answer after 5 minutes when I mute the Room again 🔥

Marcel: will do

Crypto Avengers Community: Most of the new projects have low liquidity so could you tell me what’s your liquidity status?

Marcel: let’s start with this one. Thorchain currently has around 420m TVL. This could be MUCH higher, but the team decided to scale the TVL slowly to make sure the system (which is complex because of cross-chain) scales securely.

As example the BTC pool is 50m deep. With that debth it already generated 180k worth of trading fees, which are given to LPs and node operatios

Long-term TVL will grow to billions.

It is the only place where you earn APY on BTC. The BTC pool alone will be huge

Crypto Avengers Community: For most people, the main focus of any crypto community is on the price of the token. When prices go up, people are happy, when they go down, people start to leave.

Q.)What is the $TGT team’s plan to strengthen and grow a loyal community, and how do you trust it as an investor?

Marcel: let’s move on to the next question

You are absolutely right, we are interested in long term community members and not flippers

Clearly with our IDO ahead of us in one week from now, we attract many new members

The token economics are very solid and easy to understand

As mentioned above with every app download and new user TGT will go up i.e. it has a positive impact because of our buy back & burn mechanism

Locking TGT into staking to enjoy premium benefits in the app will reduce circulating supply

Also node operation is very complex, but very lucrative. Also there we will buy back and burn TGt

Hence our TGT is strongly connected with user growth which is also our major activities in 2022

Our current investor are very strong and happy. We have a great relationship with them

Crypto Avengers Community: Hey Marcel! Nice AMA! Do you have any ambition to go crosschain and extend eventually to other ecosystems?

Marcel: yes. We will adopt too many other chains.

The nice thing is that everytime you integrate a new chain to do cross-chain swap, you automatically are interesting to that new ecosystem, because who wouldnt want native non custudial cross chain swaps? Every token wants to have it.

Next up Thorchan will include WBTC.

Then thorchain will be the single place in crypto to exchange WBTC to BTC in a decentralized place.

Crypto Avengers Community: Hello ThorWallet Team 👋💐 @mazzezh

📌In ThorWallet for the first time, you can exchange native tokens across various blockchains in a decentralized way. So, as adoption increases and future Clients or users increase in projects, what are the plans to ensure, guarantee liquidity on the exchange to fulfill market orders? Can you anticipate what a SYNTH trade will consist of?

Amazing AMA Today🙏🙏🙌🥂

Marcel: yes, let’s go into the SYNTH of this question

Let’s make an example with BTC

Thorchain Synthetic will take BTC and make a synthetic sBTC out of it that runs on the faster and cheaper THORChain blockchain. sBTC is fully backed with real BTC

Now suddenly you can trade sBTC (which are 100% secured) at much much lower costs and withing seconds

Only when you decide to send BTC somehwere outside your wallet, yoou would choose BTC, but when you stay in the ecosystem, yoou would want to use sBTC since it will be so much cheaper and faster.

Same goes with other L1 synthetics

Also it will enable on-sided staking. That you pool BTC only and say, receive 10% APY on that.

Right now, when you pool BTC, it is a RUNE- BTC pool (50%/50%) where you have 50% price action of Rune too.

However for two sided LPs returns are obviously higher, up to 18% or so

Crypto Avengers Community: Marketing is very important for all project. Can you please tell the main plans of your project for marketing? Do you plan to focus on more partnerships or will you try to spread the knowledge of your project by influencers?

Marcel: yes, we have a big marketing campagin now for the next two weeks

Specifically for our IDO on MISO

Then after that we have long term partnership with the best PR agency out there

Marketing is obviously key and we have that as key strategic pillar in 2022 for growth

Thank you 🙏

Crypto Avengers: Cool, Is there anything you want to add before we close this AMA?

Marcel: yes

It was my pleasure be here, hope you had fun too

If you have further questions, join our channels and ask, we are there to answer

Crypto Avengers: Thanks Everyone! Please support THORWallet!!

Thank you @mazzezh for your wonderful time with us!! We learnt more about THORWallet from you today.

Bye bye @mazzezh, have a nice day!!

Marcel: thanks you too!

Please join the THORWallet Telegram group, and show some love from the Crypto Avengers 📣

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Twitter (https://twitter.com/ThorWallet)

Website (https://thorwallet.org/)

Crypto Avengers Social Links:

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Twitter: https://twitter.com/ThorXCrypto

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