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:
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.
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?
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:
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?
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?
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.
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?
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?
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!
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