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November 4, 2021

Chad Barraford on THORSwap $THOR IDO

Here's a summary of 0xNguyen's interview with Chad Barraford on the recent THORSwap IDO phase 2 events.

  • The intent was to open up the pool so that users can start providing liquidity and earning yield. The second intent was to use the treasury to support a project that we support very strongly so we wanted to provide liquidity into the $THOR pool and average it over time in about 6 transactions within a 20 minute time frame.
  • The mistake that was made was that the first transaction/liquidity before the THOR faucet was enabled since it was already past the time for the IDO. We already thought we were doing it with everybody else, and not trying to front-run the community.
  • It is also important to note that some other actors also provided very large RUNE input into the THOR pool not entirely with the aim of providing liquidity.. This also bumped the price up. It was observed from the THORChain Alerts Telegram Channel several whales switched/upgraded to native RUNE in anticipation of both the cap raise and THOR IDO.
  • In the end, any money/yield made  would be used to support other THORChain ecosystem projects . This benefits the ecosystem greatly.

A few questions were answered as below:

Q: Thorstarter is a platform built purposely for launches. THORChain seems to be used a little bit out of scope for IDOs. What do you think?

A: I think people have to remember that IDOs are almost always a calamity since a lot of people are trying to fit into a small area. Solana had issues as well with regards to a particular IDO. IDOs are usually like a Black Friday sale.

Q: Any ideas as to what comes next?

A: The team would get together and discuss the next steps forward. I know the THORSwap team has talked about publicly doing an airdrop.

More updates would come as the team works on the next steps.

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