THORSwap team is re-iterating the power of $vTHOR and how it benefits its users staking $THOR.
Brief details of $vTHOR had been previously shared on THORSwap's Q2 update but the THORSwap team is re-iterating the power of $vTHOR and how it benefits its users staking $THOR.
What is $vTHOR?
$vTHOR is the new membership staking token that offers generous rewards and benefits to active THORSwap participants and users.
The upgraded V2 Single-sided $THOR Staking (launching early May) introduces several new benefits:
$vTHOR token: Stake $THOR tokens to receive $vTHOR tokens, a composable and tradeable representation of your staked $THOR position.
Additional Staking Rewards: V1 Staking Rewards came purely from emissions of the Community Incentives pool. V2 Staking Rewards are a culmination of Community Incentives emissions plus 75% of all THORSwap revenues.
Trading Discounts: THORSwap users holding $vTHOR will be entitled to trading fee discounts. To celebrate the launch of $vTHOR, for a limited time, THORSwap trading fees will be 100% waived for everyone staking $THOR + holds any amount of $vTHOR!
Previously 100% free, THORSwap will introduce a 0.3% trading fee (Swaps only), beginning the week of April 25th.
Future $vTHOR Benefits & Utility
Lots of new benefits and utilities are in the works, most notably:
THORSwap Protocol Governance. $THOR is 65+% allocated to the community. Protocol governance will be thoughtfully rolled out for the community to drive key decisions.
Composability with other DeFi protocols. This will unleash #THORChads to leverage $vTHOR as collateral, margin trading, options, hedging, etc. The degen possibilities are endless!
How does V2 Staking work?
Two-Step Process for Users
Stake $THOR tokens in the new single-sided staking contract (make sure you’ve withdrawn from legacy V1 staking contract and re-stake)
Receive $vTHORtokens representing your staking position
All done! Your staking position will automatically receive daily staking rewards that auto-compound without any need to claim, redeposit, etc.