In addition to Swaps and Lending, THORChain offers single-side yield, meaning you can deposit your supported crypto and rewards for providing the deposit, and pull out your original asset at any time.
This is not to be confused with THORChain’s Liquidity Providers (LP) which involves two assets–your deposited crypto paired with THORChain’s native token, RUNE. See our LP article for more information.
What is it?
THORChain’s Savers protocol gives you a chance to deposit your crypto into the protocol to provide liquidity and receive rewards for doing so. In return for providing liquidity, which you can pull out at any time, the protocol will give you a portion of the fees that the THORChain protocol receives from transactions.
Unlike Liquidity Providers in THORChain, you can remove the same amount of your crypto, plus your earned rewards (but minus the gas fees incurred to deposit your funds) any time you desire.
What crypto can I earn yield on?
You can earn rewards on the following cryptos:
- BTC
- ETH
- USDC (Ethereum)
- UDT
- BCH
- AVAX
- BNB
- BUSD
- LTC
- DOGE
- ATOM
- USDC (Avalanche)
How much is the yield?
The yield is not guaranteed and does fluctuate. The APR’s (annual percentage rates) are available for viewing using an interface that integrates with THORChain, such as THORSwap. THORSwap provides the rates that were realized from the prior 7 days. The rate fluctuates based on trading volume on THORChain. At a period of time where swap volume on THORChain is very high, you will likely see higher rates, and vice versa when swap volumes are low. For example, you may see rates as high as 15-20% on USDC at times, but other times around 5-6%.
Where can I access Savers?
There are many options for Savers, and be sure to visit our THORChain integration chart for a functionality list along with fees:
- THORSwap– a decentralized exchange aggregator. Users will not incur fees to go into and out of Savers outside of the blockchain transaction fees.
- THORWallet– a hot wallet provider, and a decentralized exchange aggregator
- ShapeShift– a decentralized exchange aggregator
- ASGARDEX– a desktop wallet and decentralized exchange powered by THORChain
- Edge Wallet– a hot wallet with integrated functionality for THORChain swaps
- Lends– a decentralized exchange powered by THORChain
- Kensho Finance– a decentralized exchange aggregator powered by THORChain and Maya Protocol
- DecentralFi– a decentralized exchange powered by THORChain
- Swapper– a decentralized exchange powered by THORChain
Step-by-step guide
Here is a step-by-step guide for depositing into Savers using THORSwap, but keep in mind it is just as easy to use some other platforms, such as Shape Shift.
- Head over to THORSwap’s website, and click Enter App at the top right.
- In the top left, click on Earn.
- Select the crypto you are depositing to earn rewards on, and in our video example will show us using ETH.
- It is time to connect your wallet.
- If you are using your hardware wallet, you’ll need to connect your Ledger via USB to your computer, or if you have the Nano X, you can connect to your phone through Ledger Live via Bluetooth. For this step, you will need to have the Ledger unlocked and the Ethereum application opened before proceeding to the next step.
- Back to THORSwap, select the Ledger option underneath Hardware Wallets, then select the Ethereum chain icon if it isn’t already checked. Click on I agree to the Terms of Service, and Connect Wallet.
- You will see a Connecting ETH Ledger in the bottom right of THORSwap, and if all goes well, it will say Successfully connected ETH Ledger right after. This means you are set to proceed with the swap.
- If you are using a Software Wallet, choose your wallet from the list or select WalletConnect and scan the QR code from your personal Software Wallet’s QR code scanning feature.
- If you are using your hardware wallet, you’ll need to connect your Ledger via USB to your computer, or if you have the Nano X, you can connect to your phone through Ledger Live via Bluetooth. For this step, you will need to have the Ledger unlocked and the Ethereum application opened before proceeding to the next step.
- Type in the amount of crypto you want to deposit, which in our example is 1 ETH.
- You will see the Time to break even update with the number of days estimated for you to recoup the transaction fees you will spend to enter the Savers program. In this example, it shows you’ll need 91 days to break even on 1 ETH at the prior 7 days return of 3.46% before you are in profit.
- Click Deposit, then review the popup screen and review the details, then click Confirm.
- This sends a notification to your Ledger device to review the transaction. Scroll by pressing the right button until you see Approve, then click both Ledger buttons at the same time to approve.
- You are done! Wait for your deposit to complete and start earning rewards.
- To track your rewards, download the THORYield mobile app and enter your wallet address for details on how long you’ve been been in Savers, your APR, and your realized rewards.
Video demo of adding 1 ETH to Savers:
