How To Buy Thorchain (RUNE): A Step-By-Step Guide

In this article, I will discuss how to buy Thorchain (RUNE), which is considered to be quite a promising cryptocurrency in the DeFi world. You are able to acquire RUNE on different platforms

Keep it in a secure wallet and keep abreast of changing dynamics of the market by following certain simple instructions. So let’s take a look at the process to make sure that the investing experience is impeccably seamless and risk-free.

What Is Thorchain?

Thorchain is a liquidity protocol within the Cosmos ecosystem that allows cross-chain exchanges for native tokens directly.

There is no intermediary in this case and native tokens such as Ethereum and Bitcoin can be directly traded. Liquidity pools and Rune, the native token of Thorchain, are used to facilitate exchanges between various block chains.

With a proof of stake system in place, Thorchain ensures complete security to its users as it also allows users to have a non custodial exchange. Thorchain aims to build an ecosystem of wild trades by removing centralised exchanges.

How To Buy Thorchain (RUNE)

Select One of the Supported Platforms 

Begin by locating a cryptocurrency exchange such as KuCoin or Binance which supports the purchase of Thorchain.

Create a User Account 

To set up an account on the said exchange, an email and a new password needs to be provided by the user.

Complete the KYC Process 

Users need to submit a ID issued by the government along with a selfie in order to complete the identification verification process set by the cryptocurrency exchange.

Credit Your Account on the Exchange 

Utilize a credit card, a debit card or even any other cryptocurrency along with Ethereum or Bitcoin to deposit into your exchange account.

Switch to RUNE Trade on the Exchange 

Unlock the trade RUNE option on the exchange with the RUNE/USDT pair of trading.

Make Your Purchasing Order 

Choose whether you wish to make a market order if you are willing to buy it at the existing market rate or a limit order which lets you select the price at which you wish to buy, and choose the number of RUNES you plan to buy.

Keep Your RUNE Safe 

To keep your RUNE safe you can either transfer it to a ledger hardware wallet or Trezor and can use Exodus or a Trust Wallet for software.

Track Your Investment

You should always keep an eye on RUNE investment and changes in the market.

What Makes THORChain Unique?

Users can exchange Bitcoin, Ether, Stablecoins and other coins in THORChain, which is a native asset settlement application. In THORChain, a user is able to facilitate decentralised exchanges across 9 blockchains seamlessly integrating cross-chain assets.

Impermanent loss is countered by THORChain utilizing an innovative slip based fee system targeting liquidity pools and their providers. This ensures optimal distribution of liquidity when needed by using a slip based fee system.

By determining the trades based on the fees paid for liquidity, THORChain reduces or even eliminates the chances of frontrunning, sandwich attacks and MEV tactics hence more secure.

Most functions are hidden from the user making them easier for consumers to perform transactions without experience. This is made possible by combining an impressive variety of technologies, namely one way state pegs, state machines, bifrost signer modules and tsss protocol chain which allow one to permissively swap tokens chainlessly.

With the usage of Streaming Swaps enabled by THORChain, larger swaps can be executed over a series of smaller swaps spread around an extended timeframe significantly diminishing the swap fees to that which the user would consider negligible.

How Is the THORChain Network Secured?

THORChain was developed on top of the Cosmos SDK and it is supported by the Tendermint consensus algorithm. This secures the network using a unique BFT proof of stake (PoS) system in which many validators collaborate to propose and finalise blocks of transactions.

The native asset vaults of THORChain are protected by GG-20 Threshold Signatures. After every 3 day cycle, all the active validators are ‘churned’ using a systematic lottery.

Validators are shuffled out of the active set based on their bonding and performance which leaves room for new ones. The new set of validators uses Threshold Signatures to issue new native asset vaults and all assets in the network are transferred to new accounts.

Where Can You Buy THORChain (RUNE)?

At the moment any ecosystem interface can access THORChain AMM with ease and RUNE is relatively free. In the cryptocurrency world RUNE is quite popular and has many users with major platforms being both centralised and decentralised exchanges. The most notable of these is Binance and THORChain interfaces through THORSwap.

Conclusion

To sum up, the last step after the purchase would be transferring your funds to a trustworthy wallet.

To acquire Thorchain (RUNE), you need to find a trusty exchange that supports your area, create and validate an account, and lastly, attach your payment method to buy RUNE.

Following this order will give you the best chance to acquire Thorchain and protect your assets. Be sure you understand the shifts in the market that will help you gain the best out of your investment region.