THOR financial recently launched a couple of different ways to stake with with the THOR app to earn extra rewards.
Aside from setting up THOR nodes, here’s the other ways you can earn with THOR:
- Single-side staking (simply staking $THOR tokens for THOR Rewards)
- Staking THOR-AVAX LP tokens (earns $THOR rewards)
- Staking $FTM and $AVAX with Thor’s validator nodes on other networks
These are great strategies to passively earn rewards as FTM and THOR.
You can then use the extra tokens to buy more THOR nodes if you wish.
In this article, we’ll cover the following:
What you’ll need for this guide
- $AVAX tokens
- $THOR tokens
- MetaMask wallet
- Fantom wallet (only if delegating to the validator node on FTM)
Single-side staking THOR (SSS)
First, let’s discuss single-side staking (also referred to as SSS) which is straight forward. This is the quickest and easiest method to start earning rewards as an APR %.
If you don’t already have some $THOR tokens, you’ll need to get some.
You can purchase $THOR by swapping $AVAX on the exchange TraderJoe. If you need help with this, check out this article on setting up THOR nodes which covers how to get and swap AVAX for THOR.
Now that you have $THOR in your wallet, go to the Farm section of the THOR app here: https://app.thor.financial/farm
Providing liquidity to THOR pool
How providing liquidity for LP tokens works
Here’s the basics of how this works: you provide a liquidity pair, in this case, an equal amount of THOR and AVAX tokens to the THOR-AVAX liquidity pool on the exchange TraderJoe.
In return, you will get a receipt as THOR-AVAX Joe LP tokens. These LP tokens are your claim to the liquidity that you provided. You’ll earn rewards from the exchange for holding these tokens.
Once you have the LP tokens in your wallet, you then go back to the THOR finance app and stake the LP tokens.
Now you’ll earn additional rewards for staking your LP tokens with THOR on top of the rewards you earn from providing liquidity to the exchange.
Steps for providing liquidity and staking the LP tokens
Here’s the steps to get the LP tokens:
1. Visit the THOR-AVAX pool on TraderJoe here: http://traderjoexyz.com/pool/0x8f47416cae600bccf9530e9f3aeaa06bdd1caa79/AVAX#/
It looks like this:
2. Approve THOR and put in the amount of liquidity you want to supply. You’ll need to provide an equal amount of $THOR and $AVAX tokens.
You should now have Joe LP tokens in your wallet.
Let’s go ahead and stake those LP tokens to the LP farm on the THOR financial app.
3. Visit the official THOR app farm here: https://app.thor.financial/farm
Approve the contract and enter the amount of LP tokens you wish to stake. Click the button to deposit.
You’ve now provided liquidity to the pool and staked your LP tokens for additional rewards. Hooray!
Here’s an easy to follow video on the process covering how to use THOR liquidity pool to farm for rewards:
Staking with THOR validator nodes
THOR has multiple validator nodes on two different chains currently: FTM (Fantom network) and AVAX (Avalanche network).
By staking with these validator nodes (technically, they call it delegating your tokens to the validator), you not only support the infrastructure of the FTM and AVAX networks, but the THOR project as well.
THOR generates rewards for running these nodes so it’s a win-win for all.
Steps for delegating to the FTM node
1. Buy some $FTM tokens and send them to your MetaMask wallet.
2. Go to the Fantom wallet here: https://pwawallet.fantom.network to connect your MetaMask wallet. Then go to the staking section of the wallet dashboard and click the “add delegation” link.
You’ll see a screen with a dropdown menu under “validator”.
When you click that, you’ll see a popup with a list of available nodes.
Do a CTRL + F search for “thor” to find one of the THOR nodes. Click the link to select it. I think there’s currently two nodes available.
3. Enter the amount of FTM you want to delegate to the node and sign the transaction.
You now have $FTM delegated to THOR’s validator node on the FTM network and will start earning rewards as $FTM tokens. Hooray!
FAQ for staking with THOR
How much can you earn staking with THOR?
Single-side staking pays ~50% APR with the THOR app.
It’s important to note that these rates will fluctuate.
Are rewards paid in $THOR tokens?
What are the fees and taxes for staking?
Is there a lockup period staking?
How often are staking rewards issued?
What is a validator node?
FTM Validator Node – A validator node is a special type of full node that participates in “consensus.” By participating in consensus, validator nodes become responsible for verifying, voting on, and maintaining a record of transactions.
What’s the benefit of staking with Thor’s validator nodes?
Have additional questions? Leave a comment at the end of this article.
- Impermanent loss – You should be aware and understand the concept of impermanent loss which is always a risk with when providing assets to a liquidity pool. Visit the glossary to learn about impermanent loss here.
- Secure funds with a hardware wallet – Whenever storing funds or transacting on a blockchain outside of a central exchange like Coinbase, you should always use a hardware wallet. Learn about hardware wallets and where to get one here.