With the introduction of THOR to the Edge application comes the exciting new feature of Single asset staking. With Thorchain Savers you're able to stake your single asset and earn yield. For a breakdown of what you can earn you can review the rates in the individual wallets or by visiting this website: https://thorchain.net/pools/savers.
By depositing their cryptocurrency into a liquidity pool and staking their share of the pool, users can earn interest on their deposits.
The amount of interest earned is determined by the amount of cryptocurrency the user has staked, as well as the overall performance of the liquidity pool.
Thorchain Savers currently supports the following assets: BTC, BCH, ETH, AVAX, DOGE, and LTC.
Here's how to get started:
- Download and install the Edge Wallet app on your smartphone or tablet. The Edge Wallet app is available for both iOS and Android devices through the AppStore or Playstore.
- Open Edge Wallet app and create a new account. You will need to enter a username and create a strong password to secure your account.
- Once your account is set up, tap on a wallet from the wallets list scene that supports Thorchain Savers.
- Tap on Stake
- Enter an amount you wish to stake
- Slide to confirm
- Once staked, you will start earning interest on your deposit. The amount of interest earned will depend on the overall performance of the liquidity pool and the amount of cryptocurrency you have staked.
Note, there is a minimum amount to unstake or claim depending on the chain as the service fees could be higher than the amount you are trying to claim or unstake.
Unstaking fees are composed by Thorchain Savers fees and network onchain fees.
Service fees depend on the status of the Thorchain pools and are deducted from the staked amount, while network onchain fees, also called mining fees for Bitcoin and Bitcoin-alike currencies, or gas for Ethereum and Ethereum-alike currencies, depend exclusively on the status of the network and are deducted from the non-staked balance of your wallet.
let's say I have 1.000 USD in BTC in "My Bitcoin" wallet and I used Earn function to stake 100 USD in BTC with Thorchain Savers. Now I want to unstake.
I will need to pay a variable amount in service fees that will be deducted from the 100 USD in BTC I staked and a variable amount in mining fees that will be instead deducted from my balance of 900 USD in BTC of My Bitcoin wallet.
Both service and onchain fees might be high especially for Bitcoin and Ethereum and are not controlled by Edge. For this reason, Thorchain Savers is not suitable for very low staked amounts and you should do your own consideration before staking funds.
Using Thorchain Savers with Edge Wallet is an easy and convenient way to earn passive income with your cryptocurrency holdings.
The Edge Wallet app is user-friendly and offers a secure and convenient way to manage your cryptocurrency assets and earn interest on your deposits.
Whether you are an experienced cryptocurrency investor or a beginner looking to dip your toes into the world of DeFi, Thorchain Savers is a great way to earn passive income with your cryptocurrency holdings.
Tap into a wallet today to find out what you can earn!
NOTE: Staking small sums such as $50 of cryptocurrency or less may not have desirable returns.
Also, you will need a non-staked balance to unstake, so we don't suggest to stake your max balance.