THORChain (RUNE)How & Where to Buy THORChain (RUNE) A Step-by-Step Guide to Buying RUNE
No exchanges offer THORChain (RUNE) RUNE for direct purchase using cash.
To buy THORChain (RUNE), you will complete a simple three step process:
- Buy Binance Coin
BNB at a trusted crypto marketplace. - Send your new BNB to your Metamask Wallet.
- Connect Metamask to 1inch.io and swap BNB for RUNE.
Keep reading to get the simple to follow step-by-step instructions.
- Step 1Trade Cash For Crypto If you already own BNB you want to trade, skip this step and go directly to step two.
If you don't currently own crypto, then the first step is to get some. In this step you will be buying some Ether
BNB. You are buying Binance Coin because you can directly swap it for RUNE in step 3.This will reduce fees by requiring only one trade:
BNB for RUNEClick the "Visit Binance.US" button below to sign up at Binance.US — our favorite place for beginners to make their first crypto purchase.
1inch
BNB
Crypto OnlyEase of useVery EasyTime to 1st Buy3 mins24h Volume$478,006,534Coins200k+1inch is a site that searches across all decentralized exchanges in the Ethereum, Binance Smart Chain, and Polygon networks for the best price on any token you wish to buy. It launched in 2021 and uses the CHI gas token to save up to 42% on gas fees. Simple to use and saves time and money.
After you sign up for Binance.US, complete the steps on the website to fund your account and complete your first purchase of
BNB. - STEP 2Send BNB to a Crypto Wallet
Now that you have
BNB in your Binance.US exchange account you need to send it to an Binance-compatible wallet. The industry standard crypto wallet that we will be using for this is Metamask.How to Set Up A Metamask Wallet
- Visit Metamask.io
- Download the browser extention for Chrome on desktop or the Metamask app for iOS or Android.
- Complete the wallet set up process taking special precaution to record your Secret Recovery Seed Phrase. You will lose your funds forever if you lose access to your wallet and can't recover it with your backup recovery phrase.
- Navigate to chainlist.org to add the Binance Smart Chain to your Metamask.
How to send Binance Coin (BNB) to Metamask
- Copy your new Metamask wallet address by clicking "Receive" and then click "Copy."
- Navigate to your Binance.US wallet and click "Withdraw" on your Binance Coin balance.
- Select "BEP20" on the BNB withdrawal screen.
- Paste in the Metamask wallet address you copied earlier. Make sure you are using your Binance Smart Chain account address!
- Double check the address you pasted vs the address in your Metamask to make sure no copy/paste errors occurred.
- Once you're 100% satisfied that the addresses match, "withdraw" your BNB from Binance.US.
Now that you have your Metamask wallet set up, let's move on to buying some THORChain (RUNE).
- STEP 3Connect Metamask to a Price Aggregator
Now that you have
BNB in your Metamask wallet, you will find the best price to buy RUNE.How to Find the Best Price for THORChain (RUNE)
There are many decentralized exchanges on Binance Smart Chain where you can buy THORChain (RUNE). You could simply pick one of them and use it and hope that it's the best price.
But the best option is to use a decentralized exchange (DEX) aggregator to find the best price possible without having to compare each one manually. A DEX aggregator like 1inch.io uses the power of open defi programs to compare prices across all marketplaces. 1inch saves you time and money by automatically choosing the best price and then placing that trade for you.
Best THORChain (RUNE) (RUNE) Exchange Aggregator
1inch
BNBCrypto OnlyEase of useVery EasyTime to 1st Buy3 mins24h Volume$478,006,534Coins200k+1inch is a site that searches across all decentralized exchanges in the Ethereum, Binance Smart Chain, and Polygon networks for the best price on any token you wish to buy. It launched in 2021 and uses the CHI gas token to save up to 42% on gas fees. Simple to use and saves time and money.
Copy the token address below and paste it into 1inch to add RUNE.
RUNE-B1A
Once you have added
RUNE into the "You receive" box, click "SWAP Token" and confirm the transaction in Metamask.
That's all you need to do to buy THORChain (RUNE).
To see your newly purchased RUNE in your Metamask wallet, click "Add Token" and copy the RUNE contract address RUNE-B1A into the Custom Token Contract Address field. You will now see your RUNE balance in Metamask and be able to send, receive, and trade it.
How and Where to Buy THORChain (RUNE)
THORchain was founded in 2018 by an anonymous group. It was funded initially by an IDO (initial DEX offering via the Binance DEX. The THORchain mainnet launched in January 2021.
The premise for THORchain’s anonymity is to enable and protect ongoing decentralization. Many other community-driven cryptocurrency projects promote transparency without fear of damaging its decentralization. Still, the THORChain website has no listed CEO or team members, so the founders’ identities remain a mystery.
What Is THORChain (RUNE)?
THORchain is a “decentralized and autonomous cross-chain liquidity network.”
Platform users can exchange their crypto assets across multiple networks in a permissionless environment whilst retaining custody of the assets.
THORchain’s native token is $RUNE, with the purpose of powering and helping to secure the ecosystem. For instance, the THORchains nodes in the Sybil resistance mechanisms require 1 million $RUNE tokens as a minimum to maintain the rotating consensus.
The THORchain website suggests that cross-chain functionality is only the beginning of the project. Plans include lending options, composite assets, leveraged assets, and synthetic assets.
The THORchain ecosystem includes: –
- Software hardware wallets
- Project funding
- Arbitrageur tools
- DAOs
- Insurance
- Liquidity provider tools
- Network Explorers
- Name Service – to register cross-chain wallet addresses
- NFT collections
- Swap/Pool interfaces
What Makes THORChain (RUNE) Unique?
THORchain’s unique system, with a slip-based fee, helps prevent temporary losses, which can sometimes happen when a liquidity provider contributes to a pool. The system helps to keep essential liquidity exactly where needed.
THORchain uses several innovative technologies, such as: –
- One-way state pegs – enabling syncing states from external chains
- A state machine to coordinate “asset exchange logic and delegate outgoing transactions”
- The Bifröst Signer Module for processing chain-specific transactions
- TSS protocol for seamless facilitation of cross-chain functionality
“THORChain aims to decentralize cryptocurrency liquidity via a network of public THORNodes and ecosystem products. Access to its native and cross-chain liquidity is open to any person, product or institution.” – THORchain website.
How essential is $RUNE to the THORchain network?
$RUNE plays a vital role in the ecosystem as it enables liquidity. The bonding secures the network.
- Incentive Pendulum – the network requires an optimum balance of pooled and bonded $RUNE tokens. Too little, and THORchain offers node operator incentives to increase bonds, and too much, THORchain incentivizes liquidity providers to pool more assets
- Deterministic Token Value – the price of $RUNE tokens is deterministic. The THORchain network needs a 2:1 ratio for bonding by node operators and 1:1 pairing with pooled assets from LPs (liquidity providers). $RUNE’S market cap “should be a minimum 3X the value of all non-RUNE assets locked into THORChain liquidity pools.” – THORchain website
- High Yield – THORchain offers incentives with a high APY return for liquidity providers and node operators
- Slip-Based Fee – helps prevent bootstrapping low liquidity pools and discourages malicious activities. In addition, it forces high volume and frequency traders to “pay their fair share.”
- Continuous Liquidity Pools (CLP) – a CLP measures the depth of assets in a liquidity pool and can establish price alongside arbitrageurs to check that the price correlates with current market conditions
- Verifiable Solvency – the verifiable value locked in pools and bonds, which helps prevent nodes from stealing
How and Where to Buy THORChain (RUNE)?
If you are ready to buy THORchain (RUNE) tokens, consider choosing a cryptocurrency exchange with a trustworthy reputation. Binance, established in 2017, is a leading crypto platform with over 1600 markets and more than 390 different coins. It’s an ideal platform for newbies: –
- Register for an account with Binance. To access all services, you’ll need to submit proof of identity documents
- Once your account is verified, deposit funds – Mastercard or Visa, Wire transfer, or use a supported cryptocurrency if you prefer
- Find a trading pair on the Binance exchange: RUNE/USDT, RUNE/BUSD, RUNE/BTC, RUNE/BNB, RUNE/EUR, RUNE/GBP & RUNE/ETH
- The final step is to send your $RUNE tokens to a crypto wallet. You can download the Binance Trust Wallet or send it to another wallet that supports $RUNE tokens
How do I Sell THORchain (RUNE)?
- Look for the “trade” button if you have the Trust Wallet. Most crypto wallets are similar, so the process is the same
- Exchange your $RUNE tokens for $USDT, a popular stablecoin listed with most cryptocurrency exchanges
- If you have an account with an off-ramp platform like Gemini or Coinbase, transfer the $USDT there
- Once in the off-ramp account, sell the $USDT for the fiat currency you prefer and submit a request for a bank transfer
Should I Buy THORchain (RUNE)?
Only you can decide if THORchain (RUNE) is the right cryptocurrency for investment. Unfortunately, we cannot provide financial advice, but if you choose to go ahead and buy $RUNE tokens, our best suggestion is to register with a reputable exchange. Below are three of the leading cryptocurrency exchanges that list THORchain (RUNE) tokens: –
How do I invest in THORchain (RUNE) safely?
The cryptocurrency market is renowned for unpredictability, so investing in THORchain (RUNE) is a risk. Depending on your experience and expectations from a crypto investment, you could lose your money or make significant gains. Either way, there’s no guarantee of results.
However, you can reduce the risks of investing with the wrong cryptocurrency platform. Reputable cryptocurrency exchanges usually have insurance to protect users’ funds from an unexpected cyberattack. Also, please don’t leave your $RUNE tokens on an open exchange where they are vulnerable. If you register with Binance, use the Trust Wallet. KuCoin has a custodial and non-custodial wallet, and FTX has an exchange wallet.
$RUNE pairs listed on KuCoin and Gate.io: –
- KuCoin – RUNE/USDT, RUNE/BTC
- FTX – RUNE/USD, RUNE/USDT