Startup World Cup Tech Ventures Winner 2022
Built in: 152 Days
25k+ Downloads within the first 4 Months
THORWallet DEX is the only non-custodial wallet to swap native crypto assets across chains and earn passive income on them. Currently around +18% on native BTC. NFTs can be imported in collection and with the very rare ThorWallet NFTs for Commander (limited to 20), General (limited to 200) and the Solder (limited 2000) special features will be unlocked in the app, that no one other than NFT holders will have. Some are linked to physical goods.
Mid 2021, Axelra and Marcel Harmann founded DeFi Suisse AG with the vision to become a leading DeFi infrastructure and develop its related human beings and communities. The first product of DeFi Suisse is the THORWallet DEX as the No1. mobile cross-chain DEX and leader in the DeFi 2.0 infrastructure landscape. The Super App for DeFi natives through native L1 swapping as well as earn functionalities such as providing liquidity to pools and later lending & borrowing, trading synths, thorname service and much more.
Axelra built and accelerated DeFi Suisse and launched Thorwallet together with Marcel Harmann. After solving the customer / problem fit we started delivering the product and ensured the funding of the thorwallet protocol. We went with the first MVP and went live after 104 days together on the 21st of June 2021. Since then, our product roadmap is fully packed and the maturity of our products and the community is developing. 3 Months after Go-Live we can count on more than 5’000 app users.
Startup World Cup
Tech Ventures Winner 2022
Marcel Harmann, Co-Founder, CEO, President of the Board
THORWallet's initial concept was created in one afternoon. THORChain Treasury had made grants available to encourage other entrepreneurs to build on the top of THORChain. In one afternoon, Marcel Harmann together with Axelra created a clickable prototype, a pitch deck, and a technical architecture. Next, we opened a Twitter account under the name THORWallet. That same evening we announced what we were working on. The tweet was retweeted by THORChain's main channel (100k followers). Couple of days later we received the first funding for the creation of the THORWallet MVP.
The initial idea of THORwallet was to have something functional that could be launched on the market as soon as possible. Back in May 2021 THORChain did not have any official mobile wallet to support its protocol, therefore time-to-market for us was essential. That’s why we started with the implementation only with a rough UX/UI vision and a “learning-by-doing” approach for our tech architecture.
We started with the basic functionality of the onboarding process. For a mobile multichain crypto wallet this consists of the generation of a seed phrase, the safekeeping of that key using biometrics and the creation of all the needed crypto assets in the background. Once the onboarding process was completed, we started with the basic functionality of a multichain crypto wallet: being able to send and receive crypto assets.
Once the basic functionality was implemented, we started to extend THORWallet to be a DEX and to implement all DeFi functionalities provided by THORChain’s protocol. This included swapping coins across different native blockchains with no intermediary. Earn yield through providing liquidity or investing in the multi-chain savings-account.
Marcel Harmann, Co-Founder, Co-CEO, President of the Board
THORWallet DEX is a multi-chain non-custodial wallet which enables you to hold and swap native crypto assets across chains and earn passive income on them by providing liquidity using THORChain’s protocol. THORWallet is the first mobile DEX which allows to swap native L1 coins across different blockchains. For instance, this enables swaps for unwrapped BTC vs ETH vs LTC vs BUSD etc.
THORWallet app currently supports native BTC, ETH, BNB, BCH, LTC, Doge, and Terra with more chains coming in the future. For example, you can currently earn up to 19% APY on native BTC, 24% on native ETH, or 36% on native LTC.
We have successfully raised 3m in three rounds that valued us at 25m, 40m and 75m respectively through selling our multi-utility token ($TGT) to strong strategic partners and crypto VCs, giving us all the necessary firepower to keep the rapid growth going. Demand was overwhelming and we had to turn down many VCs as we don't intend to take more than needed, especially in expectation that our $TGT token will start trading publicly in the next couple of weeks.
As a run up of our token trading launch we also had the chance to launch our highly limited NFT series for early community members. For an industry's first we have coupled the NFTs with a real added value, which means NFT holders can unlock certain premium features such as reduced trading fees within the app and are not "only in for the art". This move helped us to grow our Twitter community to over 12k+ followers in a rather short period of time.
Currently, THORWallet is able to display all Ethereum based NFTs.
THORWallet currently offers three community tiers: Standard, Community & Community Plus. In each tier you get additional benefits such as premium features/reduced swapping and liquidity providing fees (afflliate fee). In order to become part of a community tier you must stake the multi-utility token $TGT either through our app or on THORWallet’s website.
THORWallet DEX currently supports Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Binance Chain (BNB), Terra (Luna)and Thorchain (RUNE).
Through HTTP Requests the multichain engine communicates with different blockchain explorers and APIs to gather chain-specific information (such as balances, addresses, etc.).
For THORChain-related data THORWallet DEX relies on Midgard. Midgard is a layer 2 REST API that provides front-end consumers with semi real-time rolled up data and analytics of the THORChain network. Most requests to the network will come through Midgard. This daemon is here to keep the chain itself from fielding large quantities of requests. You can think of it as a “read-only slave” to the chain. This keeps the resources of the network focused on processing transactions.