Earn yield in-kind on native, L1 assets.
THORChain allows users to deposit Layer1 assets into its network to earn asset-denominated yield without RUNE asset exposure, or being aware of THORChain’s network.
There is no permission, authentication or prior steps, so developers can get started and allow their users to earn asset-denominated yield simply by sending layer1 transactions to THORChain vaults.
Under the hood, THORChain deposits the user’s Layer1 asset into a liquidity pool which earns yield. This yield is tracked and paid to the user’s deposit value. After some time the user can withdraw their Layer1 asset, including the yield earnt. There is no slashing, penalties, timelocks, or account minimum/maximums. The only fees paid are the Layer1 fees to make a deposit and withdraw transaction (as necessitated), and a slip-based fee on entry and exit to stop price manipulation attacks. Both of these are transparent and within the user’s control.
Savers Quote endpoints have been created to simplify the implementation process.
Add 1 BTC to Savers
Request: Add 1 BTC to Savers
If you send 1 BTC to bc1quuf5sr444km2zlgrg654mjdfgkuzayfs7nqrfmwith the memo
+:BTC/BTC, you can expect
0.99969BTC will and will incur 4 basis points (0.04%) of slippage.
For security reasons, your inbound transaction will be delayed by 1 BTC Block.
User withdrawing all of their BTC Saver's position
Request: Withdraw 100% of BTC Savers for
Users can add assets to a vault by sending assets directly to the chain’s vault
addressfound on the
/thorchain/inbound_addressesendpoint. Quote endpoints will also return this.
curl -SL https://thornode.ninerealms.com/thorchain/inbound_addresses | jq '. | select(.chain == "BTC") | .address'
There is a cap on how many synths can be minted as a function of liquidity depth. To do this, find
synth_mint_paused = falseon the
curl -SL https://thornode.ninerealms.com/thorchain/pools | jq '. | select(.asset == "BTC.BTC") | .synth_mint_paused
Both Saver Deposit and Withdraw transactions can be done without memos (optional memos can be included if a wallet wishes, see
Transaction Memos, since there is a marginal transaction cost savings to including memos).
To deposit, users should send any amount of asset they wish (avoiding dust amounts). The network will read the deposit and user address, then add them into the Saver Vault automatically.
To withdraw, the user should send a specific dust amount of asset (avoiding the dust threshold), from an amount 0 units above the dust threshold, to an amount 10,000 units above the threshold. 10000 units is read as “withdraw 10000 basis points”, which is 100%.
Specific rules for each chain and action are as follows:
- Each chain has a defined
dust_thresholdin base units
- For asset amounts in the range:
[ dust_threshold + 1 : dust_threshold + 10,000], the network will withdraw
dust_threshold - 10,000basis points from the user’s Savers position
- For asset amounts greater than
dust_threshold + 10,000, the network will add to the user’s Savers position
dust_thresholdfor each chain are defined as:
- BTC: 10,000 sats
- BCH: 10,000 sats
- LTC: 10,000 sats
- DOGE: 100,000,000 sats
- ETH,AVAX: 0 wei
- ATOM: 0 uatom
- BNB: 0 nbnb
- User wants to deposit 100,000 sats (0.001 BTC): Wallet signs an inbound tx to THORChain’s BTC
/inbound_addressesvault address from the user with 100,000 sats. This will be added to the user’s Savers position.
- User wants to withdraw 50% of their BTC Savers position: Wallet signs an inbound with 15,000 sats
50% = 5,000 basis points + 10,000[BTC dust_thresholdto THORChain’s BTC vault
- User wants to withdraw 10% of their ETH Savers position: Wallet signs an inbound with 1,000 wei
(10% = 1,000 basis points + 0 [ETH dust_threshold])to THORChain’s ETH vault
- User wants to deposit 10,000 sats to their DOGE Savers position: Not possible transactions below the
dust_thresholdfor each chain are ignored to prevent dust attacks.
- User wants to deposit 20,000 sats to their BTC Savers position: Not possible with memoless, the user’s deposit will be interpreted as a
withdraw:100%. Instead the user should use a memo.
(translates to: “withdraw 10,000 basis points, or 100% of address’ savings
An important consideration for UIs when implementing this feature is how to display:
- an address’ present performance (targeted at retaining current savers)
- past performance of savings vaults (targeted at attracting potential savers)
A user is likely to want to know the following things:
- What is the redeemable value of my share in the Savings Vault?
- What is the absolute amount and % yield I have earned to date on my stake?
The latter can be derived from the former.
yield_percent = (1 - (depositValue / redeemableValue)) * 100
saver’s address: bc1qcxssye4j6730h7ehgega3gyykkuwgdgmmpu62n
myUnits => curl -SL https://thornode.ninerealms.com/thorchain/pool/BTC.BTC/savers | jq '. | select(.asset_address == "bc1qcxssye4j6730h7ehgega3gyykkuwgdgmmpu62n") | .units'
saverUnits => curl -SL https://thornode.ninerealms.com/thorchain/pools | jq '. | select(.asset == "BTC.BTC") | .savers_units
saverDepth => curl -SL https://thornode.ninerealms.com/thorchain/pools | jq '. | select(.asset == "BTC.BTC") | .savers_depth
The easy way to determine lifetime performance of the savers vault is to look back 7 days, find the saver value, then compare it with the current saver value.
Developers experiencing issues with these APIs can go to the Developer Discord for assistance. Interface developers should subscribe to the #interface-alerts channel for information pertinent to the endpoints and functionality discussed here.