Using the RUNE bridge to provide liquidity on Sushiswap
This article is written by @Bitcoin_Sage. He shares valuable insights and information regarding Thorchain on a daily basis with his followers on Twitter. If you enjoy this article or are interested in Thorchain, consider following him.
The RUNE bridge is live. The bridge facilitates swapping between BNB.RUNE and ETH.RUNE. RUNE holders are now able to provide liquidity to the RUNE pools at Sushiswap. In this article I’ll explain how to use the RUNE bridge and how to provide liquidity to the Sushiswap pools with your newly acquired RUNE erc20.
Terms of RUNE Bridge
- Minimum of 100 RUNE. Maximum of 25000 RUNE.
- Bridge fee of 5 RUNE. (to prevent abuse and pay for outbound gas costs).
- Test bridge with a small amount first. This service will not automatically refund if an error is made.
- Any issues, reach out to the team on telegram with transaction hashes.
The Purpose of RUNE Bridge
The BNB.RUNE<> ETH.RUNE bridge is a temporary implementation before the launch of native RUNE and the Ethereum integration into chaosnet, aka multi-chain from that point forward. It increases access for investors, reduces friction and increases liquidity for multi-chain chaosnet.
Before the bridge you needed a Binance account to access RUNE. Now all you need is Trustwallet/Metamask and some ETH/erc20.
Using RUNE Bridge
- Browse to runebridge.org.
- Select “Switch to ETH.RUNE > >”
- Connect your bep2 wallet, using any of the options in the menu on the left.
- Select RUNE and click Switch
- Enter the amount and your Ethereum address where you want to send your ETH.RUNE. This may take a few minutes, have patience.
- Choose the pool you want to add liquidity to (ETH, USDT or SUSHI)
- Connect your erc20 wallet with Sushiswap, like Trustwallet or Metamask
- Make sure you’ve got an equal amount of the paired asset, besides RUNE in your wallet to add to the pool.
- Add liquidity to one of the RUNE liquidity pools.
Using RUNE Bridge — step by step
Things to be Aware of
1) ETH.RUNE is issued and maintained by the THORChain treasury.
2) ETH.RUNE is a transitionary asset deployed to build liquidity ahead of the launch of the Ethereum Bifröst.
3) This bridge is unavoidably centralised, but ETH.RUNE is decentralised and can be used anywhere on Ethereum.
4) On the launch of the Ethereum Bifröst with THORChain, switch from ETH.RUNE to native THOR.RUNE.
If you have any questions or would like me to elaborate on a topic, don’t hesitate to ask in the comments or on Twitter.
If you’d like to read more articles/guides about Thorchain check out my Medium page.