❓FAQ's Swaps

  1. How Long Does It Take For A Swap To Execute? Swaps typically take a few minutes to complete. However, if the swap size is large or the network is congested, you might encounter outbound delays.

There are two types of transaction delays on THORChain and MayaChain: inbound and outbound. Most users experience outbound delays. These delays are security measures implemented by THORChain and MayaChain.

The estimated time to complete the swap is shown on the preview page while you're making the swap.

Resource: Under the Hood: Thorchain Transaction Delays

2. What Is Slippage Tolerance?

Imagine you’re making a swap: you select the assets and amount, then confirm the transaction at 12:00. However, there is a delay, and the transaction is executed at 12:01. During this time, the price of the assets can fluctuate significantly, which is where slippage tolerance becomes important.

Slippage tolerance allows you to set a maximum price difference you’re willing to accept for the transaction. If the price changes more than your set tolerance, the transaction will not be completed and will be reversed.

Our app includes an automatic slippage function, but you can customize your slippage tolerance by clicking the gear icon in the upper right corner (see screenshots below).

  1. What Are Swapping Fees? Swapping involves several types of fees:

    1. Inbound Fee (Transaction Fee):

      • Payment: Fees are paid in the input asset. For example, if you swap an ERC-20 token like USDC on Ethereum, you pay the fee in ETH.

      • Specifics:

        • If the input asset is RUNE, the fee is 0.02 RUNE.

        • If the input asset is ETH or an ERC-20 token, the fee is paid in ETH.

Purpose: This fee is for the network validators on the source chain, not THORChain, MayaChain, or THORWallet. It is similar to sending a transaction from one wallet to another, but with the swap transaction sent to THORChain’s or MayaChain’s address (vault) with additional memo field information.

  1. Network Fee:

  • Slippage Fee: This is calculated based on the pool depth relative to the swap size and is usually negligible.

  • Affiliate Trading Fee (THORWallet DEX Fee):

    • Rate: Ranges from 0% to 1%, depending on your community tier or THORWallet NFT status.

  • Outbound Fee:

    • Payment: Fees are paid in the receiving asset/output asset. For example, if you swap RUNE for BNB, the fee is paid in BNB. If you swap BTC for USDC, the fee is paid in USDC.

    • Rate: Outbound fees are typically about three times higher than normal transaction fees. This setting helps ensure swaps are executed quickly and don't get stuck. For Proof-of-Stake (PoS) chains, this has minimal impact on gas costs, but for ETH/BTC transactions, fees can be significantly higher.

    • Estimate: Click the info button in the app before the swap to view an estimated fee. Note that this is just an estimate. Additionally, there is a minimum outbound fee of $1 on THORChain.

More resources: https://crypto-university.medium.com/how-do-fees-work-in-thorchain-fa2133f9eacf

  1. What is the toggle menu (lite version/pro version in the swap page) ?

It is an option given in the app that enable users to use Streaming Swaps feature. It is highly customizable and very beneficial for larger swaps 🐳.

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