❓FAQ's Swaps
How Long Does It Take For A Swap To Execute? Usually a couple of mins, if the swap size is large/network if congested , you could face outbound delay on your swap. There are two type of transaction delays on thorchain and mayachain. Inbound delay and outbound delay, most of the users Experience the later. it is a security measure put in place by thorchain/mayachain. The approximate time to complete the swap , is displayed in the preview page while making the swap.
you can track the transaction at Thorscanner and Ninerealms tracker. Resources: https://crypto-university.medium.com/under-the-hood-thorchain-transaction-delays-250d00ed57b7 What Is Slippage Tolerance?
Imagine you are trying to make a swap. You choose the assets and the amount you wish to swap. You confirm the transaction at 12:00, but it takes some time before it actually happens, and the transaction is executed at 12:01. The problem is that the price of the swapped assets can change in this time frame (in crypto often drastically), and that is where the slippage tolerance comes into play. You use the slippage tolerance to express how big this price difference can be so that you still wish to execute the transaction. If the price change exceeds the slippage tolerance, the transaction will NOT be executed and will get reverted. Our app has built-in automatic slippage function but you can set your own by clicking on the gear icon in the upper right corner (see screenshots below).
What Are Swapping Fees? Swaps have the following fee structure:
1. Inbound fee (labelled as Transaction fee):
paid in the input L1 asset(i.e if you swap a erc-20 let us say usdc on eth , you pay the network fee in eth)
If the input is rune 0.02rune is paid as fee
If the input is ETH/ERC-20 token then it is paid in ETH
This fee is just paid to the network validators on the source chain , not to thorchain/mayachain or thorwallet.Assume you are making a simple send transaction from one wallet to another. only difference here is , the transaction is sent to thorchain's/maaychain's address (vault) with additional info in the memo field , when you make a swap.
2. Network fee :
Slippage fee , calculated based on pool depth vs swap size. negligible in most of the cases.
Affiliate Trading Fee (THORWallet DEX fee):
0%-1% depending on community tier or THORWallet NFT
3.Outbound fee:
Paid in receiving asset/output asset. if you make a swap from rune to bnb , outbound fee is paid in bnb, if you make a swap from btc to usdc , outbound fee is paid in usdc.
Outbound fee is approximately 3x higher than normal transaction. This is a THORChain/Mayachain default, to make sure swaps are executed fast and don't get stuck. For PoS chains this has little effect on gas costs, whereas for ETH/BTC transaction those fees can be considerably higher. Click on the info button in the app before the swap to see an estimation of the fees. Please be aware that this is an estimation. also there is a minimum of 1$ outbound fee set on thorchain.
More resources: https://crypto-university.medium.com/how-do-fees-work-in-thorchain-fa2133f9eacf
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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