Tutorial: Swapping RUNE to Native RUNE
RUNE is the native utility token of THORChain, a decentralised liquidity protocol that lets users exchange different cryptocurrencies across different networks, all while maintaining full custody of their assets. RUNE can be purchased on exchanges like Kucoin and Binance.
However, the version of RUNE you can buy on a centralised exchange is the Binance Chain (BEP2) version of RUNE, not the native THORChain RUNE that can be used for features like swapping and staking on THORSwap.
In this tutorial, we’ll be using KuCoin, the XDEFI Wallet browser extension, and THORSwap to show you two methods of swapping BEP2 RUNE to native RUNE for use with THORChain. The steps are similar even if you use a different wallet and exchange.
Tutorial
Method 1: Arbitrage
Arbitrage trading is a trading strategy that takes advantage of price discrepancies across crypto exchanges. For example, you’ll want to use this method if the price of RUNE is higher on a centralised exchange, like KuCoin, than it is on THORSwap.
In this example, we’re selling our RUNE on KuCoin for a higher price than it is on THORSwap, so we’ll end up with more RUNE.
First, you’ll want to purchase RUNE on KuCoin using your payment method of choice, then move the RUNE into your Kucoin Trading Account. Next, you’ll want to sell that RUNE for either Bitcoin or Tether, the two trading pairs offered by KuCoin. For simplicity, we’ll do a market trade using the RUNE/BTC trading pair.
This is done by first hovering over ‘Trade’ found in the navigation bar on KuCoin’s homepage and then selecting ‘Spot Trading.’
After that, click on the default ‘BTC/USDT’ trading pair to open a dropdown menu where you can search for RUNE trading pairs. Select ‘RUNE/BTC.’
After entering your trading passcode (you’ll set this up when creating a KuCoin account), the trading menu will appear in the bottom right corner of the screen.
Select ‘Spot,’ then ‘Market,’ then enter the amount of RUNE you want to exchange for Bitcoin. Click ‘Sell RUNE’ when you’re ready. You’ll receive a notification when the transaction is completed.
Go back to your Kucoin home page by clicking on ‘KUCOIN’ in the top navigation bar. From here, you can access your accounts by hovering over the wallet image in the top navigation bar. Move the Bitcoin you just exchanged RUNE for by going to your Trading Account and clicking ‘Transfer.’
Following the same process as above, go to your Main Account, where you can transfer your Bitcoin to your XDEFI Wallet.
In your XDEFI Wallet, make sure to select the correct wallet by clicking ‘Receive,’ selecting ‘Bitcoin’ from the dropdown menu, and then copying the wallet address. If you don’t see ‘Bitcoin’ in the dropdown menu, go to your settings and select ‘Chain management,’ where you can switch Bitcoin on.
Back in KuCoin, click ‘Withdraw’ on your Main Account page.
This takes you to a new screen where you can select how much Bitcoin you want to send to your XDEFI Wallet. Paste your Bitcoin wallet address from XDEFI into the ‘Withdrawal Information’ field, select ‘BTC’ from the ‘Network’ dropdown, enter the amount you want to send, enter any notes about the transaction in the ‘Remarks’ field, and click ‘Withdraw’ after confirming the amount you want to send plus fees.
At this point, you’ll have to wait for the transaction to be confirmed and the Bitcoin to appear in your XDEFI Wallet.
The next step is to go to THORSwap and connect your XDEFI Wallet. Do this by clicking ‘Connect Wallet’ and selecting ‘Connect XDEFI Wallet.’ If you haven’t already, make sure to prioritise XDEFI Wallet in the browser extension so THORSwap can detect it.
In our case, we’ll be swapping BTC for RUNE, which should be the default swap pair when THORSwap loads. You may have to click ‘Connect Wallet’ under the swap pair.
After fully connecting your wallet and ensuring you leave enough BTC to cover the fee, you are ready to swap. Confirm the swap with your XDEFI Wallet and you’ll receive a notification once the trade is processed.
Method 2: 1:1 Upgrade
If you’re not interested in taking advantage of arbitrage, a 1-to-1 of your BEP2 RUNE to native RUNE is quite simple. Let’s go back to KuCoin, where you’ll send RUNE from your main account wallet to your XDEFI wallet.
Make sure to add the BNB version of RUNE to your wallet by clicking the blue ‘+’ button in the bottom right corner of your browser extension. This will allow you to receive BNB RUNE and copy your wallet address. Your address should start with ‘bnb.’
Paste your BNB RUNE address into the ‘Wallet Address’ section, select ‘BNB Binance Chain’ as your network, enter the amount you’d like to withdraw, and then click the green ‘Withdraw’ button to continue.
You’ll be asked to confirm your transaction in KuCoin before it’s processed by entering your trading password and an SMS verification code. If the withdrawal is successful, you’ll receive a green confirmation box at the top of the screen. It will also show up in your recent withdrawals.
After a few minutes, you should receive your RUNE in your XDEFI Wallet. Return to THORSwap and connect your wallet. Click the ‘Wallet’ button after connecting and then click on the upgrade icon.
Please note that upgrading BEP2 RUNE to native RUNE will require a small amount of BNB to process, so you must have some BNB in your wallet before proceeding with the transaction.
Click the ‘Upgrade’ button and confirm the transaction in your wallet. Congratulations - you’ve upgraded your BEP2 RUNE to native RUNE!
Disclaimer: THIS IS NOT FINANCIAL OR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
Comment and share if you found this tutorial useful and let us know what tutorials you'd like to see next!
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