This was a project of mine
I have been holding RUNE tokens in my Mandala (binance) account for lack of options. I tried setting up a trust wallet, but I did not trust it. There was no easy way to get all of my tokens protected with a hardware wallet.
I did find a way to hold Native Rune on my ledger wallet and get it off of an exchange. I am a firm believer in the adage "not your keys, not your crypto" and I have been looking at my RUNE on the exchange for quite some time while reading reddit posts and trying to figure out how to hold my RUNE safely without paying ETH gas fees.
There was not a lot of help, so, I figured I write this post to lend a hand.
I figured it out, but it was pretty complicated
I used the XDEFI wallet, which is supposedly going to be the go to wallet for ThorChain, so I figured that I should get familiar with it.
Setting up XDEFI
XDEFI is a pretty cool wallet. If you are a metamask user, it will take some getting used to. It also is a little bit frustrating to use both XDEFI and Metamask extensions. You need to shut one off to use the other, otherwise things just don't work. Once you get used to managing these two extensions... it's easy!
XDFEI is a cross chain wallet, perfect for use with ThorChain. You can set up accounts on all chains that you plan to use. I set up BTC, LTC, ThorChain, BNB, ETH and a few more. There are a lot of different tokens that you can set up. I mean... LOTS!
Using a cross chain wallet is a bit complex. You need gas... all kinds of gas. If you plan on making ETH transfers, you need to add ETH. If you plan on using the Binance Chain (not to be confused with the Binance Smart Chain), you need to add some native BNB to your XDEFI wallet.
Make sure to save your seed phrase and keep that baby safe.
Let's move RUNE
Rune was originally a token on the Binance Chain and ThorChain can trade with Binance in a decentralized way! Super cool! So it only makes sense that there is a lot of BNB.RUNE still kicking around.
I was storing RUNE on the Binance Chain. So, in order to get RUNE off of the Binance chain, we will need some BNB for gas. The XDEFI wallet is fairly easy to navigate. I simply copied my BNB address on XDEFI and sent native BNB to that address. THIS IS IMPORTANT. You are not sending BNB from BSC to this address. You need to send BNB from Binance (or Mandala) to your XDEFI wallet. It is worth noting that you don't need a memo to send BNB tokens from the exchange to the XDEFI wallet.
If you don't have BNB on the exchange, but you have some funds on Binance Smart Chain, you can simply send some BSC BNB to your Binance account. If you don't want to use Binance, set up a Mandala account. It is Binance without regulation.
I had my RUNE on Mandala (Binance). In order to get NATIVE RUNE on your Ledger wallet, you are going to need to first move RUNE from Binance to your XDEFI wallet.
I set up a RUNE B1A wallet on my XDEFI wallet for the occasion. You can now withdraw from Binance to your RUNE B1A address on your XDEFI wallet. No memo is required.
Next Step
I made sure that I also set up a RUNE (ThorChain) wallet on my XDEFI wallet. You are also going to need a small amount of BNB in your XDEFI wallet for this step which I went over in the last section.
Let's head over to THOR Swap.
Connect your XDEFI wallet to the ThorSwap app (top right). Make sure that your Metamask extension is turned off. These two extensions get in the way of each other. Click on to the wallet tab on the top corner and you will see a summary of all of the assets and all of the chains that you are holding assets on... very cool. This is the next level in crypto!
You will see your BNB Rune in the summary. Click it.
You will then see this:
For around 4 cents, you can upgrade your BNB.RUNE to native THOR.RUNE.
We are not done yet!
I like the XDEFI wallet. But, I like my hardware wallets better. Currently, I have my RUNE stored on my XDEFI wallet, which is not as secure as storing it on a Ledger or a Trezor. Currently, there is not support for Native Rune on the Trezor, so, I got myself a Ledger nano. On XDEFI, there is an option to link a hardware wallet.
Click the three lines on the top right and you will see this menu.
Then click wallet management. Then 'Connect to Hardware Wallet'.
You will see this:
Currently, Ledger is supported, but it looks like Trezor support will be coming in the not too distant future.
You will be able to connect your ThorChain wallet on your Ledger to your XDEFI wallet. You might need to add a ThorChain wallet to your Ledger in Ledger Live before you do this step. That's easy... if you need help with that, comment below and I can hook you up with that too.
Send THOR.RUNE from XDEFI to your new Ledger Connected wallet on XDEFI.
This last step is pretty simple. You can send your RUNE from your XDEFI wallet to the Ledger Connected RUNE wallet on XDEFI. It is as simple as it sounds. The hard work is done.
What about pooling?
I have not tried this yet. I refuse to Pool on ThorChain until RUNE is valued closer to where it should be (top 25), although I feel that RUNE is a top 5 project... but it will never get there if people don't use it. For me, it is too early to be pooling RUNE as I am super Bullish on this token for 2022.
Once I jump into some pools, I will be sure to document how it was done. The one thing currently holding ThorChain back is the level of difficulty. This is not a beginner project. You need to be very well versed in blockchain to get things working on ThorChain.
Happy New Year!!!
I am wishing all of you all of the best in the coming year. It is an exciting time to be involved in crypto, on Hive, and LEOFinance while verifiably proving that I have a a brain. With ThorChain coming to life, it is all the more exciting!
Dear @allcapsonezero,
The previous HiveBuzz proposal expired end of December.
Do you mind supporting our proposal for 2022 so our team can continue its work next year?
You can do it on Peakd, ecency,
https://peakd.com/me/proposals/199
Thank you. We wish you a Happy New Year!