The $THOR Pool Launch - A Disastrous Shit Show

Phase two of the THOR token launch took place earlier today on Thorswap with the launch of the THOR-RUNE liquidity pool - to participate you could deposit Rune only and receive RUNE-$THOR in equal measure in the LP.

Having taken place in the IDO presale a couple of days earlier I watched this unfold with Popcorn, having no desire or need to get in myself during this phase 2.

The problem was that interface which greeted most of the ordinary every day participants wasn't working properly and a few whales managed to get in early with MASSIVE deposits of thousands and thousands of RUNE and spike the price of THOR from its initial IDO sale price of $0.075 to $2 within minutes of the launch.

To make matters worse the Thorswap Treasury added to this misery by putting in 1.3 Million Rune themselves....

It took around 10 minutes for the regular front-end interface to start working for 'community participants' by which time the THOR price was up to around $4, and it wasn't too long before it was up to $6.

What with delayed transactions (this was on ETH) people were entering at $2-$4 not knowing whether that was the price they were getting, and having to pay $100s in ETH fees for the privilege.

Despite the upbeat reaction from the Thor Team on Twitter, the responses from THE People weren't happy....

There is maybe some compensation in the form of an airdrop (presumably of more $THOR to later participants.....

NB the market cap of THOR is already around 50% that of RUNE so this current valuation is clearly fantasy, and this is going to crash back down to probably well under $1 as soon as THOR becomes tradeable on Sushi, which is I think tomorrow.

I did get in at the IDO phase but I can't claim them until Friday or Saturday, by which time the price will be much lower than it is now, TBH I'm disregarding that $6 - it is a fantasy, and a price I won't be able to benefit from.

I sold some RUNE today too, I can't see the price holding $15 after this absolute shitshow.