Based on feedback from the community, the ThorFi team has launched an automated OTC service within the dApp that streamlines token exchange within ThorFi’s ecosystem. It also helps buy price action resulting from more efficient liquidity.
What is OTC?
OTC, or Over-the-Counter, is the process of trading crypto via a broker-dealer, as opposed to a centralized or even decentralized exchange.
Why We Changed Our Approach
Previously, the ThorFi OTC service was a manual process. For example, one member seeking to buy or sell would reach out to the ThorFi team, and we would attempt to pair them up with a candidate matching their specified requirements for the opposite side of the deal. This process took time and energy, often resulting in users selling to the market regardless.
We were aware that it was cumbersome, and mainly thanks to some additional feedback we received from the community, we came up with a solution to automate our OTC service.
How It Works
Within the ThorFi dApp, you will now notice an “OTC” option in the sidebar. This automated OTC service lists, tracks, and maintains a current book of people trying to sell the $THOR token.
Structurally similar to an NFT marketplace, you can “list” the tokens you would like to sell, and someone from the community can voluntarily fulfill the other side of the sale. The “sell” tab allows you to list any amount of $THOR tokens above $100 USD value. This then populates the “buy” tab with options for our community to purchase from. Additionally, you can buy up partial quantities of the listed OTC offering in case you need to top up before your next Odin node.
How It Benefits You
Our automated OTC is straightforward to navigate and will help people looking to sell a large amount of $THOR tokens without negatively affecting the price. It will also allow people to pick up more tokens when needed, whether for compounding, making new nodes, playing our betting suite, or participating in our staking pools. The service will be cheaper than Traderjoexyz.com because we charge no fees. (The only fee you will have to pay is gas, like any normal transaction.)