How to sell THORChain(RUNE) coins

Selling THORChain(RUNE) coins involves creating a wallet, funding it with RUNE, connecting the wallet to a DEX, placing a sell order, waiting for it to fill, and withdrawing the profits.

Dec 08, 2024 at 05:13 pm

How to Sell THORChain(RUNE) Coins

THORChain(RUNE) is a decentralized liquidity network that allows users to swap assets across different blockchains without the need for a centralized intermediary. This makes it a popular choice for traders who want to avoid the high fees and slow transaction times associated with traditional centralized exchanges.

If you're looking to sell your RUNE coins, there are a few different ways to do so. In this guide, we'll walk you through the steps involved in selling RUNE coins on a decentralized exchange (DEX).

Step 1: Create a Wallet

The first step is to create a wallet to store your RUNE coins. There are a number of different wallets that support RUNE, so you can choose one that best meets your needs. Some popular options include:

• THORWallet: The official wallet for THORChain, THORWallet is a non-custodial wallet that gives you full control over your private keys.
• MetaMask: A popular multi-currency wallet, MetaMask supports a wide range of cryptocurrencies, including RUNE.
• Trust Wallet: A mobile-first wallet, Trust Wallet is a good option for users who want to store their cryptocurrencies on their mobile devices.

Once you've created a wallet, you'll need to copy the public address to receive funds. You will use this when withdrawing RUNE coins from a CEX exchange.

Step 2: Fund Your Wallet

Once you've created a wallet, you'll need to fund it with some RUNE coins. You can do this by purchasing RUNE on a centralized exchange (CEX) and then withdrawing it to your wallet.

How to buy RUNE on a CEX:

1. Create an account on a CEX that supports RUNE trading.
2. Deposit funds into your account.
3. Place an order to buy RUNE.
4. Withdraw your RUNE to your wallet.

How to withdraw RUNE from a CEX:

1. Log in to your CEX account.
2. Go to the withdrawal page.
3. Select RUNE as the withdrawal cryptocurrency.
4. Enter your wallet address.
5. Enter the amount of RUNE you want to withdraw.
6. Submit the withdrawal request.

Step 3: Connect Your Wallet to a DEX

Once you've funded your wallet, you'll need to connect it to a DEX. A DEX is a decentralized exchange that allows you to trade cryptocurrencies directly with other users, without the need for a centralized intermediary.

There are a number of different DEXs that support RUNE trading, so you can choose one that best meets your needs. Some popular options include:

• THORSwap: The official DEX for THORChain, THORSwap is a non-custodial DEX that gives you full control over your private keys.
• PancakeSwap: A popular DEX on the Binance Smart Chain, PancakeSwap supports a wide range of cryptocurrencies, including RUNE.
• SushiSwap: A popular DEX on the Ethereum network, SushiSwap supports a wide range of cryptocurrencies, including RUNE.

Once you've selected a DEX, you'll need to connect your wallet to it. You can do this by clicking on the "Connect Wallet" button on the DEX's website. You will then be asked to select your wallet from a list of supported wallets.

Step 4: Place a Sell Order

Once your wallet is connected to the DEX, you can place a sell order. A sell order is an order to sell a certain amount of an asset at a certain price.

To place a sell order, you'll need to specify the following:

• The amount of RUNE you want to sell.
• The price at which you want to sell RUNE.
• The type of order you want to place.

There are two types of orders that you can place:

• Limit order: A limit order is an order to sell RUNE at a specific price or better.
• Market order: A market order is an order to sell RUNE at the current market price.

Step 5: Wait for Your Order to Fill

Once you've placed a sell order, you'll need to wait for it to fill. An order fills when another user agrees to buy your RUNE at the price you specified.

The amount of time it takes for an order to fill will depend on the liquidity of the market. If there is a lot of demand for RUNE, your order will fill quickly. If there is not a lot of demand for RUNE, your order may take longer to fill.

Step 6: Withdraw Your Profits

Once your order has filled, you can withdraw your profits. To withdraw your profits, you'll need to specify the amount of funds you want to withdraw and the address you want to withdraw them to.

You can withdraw your profits to any wallet that supports RUNE. However, it's important to note that some wallets may charge a fee for withdrawals.