Question 1

What is BNB used for on the Binance Smart Chain?

Accepted Answer

BNB is used for paying transaction fees, staking, and participating in governance on the Binance Smart Chain, as well as powering decentralized applications.

Question 2

How does RUNE facilitate cross-chain trading?

Accepted Answer

RUNE acts as the backbone of THORChain, enabling decentralized liquidity pools and cross-chain swaps between assets like Bitcoin, Ethereum, and others.

Question 3

Why is BNB popular among traders?

Accepted Answer

BNB is popular due to its low transaction fees, fast processing times, and its integration with the Binance ecosystem, which offers a wide range of trading opportunities.

Question 4

What makes RUNE unique in the DeFi space?

Accepted Answer

RUNE stands out for its ability to enable decentralized, trustless cross-chain trading, eliminating the need for centralized exchanges or wrapped assets.

Question 5

Do I need KYC to use Instaswap? How are transactions secured?

Accepted Answer

No, Instaswap does not require KYC (Know Your Customer) for any swap amount or pair. However, we employ an advanced KYT system powered by a trusted third-party partner. This system automatically checks wallet addresses involved in transactions, ensuring they haven’t previously been flagged for illicit activities, keeping your swaps safe, secure, and private.

Question 6

Is Instaswap decentralized? Does it support centralized (CEX) swaps?

Accepted Answer

Yes, Instaswap is fully decentralized (DEX), meaning all transactions occur directly on the blockchain without centralized intermediaries. We do NOT offer centralized exchange (CEX) swaps, and your funds always remain fully under your control through our non-custodial platform.

Swap BNB (Binance Smart Chain) to RUNE (Thorchain)

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Frequently Asked Questions