Question 1

What is the primary use case of DOT?

Accepted Answer

DOT is primarily used for governance, staking, and enabling cross-chain communication within the Polkadot ecosystem.

Question 2

How does RUNE facilitate decentralized trading?

Accepted Answer

RUNE acts as the backbone of THORChain, enabling decentralized liquidity pools and cross-chain swaps without relying on centralized exchanges.

Question 3

Can I stake DOT for rewards?

Accepted Answer

Yes, DOT can be staked to secure the Polkadot network and earn staking rewards.

Question 4

Is RUNE used for transaction fees on THORChain?

Accepted Answer

Yes, RUNE is used to pay for transaction fees and incentivize liquidity providers on the THORChain network.

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 DOT (Polkadot) to RUNE (Thorchain)

Description

Frequently Asked Questions