Question 1

What is the purpose of the MKR token?

Accepted Answer

MKR is used for governance in the MakerDAO ecosystem, allowing holders to vote on proposals and manage the DAI stablecoin system.

Question 2

How does RUNE facilitate cross-chain trading?

Accepted Answer

RUNE enables decentralized liquidity pools on THORChain, allowing users to trade assets across different blockchains without intermediaries.

Question 3

Can I stake RUNE for rewards?

Accepted Answer

Yes, RUNE can be staked in THORChain's liquidity pools to earn rewards from trading fees and network incentives.

Question 4

Is MKR required to use the MakerDAO platform?

Accepted Answer

While MKR is not required for basic DAI transactions, it is essential for governance and managing the system's risk parameters.

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 MKR (Ethereum) to RUNE (Thorchain)

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Frequently Asked Questions