There are lots of node protocols out there (NaaS) and StrongBlock is the most famous of them all. But, if you start to ask people about other node protocols, there is little doubt about the fact that Thor Financial (Thor Nodes) might be the second most famous (and popular). But, seeing that the price was above $200 in late January 2022, and even above $350 in December 2021, many investors have complained as they saw the price of THOR drop below $30 and even get very close to $10 only a few days ago.
Currently, there are more than 200,000 THOR nodes created, whereof more than 43,000 are ODIN nodes (the most expensive and most rewarding), while more than 100,000 are THOR nodes (the second most expensive and rewarding). The daily emission of THOR tokens to node owners has caused gigantic selling pressure, and this has strongly impacted the price in recent months.
In order to fight back, the THOR team has now decided to change its claim tax system. This is to stop the constant selling pressure and give the protocol some rest time from giant whales selling daily. It will also give bigger income to the protocol as they will receive a higher tax from those who will still keep on claiming and selling daily, in spite of the taxation system.
The new claiming tax system from Thor Financial
Below you can see an image showing the new claim tax system from Thor Financial.
As you can see above, there is a tier system that will modify your tax level depending on when you decide to claim your rewards.
This is how the sliding claim tax will impact your rewards.
- If you claim your rewards after 0 days, but in less than 7 days after you last claimed, you will pay 50% of the rewards in tax.
In other words, if you have 10 THOR tokens to claim, you will only receive 5 THOR tokens after claiming. - If you claim your rewards after 7 days, but in less than 14 days after you last claimed, you will pay 40% of the rewards in tax.
In other words, if you have 10 THOR tokens to claim, you will receive 6 THOR tokens after claiming. - If you claim your rewards after 14 days, but in less than 21 days, you will pay 30% of the rewards in tax.
In other words, if you have 10 THOR tokens to claim, you will receive 7 THOR tokens after claiming. - If you claim your rewards after 21 days, but in less than 28 days, you will pay 20% of the rewards in tax.
In other words, if you have 10 THOR tokens to claim, you will receive 8 THOR tokens after claiming. - If you claim after 28 days, you will “only” pay 10%, 8%, 5%, or 1% in tax, depending on which nodes you own.
If you have 100 THOR tokens to claim from ODIN nodes, you will receive 90 THOR after claiming. (10% tax)
If you have 100 THOR tokens to claim from THOR nodes, you will receive 92 THOR after claiming. (8% tax)
If you have 100 THOR tokens to claim from FREYA nodes, you will receive 95 THOR after claiming. (5% tax)
If you have 100 THOR tokens to claim from Heimdall nodes, you will receive 99 THOR after claiming (1% tax)
This is the new claiming tax system for Thor Financial. Are you happy about it? Write a comment below and let us hear from you!
What will happen if you compound your rewards into new nodes? How will the claiming tax work then?
We still haven’t found an answer to this question. But, we suspect that the remaining rewards after compounding will be deducted using the normal tax system (as described above).
This means that if you have 10 THOR in rewards from Freya nodes and you decide to compound them into a new node (six days after you did so the last time), then you will spend 6.25 to create a new node, and the remaining 3.75 THOR will then be taxed and you will receive 1.875 THOR to your wallet (paying a 50% tax on rewards claimed).
This is just our guess and speculation, however, but it sounds very likely. If anyone has exact information on this, please write a comment and let us know!
Will this impact the price of THOR in a positive way?
If we see it from a very short perspective, then the price of THOR was $10.5 before the taxation system went live, and since then, the price has jumped to $14.5.
It can also be seen that there are more buy orders than sell orders for THOR at the moment, proving that this has had a positive effect on the market the first 24 hours after it was implemented.
But, will this keep up? Or are we just delaying the inevitable, meaning that the whales will just wait some more days before they dump their tokens on the market? So instead of daily seeing lots of small sell orders, we will see some gigantic sell orders every month, pushing the price further down?
We don’t know yet. What do you expect? Will this have a positive effect on the price of THOR?
