Singapore-(Business wire)-Torches Finance, a decentralized lending protocol, has announced the official launch of TOP (Torches Point Token) mining. By participating in “Supply & Borrow”, users can earn TOP rewards and exchange them for TOR (torch token) with a certain coefficient before activating TOR.
Built on the KuCoin Community Chain (KCC), the torch has grown to become the top lending protocol with a market size of over $ 3 million. Starting July 15th, 10:00 (UTC), Torches will allow users to earn TOP rewards by offering or borrowing crypto assets available on the platform. In addition, the torch will begin a “burning and boost period” on July 18th, allowing users to burn torchlights (Torch Finance’s Genesis NFT collection) within a specified time to increase mining rates up to 900%. can do. Torch lights with different rarities have different torch point (TOP) mining boost buffs. Torchlights are now available for trading on the MojitoSwap NFT Marketplace.
Due to its rapid growth, torches have reached important milestones one after another. On July 8th, Torch announced a strategic investment by KuCoin Ventures, the main investment arm of the global cryptocurrency exchange KuCoin. And on July 9th, we built a strategic partnership with KuCoin Wallet. Torch, the top lending protocol deeply incubated by KCC, receives multiple resources from KCC, including products, markets, liquidity support and more. As KCC’s infrastructure, Torches is expected to work further with KCC in the future to improve user asset utilization and enhance the on-chain DeFi ecosystem.
Eric Spark, CMO of Torches, said: TOP mining is not only an early incentive for Torch’s liquidity providers, but more users can enjoy the seamless crypto loan experience that Torches offers. By improving user asset utilization and enhancing crypto investment options, Torche will open the door to a decentralized world for more users and accelerate the development of the KCC ecosystem. ”
Currently, the torch’s smart contracts are being audited by PeckShield, and both parties are making multiple optimizations on the smart contract’s permissions, Oracle mechanisms, and operational logic. With the release of a series of operational activities such as TOP Mining, Torches is expected to significantly increase its market exposure and share and become KCC’s first stunning DeFi project.
About torch finance
Torches Finance is a decentralized lending protocol based on KCC that supports mainstream crypto assets such as BTC, ETH, KCS, USDT and USDC. Users can earn TOR tokens by depositing and lending assets to Torches Finance.
Visit Torches Finance: https://www.torches.finance/en
KCC is a public chain project initiated and built by the KCS and KuCoin developer communities aimed at resolving Ethereum network delays and high gas charges. KCC is Ethereum-based and compatible with EVMs and smart contracts, providing community users and developers with a faster, more convenient, and lower cost blockchain experience.
visit https://www.kcc.io/ You can know in detail.