Torches Finance, the decentralized lending protocol, announces the official launch of TOP (Torches Point token) Mining. By participating in the “Supply & Borrow”, users will be able to obtain the TOP rewards, which can be exchanged for TOR (Torches token) with a certain coefficient before the TOR launching.
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Built on the KuCoin Community Chain (KCC), Torches grew to the top lending protocol with its total market size over $3 million. Starting from July 15 at 10:00 (UTC), Torches allows users to get TOP rewards for supplying or borrowing crypto assets available on the platform. In addition, Torches will open “Burning & Boosting Periods” from July 18 and users can boost the mining rate up to 900% by burning Torchlight (the Genesis NFT collection of Torches Finance) within the specified time. Different rarities Torchlight have different Torches Point (TOP) mining boosting buffs. Currently, Torchlight can be traded on the MojitoSwap NFT Marketplace.
With its rapid growth, Torches achieved one significant milestone after another. On July 8, Torches announced a strategic investment by KuCoin Ventures, the leading investment arm of global crypto exchange KuCoin. And then it developed a strategic partnership with KuCoin Wallet on July 9. Torches, the top lending protocol deeply incubated by KCC, will receive multiple resources from KCC, including products, market, liquidity support, etc,. As the infrastructure of KCC, Torches is expected to further cooperate with KCC in the future to improve users’ asset utilization and enrich the on-chain DeFi ecosystem.
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Eric Spark, CMO of Torches said, “We are honored to have received the support of KuCoin Ventures and KCC in the early stages. As the infrastructure of KCC, Torches is committed to being the most convenient and popular lending protocol on KCC and even in the whole decentralized world. In addition to exploring technology and products, we also hope to bring users a better on-chain experience through various activities. TOP Mining is not only an incentive for Torches’ liquidity providers in the early stages, and it also allows more users to enjoy the seamless crypto lending experience that Torches offers. By improving users’ asset utilization and enriching their crypto investment options, Torche will open the door of a decentralized world for more users and accelerate the development of the KCC ecosystem.”
Currently, the smart contract on Torches has been audited by PeckShield and both parties have made multiple optimisations on smart contract permissions, oracle mechanism, and operation logic. With the release of a series of operational activities such as TOP Mining, Torches will significantly increase its market exposure and share, expected to become the first phenomenal DeFi project on KCC.
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