Dear Community
After a long-term preparation, we are pleased to announce that Torches Finance mainnet has been launched on KCC today. We have officially started our journey to explore the DeFi space with our partner, KuCoin Community Chain (KCC).
From the DeFi Summer to the growing maturity of the industry, we have experienced the unprecedently transformation of financial services. From regulated to decentralized, DeFi allows people to gain true control of their assets. In addition, an increasing number of people are realizing the value and significance of blockchain technology and cryptocurrency.
Lending is one of the essential services in the financial industry. It is the core of the existing banking system and drives financial prosperity. The goal of Torches is to apply this service to the decentralized world, promoting a more complimentary circulation of assets and increasing the utilization of users’ assets.
Now, please let me introduce you, the Torches Finance.
What is Torches Finance?
Torches is a decentralized lending protocol based on KCC that combines lending, leveraged mining, and NFT. With the advantages of a low entry barrier, highly transparent smart contracts, an innovative economic model with incentives, and DAO autonomy, Torches Finance aims to be an efficient, convenient, secure, and stable DeFi platform on KCC. The advantages of the low gas fee and gradually thriving KCC ecosystem enable Torches Finance to further reduce the impermanent loss and increase the utilization of user assets.
What is the advantage/highlight of Torches Finance
1）Customized Lending Market
The customized sub-markets are entirely community-driven, with each community able to create a unique lending market based on its own characteristics. At the same time, the sub-markets are isolated from the main market to avoid unknown risks and security issues.
2）veToken model
Torches applies the veToken model to the lending protocol to dynamically adjust the incentives of the participants and stakeholders.
3）Strong team
The core members of the Torches Finance team are all blockchain experts with rich experience in team operations and management. Moreover, Torches pay great attention to technology development. More than half of the team members have technical backgrounds.
4）DAO governance
The DAO governance system is established by granting rights and interests to TOR holders. By participating in the DAO, TOR holders can obtain the governance incentive and governance voting rights on Torches.
Tokenomics of Torches Finance
TOR is the governance token of Torches Finance. Users can get TOR by providing liquidity, borrowing assets in Torches, etc.
The total supply of TOR is 100,000,000 and distribute as follows:
Notes:
- The governance token of Torches Finance has not been issued yet. We will dynamically adjust the official token launching time. Please pay attention to Torches Finance’s official media for details.
- Considering the recognition and expectation of TOR, we will launch Torches Points Mining soon. Users can earn points by participating in it to accumulate TOP points. The points will be able to redeem to TOR at the TGE of TOR.
The use cases of Torches Finance
Currently, investors are able to:
1. Earn passive income by providing liquidity;
2. Borrow assets for trading or leverage mining;
3. Obtain NFT equity points through early participation;
4. Win extra revenue by becoming governance participators;
5. More
How to participate in Torches Finance?
After taking into account the current market fluctuations and the safety of users’ crypto assets, Torches Finance will only support BTC, ETH, KCS, USDT, and USDC at the first stage. Users can visit the official website of Torches Finance (www.torches.finance/en) to supply and borrow the above crypto assets.
Please note that in order to ensure the security of users’ crypto assets, the Torches Finance team has set different collateral rates for different crypto assets. It is based on comprehensive factors such as market value and liquidity of different assets. The detail is as follows:
Click the tutorial on how to set up and connect your KCC wallet
Click the tutorial on how to deposit on Torches Finance
Click the tutorial on how to lend on Torches Finance
Click the tutorial to learn more about the liquidation of Torches Finance
More Activities of the Torches Finance Launching
Good news is we will hold many exciting activities soon such as the launch of Genesis NFT Collection-TorchLight and Torches Points Mining. Please pay attention to the announcements and follow Discord for more details.
Genesis NFT Collection: Torchlight Free Mint
Torchlight is the Genesis NFT collection of Torches Finance. Holding Torchlight will be certified as Torches’ Core Community Member. Holders can also burn TorchLight to boost the TOP mining rate at Torches Points Mining activity.
Torchlight is totally free mint. However, users still need to contribute to winning the whitelist. Users can obtain TorchLight in many ways. During the first few weeks, we will give out whitelists to communities. Users can participate in different events to win the whitelist, such as being active members of the community, sharing protocol with more users, providing liquidity to Torches, etc. For more ways to obtain Torchlight, please follow our Discord, which has very detailed guidelines.
Torches Points Mining
In order to incentivize users who have contributed to Torches Finance in the early stages, we will launch Torches Pints Mining soon. Users can earn a certain number of Torches Points (TOP) by supplying, borrowing, completing liquidations, etc. TOP will be able to redeem to TOR after the TGE of TOR. Details will be announced after the token launch.
Torches Finance Core Team
We have more than 15 staff members all over the world, and half of them are developers. Most of us are senior practitioners of blockchain and have rich experience in technology development.
Joe CEO
Joe is a continuous blockchain entrepreneur, and he has deeply participated in decentralized projects such as wallets, public chains, and DEX. He has rich experience in technology development and project management.
Charles CTO
Charles is a senior blockchain practitioner with many years of experience in technology development. He has worked in the global Top 5 crypto exchange as a technical expert and served as a technical consultant for several blockchain projects.
Eric CMO
Eric has rich experience in market operation and is a senior blockchain practitioner. He has served as the marketing director of the Top 3 mining pools in the world and the market leader of the Top 20 public chains.
If you want to know more about Torches Finance, you can visit the website and our docs.
Hope you enjoy on Torches Finance.
Torches Finance Team
2022.06.27
Follow us on Twitter >>> https://twitter.com/TorchesFinance
Follow us on Medium >>> https://medium.com/@TorchesFinance
Join us on Discord >>> https://discord.gg/CbwYwpwR
Join us on Telegram >>> https://t.me/torchesfinance
