Singapore, July 15, 2022 – 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.
Torches was developed on KuCoin Community Chain, (KCC) and has grown to become the leading lending protocol. Torches will offer top rewards to users who supply or borrow crypto assets. This is available starting July 15, at 10:00 UTC. 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. Torches Points (TOP), mining booster buffs for different Torchlight rarities are available. Torchlight is currently available for trade on the MojitoSwap NFT Marketplace.
Torches reached a number of significant milestones thanks to its explosive growth. Torches made a strategic investment in KuCoin Ventures on July 8. This is the investment arm that controls global cryptocurrency exchange KuCoin. It then formed a strategic partnership on July 9 with KuCoin Wallet. KCC has multiple resources available to Torches. It is the most popular lending protocol, which was incubated deeply by KCC. 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.
Eric Spark, CMO of Torches said, “We are honored to have received the support of KuCoin Ventures and KCC in the early stages. Torches, the KCC infrastructure, is dedicated to making KCC the best decentralized lending platform. Apart from exploring technologies and products, we hope to offer users an improved on-chain experience by engaging in 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.”
PeckShield has audited the smart contract for Torches and found multiple optimizations in smart contract permissions and oracle mechanisms. Torches’ market share and exposure will be significantly increased by the publication of several operational activities, such as TOP Mining. It is expected that Torches will become the most outstanding DeFi project in KCC.
About Torches Finance
Torches Finance uses KCC to provide decentralized lending and support mainstream crypto assets, such as BTC (ETH), USDT (USDC), USDC and USDT. Torches Finance allows users to deposit as well as lend funds and earn TOR tokens.
Visit Torches Finance: https://www.torches.finance/en
Information about the KCC
KCC is an open-source public chain project, created by KuCoin’s developer community. It aims to eliminate the Ethereum network latency. KCC uses Ethereum and is compatible with EVM, smart contracts, to give developers and the community a better, faster and more cost-effective blockchain experience.
To learn more, visit https://www.kcc.io.
