Dear Community
We have good news to share with you. KuCoin Ventures, the leading investment arm of KuCoin Exchange, announced its investment in Torches, a decentralized lending protocol on KCC.
Torches Finance is a KCC-based lending protocol that integrates functions such as lending, leveraged mining, and NFT. So far, Torches Finance has opened deposit and lending services for BTC, ETH, KCS, USDT, and USDC. Torches Finance has made serious efforts to enrich usage scenarios, innovating token, and incentive models and implementing strict risk management measures. The Torches Finance usage scenario foresees users gaining token benefits through various channels, including, but not limited to, providing liquidity, lending, participating in governance, etc.
Torches will officially start Torches Point Mining in Q3. Users can earn Torches Points by supplying or borrowing assets. Torches Points can be converted into Torches tokens ($TOR) according to certain coefficients after the token launch.
The fund will be used to strengthen Torches’ exposure by improving the ease of use and market share of products from a variety of aspects, including categories such as products, technology, security, team, and market. In terms of products, Torches Finance will upgrade and optimize existing services, while continuing to expand the depth of current products, effectively improving the asset utilization rate of investors. At the same time, Torches Finance will continue to work with DeFi projects on the KCC to jointly build the KCC DeFi ecosystem.
The Torches “Supply & Borrow to Win” campaign is still on, and users who provide liquidity (supply or borrow) to a certain amount will have the opportunity to win the whitelist of Torches Genesis NFTs — Torchlight. Torchlight will grant the owner multiple benefits, including but not limited to boosting buffs at Torches Point Mining, IDO allocation…etc.
The Torches Finance Team
2022.07.08
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This is a community post written by the Torches Finance Team and published on https://news.kcc.io
