KuCoin Win AMA With Torches Finance — Committed to Being the Most Convenient and Popular Lending Protocol on KCC

2022/08/11 06:52:41

Dear KuCoin Users,

Time: August 9, 2022, 11:00 AM - 11:46 AM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with Ryan, the Operations Manager of KuCoin Win, and the Co-founder & CEO of Torches Finance, Joe, in the KuCoin Exchange Group.

Official Website: https://www.torches.finance/en/

Whitepaper: https://torches.gitbook.io/

Follow Torches Finance on Twitter and Telegram.

Guests:

Ryan — Operations Manager of KuCoin Win

Joe — CEO and Co-founder of Torches Finance

A blockchain entrepreneur for more than five years and has participated in multiple project engagements, including wallet, public chain, and decentralized exchanges.

As an early player and crypto investor, Joe deeply believes in DeFi. That is why he co-founded Torches. The word “Torches” reflects the team’s mission to light up everyone's confidence in blockchain and guide them to the promised land.

Q&A from KuCoin

Q: Tell us about KuCoin Win and Guardian Star.

Ryan: KuCoin Win is a KCS ecosystem platform that combines entertainment with the token listing, allowing participants to access the initial token distribution of promising blockchain projects at an early stage and at a lower cost and fairer process in a fun way. As the underlying asset, KCS will be the main fuel that empowers KuCoin Win.

Regarding Guardian Star, it is a mystery box game where players only need to pay a small amount of money and have the chance to win big prizes!

Q: What is the mechanism of Guardian Star?

Ryan: Players can choose the merchandise set they are interested in, pay 100% of the participation amount and get 100% of the merchandise in the merchandise set. A minimum of 3 USDT can get a Torches NFT worth 350 USDT!

Joe: And as an update, one SSR NFT was sold for $580 today!

Ryan: Commodities are divided into rare and ordinary items. If the player draws a rare one, it will become a Polestar. This time, we invited Torches Finance on KuCoin Community Chain (KCC) to sponsor the Guardian Star and provide their NFTs as part of the rewards.

We saw the potential of this project, from which KuCoin Venture invested and had great campaigns going on. Furthermore, as many people are participating, the joint event is running smoothly.

Q: How to play Guardian Star?

Ryan: Guardian Star is available on KuCoin App. Here are the steps to play it:

1. Go to the KuCoin Win page and find the Guardian Star activity.

2. Choose a collection of products you are interested in, and enter the details page to view the introduction of each product.

3. Choose one miracle or five consecutive draws and complete the payment.

4. Choose your lucky constellation, open the mystery box, and you will get lucky prizes randomly.

Have a look at the image above for the instructions.

If you have the polestar and have won Torchlight NFTs, there are many ways to maximize your gain. You can either sell it for KCS in MojitoSwap's NFT marketplace or join Torches TOP mining to burn it.

Q: What is Torches?

Joe: Torches is a decentralized non-custodial liquidity protocol based on KCC Blockchain. It has a very unique economic incentive model where users can receive our governance token (TOR) whenever they deposit and borrow assets.

Q: What is the special part of Torches?

Joe: Lending is the core function of Torches. In the unstable market, holders are looking to gain short-term profits and accumulate more BTC at dips. Torches, in this case, is a very good option for them.

Here's how:

If A intends to hold BTC for a long time but needs the other funding to do some arbitrages, you A knows how to make profits from price volatility. A can then stake BTC on Torches and borrow a certain percentage of USDT. With this, A can use that money to do arbitrages.

A only needs to return the borrowed assets with interest later, but A can complete arbitrage without selling BTC while receiving an incentive from Torches.

Another example will be about KuCoin Spotlight:

If you want to participate in the KuCoin Spotlight but only hold a few KCS, stake USDT on Torches and borrow a required amount of KCS to be eligible for the offering. Then, after the snapshots, you can repay the latter and get spotlight allocations!

Q: What is Torchlight NFT?

Joe: Torchlight is the Genesis NFT collection of Torches Finance.

Holding Torchlight NFT will make you certified as a Torches' core community member. Holders can also burn Torchlight to boost the TOP mining rate.

TOP mining is an event we host for the early support that they will get TOP as a reward by supplying or borrowing on Torches. This TOP can be exchanged for our governance token when launched. More rights of Torchlight are waiting to be unlocked, such as the IDO whitelist. You can now play Guardian Star on KuCoin to win our NFTs!

The best part is that with a $3 draw, you have the chance to win an SSR NFT — a legendary NFT worth more than $500.

Q: What efforts do Torches make on security?

Joe: I understand that people may have concerns when putting assets on any platform, and Torches takes multiple risk control measures to maximize user assets' security. So let me tell you our ways:

1. Torches conducts sufficient upfront audits of the smart contract. If you don't trust us, at least trust the authorized third party behind us.

2. Torches Finance has a strict evaluation mechanism for the new asset listing on the platform to reduce users' impermanent loss.

3. Torches sets different liquidation thresholds according to the liquidity and security level of different assets.

We got invested by KuCoin Ventures! Sure good research backed the institution before reaching Torches.

Free-Ask from KuCoin Community

Q: What are the major plans ahead?

Joe:

You can check our roadmap here. We will launch our governance token soon, but you can now supply or borrow assets to mine $TOP.

Q: How can I stay updated on your project?

Joe: You can follow these links for more updates regarding Torches:

Official Website: https://www.torches.finance/en

Twitter: https://twitter.com/TorchesFinance

Medium: https://medium.com/@TorchesFinance

Discord (main community):

Q: Are you prepared for any Black Swan risk?

Joe: We launched our project in the bear market, so I'm sure we are fully prepared for all types of current market conditions.

Q: When and where are you going to list your token?

Joe: Our governance token will launch in early Q4, and KuCoin will be our first pick!

Q: Partnerships and collaborations are the backbones of making every project widespread. Can you list the names of your partners with us?

Joe:

Here is the list of our partners. You can also check it on our official website! We are expanding our partnership, and you will see more of them soon.

Giveaway Section

KuCoin Win and Torches Finance have prepared a total of 500 USDT to give away to AMA participants.