Recap of the Torches Finance AMA with Blockchain Space
On Monday, July 4th, we had the pleasure to welcome to our Telegram chat:
Joe, The CEO of Torches Finance.
We asked him questions about the development of Torches Finance.
Q~ Thanks for joining us today, could you give a brief introduction of yourself to our community firstly ?
A~ Hello, I am Joe, CEO of Torches Finance. It is my pleasure to meet you all today and share what Torches Finance is to you. I am really glad to join the community.
Of course, regarding my past experience, I have been a blockchain entrepreneur for more than 5 years. I was in multiple projects including wallet, public chain, and DEX.
As an early player and crypto investor, my confidence in DeFi has been strengthened. That is why we started Torches. We call it Torches as we want to light up everyone's confidence in blockchain and guide everyone to the promised land.
Q~ Tell us about Torches Finance and it’s main businesses ?
A~ Torches is a decentralized non-custodial liquidity protocol based on KCC Blockchain, which has just launched on June 27th.
Torches has a very unique economic incentive model where users can receive TOR tokens, our governance token, whenever they deposit and borrow assets.
In the current unstable market, holders are looking to gain some short-term profits and accumulate more BTC at dips. Torches, in this case, is a very good option for investors.
For example, if A intends to hold BTC for a long time but needs the other funding to do some arbitrages, you know make profit from price volatility, A can stake BTC on Torches and lend a certain percentage of USDT. Then A can use that money to do arbitrages. A just needs to return the lent assets with interest later. But for A, they can complete arbitrage without selling their BTC, while also receiving a lending incentive from Torches.
Q~ What are the innovative features of Torches, in comparison to its competitors ?
A~ Torches differentiate itself from four aspects:
1) Torches enables Customized lending markets
The 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 lending protocol, thereby dynamically adjusting the incentives of the participants and stakeholders of the protocol.
We have established a comprehensive risk control system for Torches, including additional risk parameters, a strict review process, a democratic liquidation mechanism, etc.
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.
Q~ Can you share with us details on the $TOR tokenomics. What are the unique utilities of this token ?
A~ $TOR is the incentive and governance token of Torches Finance. The total supply is 100 million. And the token distribution is as below:
Community:50% (LP Rewards)
The token share of investors and the treasury will be released within 3 years. For teams it is 5 years. More details will be revealed later, so stay tuned.
Also, Torches adopts the veToken model.
Users can obtain VeTOR by staking TOR Token, and holding VeTOR have the following rights:
1) Gain governance voting rights in a time-weighted method. VeTor holders can vote on governance recommendations or to adjust incentive ratios for different loan pools. In the future, more governance rights will be opened up to VeTOR holders.
2) Boost Mechanism. Boost mechanism is an advanced acceleration mechanism for liquidity mining. When users have a sufficient level of VeTOR, they can obtain an increase in the speed of Boost, up to 2.5x.
3) Reward gained from governance and liquidity provision.
4) Combined mining right of other projects on the KCC.
Q~ Do you have a roadmap or long-term plan that you would like to share with us ?
A~ In order to give our team more specific targets to develop Torches, we have broken down the game plan into quarters.
Our Genesis NFT is on the way to launch. And the TOP mining will coming soon as well.
QUESTIONS FROM TWITTER
Q~ Most platforms today do not offer a good income return, are not advantageous for content creators in this regard, and create uncertainty for the future. Can the Torches Finance platform provide content creators and creators with enough income to work on a good ground ?
A~ That is a very good question. We value our community a lot. And we think the content creator is the core of the community as well. We will reward content creator for sure if they brings value to the community. For now, we are open to collabs with KOLs and influencer communities. If you are one of them, you can apply for that in our Discord community.
Q~ The fact that the market is in a bad state right now makes the investors nervous and they are hesitant to projects, what do you offer to attract investors under these conditions ?
A~ Thank you for asking that. We knew the market is on the down trend. And it takes a lot of efforts to build a project in a time like this. I think the thing that I can share is, we are the one of the few projects that are willing and dare to start our project in the bear market because we have a great product. And we believe that we can make it to the bull. You can join us now, or join us later when we hitting ATHs.
QUESTIONS FROM TELEGRAM
Q~ Since NFT is popular nowadays, is there a plan for NFT integration ?
A~ Yes, we will launch our Genesis NFT soon. Burning NFT can boost your mining rate and grant you IDO allocations. You can join our discord and win Whitelist. It is free mint!
Q~ Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term ?
A~ I think marketing is important. But community is more important. We will keep promoting our project in different channels and communities. At the same time, we will build a strong community to keep these users.
Q~ Are you a global project or local project. At present, which market are you focused on, or is it focused on building and growing to gain customers, users and partners ?
A~ We are a global project. You can join our discord and chose the local community you are in. Enjoy your experience in Torches!
Last but not least, please join our Discord to win WL!
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