We are so excited to announce that Torches listed MojitoSwap LP assets on Nov 15, 2022(UTC). By depositing LP assets on Torches, users can use LP assets as collateral to borrow other assets and increase the utilization of their assets when they enjoy LP rewards.
Here are more details of Torches listed MojitoSwap LP assets
- Currently, Torches only supports MojitoSwap’s USDT/USDC LP trading pair, we will launch more LP trading pairs later, just stay tuned.
- Torches supports users who deposit MojitoSwap LP assets and can use them as collateral to lend other assets with a collateralization rate of up to 80%. Please note that users are unable to borrow MojitoSwap LP assets.
- Users who deposit LP assets into Torches still enjoy the same benefits as if they were participating in liquidity mining at MojitoSwap.
- Users can go to “Supply Balance” to view the APY and get the MojitoSwap LP rewards when they withdraw assets.
How to get LP assets and use them as collateral to borrow other assets?
First, you need to add liquidity on MojitoSwap.
1 Visit MojitoSwap official website and connect your wallet
2 Click “Trade”> “Liquidity” and go to the liquidity page
3 Click the “Add Liquidity” button. Then choose the trading pair you want to provide liquidity and enter the amount. Pay attention that Torches support USDT/USDC LP assets only.
4 Now, you can click “Supply”> “Confirm Supply” and confirm your wallet application.
Then, you should visit Torches official website.
1 Click “Go” to Torches “Crypto Markets” page when you supply liquidity successfully.
2 Scroll down the page and Click “MojitoSwap LP”. Choose the asset you want to deposit and click “Deposit & Borrow” button.
3 Click ‘Deposit’ and enter the amount you want to deposit. Before you click ‘Deposit’, please make sure you have confirmed the relevant information.
4 When you finish depositing, you can check the data here.
5 Then, you can use LP assets as collateral to lend other assets. Here is the tutorial of how to borrow on Torches.
DISCLAIMER: This is a community post written by Torches Finance and published on https://news.kcc.io. Please note that all projects and dApp applications running on the KuCoin Community Chain (KCC) are independently developed by third-party developers. The KCC official team does not audit them. All opportunities and risks also exist at the same time. Therefore, you need to identify and prevent risks carefully.