Starting from 10:00 on July 15, 2022 (UTC), users can get $TOP rewards by supplying crypto assets to and borrowing crypto assets from Torchers. In order to make it easy for Torches users to join this event, we have prepared a detailed guide to show you how to get $TOP rewards and boost your mining rate.
Before supplying crypto assets to and borrowing crypto assets from Torches Finance, you have to:
1）Set up your KCC wallet;
If you haven’t set up your KCC wallet, you can see this tutorial to set up your KCC Wallet first.
2.）Have enough KCS in your crypto wallet;
KCS is the gas on KCC, you can buy KCS on KuCoin or MojitoSwap.
Here is a detailed guide on how to get TOP (Torches Point Token) rewards.
1. Visit Torches Finance’s official website;
2. Click “Banking” on the top menu;
3. Scroll down, and you will see many crypto assets listed in the crypto market dashboard.
You can choose which asset you want to deposit or borrow by clicking the “Deposit & Borrow” button;
4. If you want to deposit KCS to Torches to earn TOP rewards, you can select “Deposit” and enter the amount of KCS you want to deposit, then click the “Deposit” button
5. However, if you want to borrow crypto assets from Torches, you must deposit crypto assets to Torches first and set your supplied assets as collateral before borrowing assets from Torches;
6. After that, you can borrow money from Torches. Simply click the “Deposit & Borrow” button and select “Borrow”, enter the amount of KCS to borrow, then click the “Borrow” button.
Note: Different crypto assets have different daily TOP Rewards, you can visit the detail pages of different crypto assets to view the Daily TOP Rewards by clicking the crypto icons.
The detail page will show how many daily deposit TOP rewards and daily borrowing TOP rewards. Both Daily deposit and borrow TOP rewards are showing how much TOP can be mined daily for all users by depositing or borrowing from this crypto asset, in this case, KCS
TOP Rewards Calculation Formula:
TOP Reward of Supplying = (your supply/total supply)* Daily Supply TOP Reward * Supply days
TOP Reward of Borrowing= (your borrow/total borrow)* Daily Borrow TOP Reward * Borrow days
How to Check your Torches Point Rewards?
Torches Point Rewards (TOP) consist of two parts: TOP can be obtained by both mining and boosting.
Users can visit the “Banking” page to view the TOP rewards that are obtained by mining.
*The TOP rewards obtained by the boosting will be airdropped to the user account within 2 working days after the end of the “Burning & Boosting” each period.
If you want to boost your mining rate and get more TOP rewards, you have to burn Torchlight NFTs. In the next section, we will teach you how to burn Torchlight NFTs, when you should burn Torchlight NFTs, and the detailed boosting rules.
How to Burn Torchlight NFTs?
1. After supplying crypto assets to and borrowing crypto assets from Torches Finance, now you can start burning your Torchlight NFTs to boost mining rates. If you don’t have Torchlight NFTs, you can buy them on MojitoSwap NFT Marketplace.
2. Visit the Torches NFT page by clicking the top menu of the Torches website.
3. Scroll down and choose which rounds are you going to boost and click “Boost Now” to burn your Torchlight NFTs to gain more TOP rewards.
After you boost your Torchlight NFTs, the status will become ”On Boosting”. If the status shows “End”, it means that the boosting rewards have been airdropped to your account.
Note: During TOP Mining, Torches are set up for 5 (TBD) rounds of Burning & Boosting periods. Each period, there will be a 12-day boosting period. Users can obtain the mining acceleration multiplier by burning Torchlight NFTs during the burning period.
Note: If the burning period expires, the user cannot enjoy the boosting buff in the current round of the Burning & Boosting Period but they can still participate in the next round of the Burning & Boosting period.
More details on boosting rules
1. A single user can burn up to 2 Torchlights during a single round of the Burning & Boosting period.
Formula: (1+(Base Rate-1)/2) * Multiplier
2. After the user burns their NFTs, the obtained acceleration coefficient will be halved in the next Burning & Boosting period.
For example, A only burns two NFTs of the same rarity during the first period. Since the acceleration coefficient will be halved. If A does not burn NFTs in the next few rounds, the acceleration coefficient for each round is as follows:
If A burns two Torchlights of the same rarity in five rounds, the corresponding acceleration coefficients in different periods are as follows:
If A does not participate in the first round of the burning period, and burns two Torchlights of the same rarity in the next four rounds, the corresponding acceleration coefficients in different periods are as follows:
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This is a community post written by the Torches Finance Team and published on https://news.kcc.io