We are happy to announce that Torches will launch Torches Point (TOP) Mining at 10:00 on July 15, 2022 (UTC). Users can obtain Torches Point Token(TOP) by supplying or borrowing on Torches. Burning Torchlight (Torches Genesis NFTs ) can boost the TOP mining rate up to 900%.
Torches Point Token(TOP) can be exchanged for $TOR (Torches Token), the governance token of Torches, with a certain coefficient during the official $TOR launch period.
About Torches Point Mining
From July 15th, 2022, users can get TOP Token as rewards for supplying or borrowing assets in Torches.
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
Note: Different assets have different Daily TOP Rewards. Users can enter the details page of an asset to view the Daily TOP Rewards
How to join TOP Reward Boosting?
Torchlight is divided into Rare Torchlight (R), Epic Torchlight (SR), and Legendary Torchlight (SSR). Different rarities of NFTs have different multipliers in point mining, as follows:
During TOP Mining, Torches set up to 5 (TBD) rounds of Burning & Boosting periods. There will be a 12-day boosting period for each round. Users can obtain the mining acceleration multiplier by burning Torchlight during the burning period.
For example, there is a 3-day burning period before the first round of the Bruning & Boosting Period, and users can visit the Torches NFT page to burn their 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 still can only participate in the next round of the Burning & Boosting period.
TOP consists of two parts: TOP can be obtained by both mining and boosting. Users can enter the ‘Banking’ page to view the TOP rewards that are obtained by mining here. The TOP rewards obtained by the boosting will be airdropped to the user account within 48 hours after the end of the Burning & Boosting period.
NFT Burning Rules
A single user can burn up to 2 Torchlights during a single round of the Burning & Boosting period. Users can buy Torchlight on MojitoSwap NFT Marketplace or gain Torchlight from different activities held by Torches
Boosting Rate= (1+(Base Rate-1)/2) * Multiplier
After the user burns their NFTs, the acceleration coefficient will be halved in the next 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:
Hope you can enjoy the Top mining event. Our Affiliate Program is under development, so stay tuned.
Torches Finance Team
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This is a community post written by the Torches Finance Team and published on https://news.kcc.io