FAQs for TOP Mining

What is Torches Point Mining?

At the initial stage of Torches Finance’s launch, $TOR, the governance token, is not launched. The official token launch time will be kindly considered according to the market situation.

To motivate the early users, Torches Finance will launch a Torches Point (TOP) mining event to reward users who supply crypto assets to and borrow crypto assets from Torches Finance. The TOP token is the contribution proof of the initial Torches users. It will be converted into $TOR (Torches Token) according to a specific coefficient during the official $TOR launch period.

How to Join Torches Point Mining?

Users who supply crypto assets to and borrow crypto assets from Torches Finance can gain a certain amount of Torches Point (TOP)

What is the Purpose of Torches Point (TOP)?

TOP is the contribution proof of the initial Torches users. It will be converted into $TOR (Torches Token) according to a specific coefficient during the official $TOR launch period. More specific details will be announced soon.

How Long does Torches Point Mining Last?

The event starts on July 15, 2022, and please pay attention to the announcement for the end time.

How to Calculate the TOP Rewards?

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

Different crypto assets have different daily TOP Rewards; please 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 borrowing TOP rewards show how much TOP can be mined daily for all users by depositing or borrowing from this crypto asset, in this case, KCS.

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.

For TOP boosting rewards, users can visit the Torches NFT page, and the rewards will be shown under the Record section.

*The TOP rewards obtained by the boosting will be airdropped to the user account within 48 hours after the end of the “Burning & Boosting” each period.

How to Boost the Mining Rate?

You can burn your Torchlight NFTs to boost mining rates. If you don’t have Torchlight NFTs, you can buy them on MojitoSwap NFT Marketplace.

Are there any Limitations to Burning NFTs?

Each address is only allowed to burn 2 NFTs at each round of TOP mining, and all 3 rarities of NFTs can be burned. Different rarities have different multipliers; the rarer the NFT, the higher the multiplier.

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: